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New Income Tax Regime, Income Tax Calculator: To help individuals calculate their taxes and choose a tax regime that they are comfortable with, the Income Tax department has made a “tax calculator” available. The new income tax structure was put out in the Budget 2023 by Nirmala Sitharaman, the finance minister. According to a tweet […]
Recently, the Income Tax Appellate Tribunal (ITAT) disallowed capital gains tax exemptions on the sale of land in two separate cases heard by its Chennai and Pune benches. The cause was that no agricultural work had been done. A capital gain on the transfer of agricultural land may be exempt from taxation under section 54B […]
NRIs (non-resident Indians) are Indian citizens who reside outside of India yet still have close ties to the country. They must pay taxes and submit their income tax returns if they plan to keep earning money in this nation. This important article will give you information about taxable income with income tax return filing conditions […]
The payment for an employee’s contribution to the provident fund post-due date is not permissible as a deduction said the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT). The two-member bench of Sandeep Singh Karhail (Judicial Member) and Om Prakash Kant (Accountant Member) sustained with the decision of the Supreme court for the case […]
Governments all throughout the world deal with the serious problem of tax evasion. From the beginning of the liberalization and globalization of the Indian economy, it has grown more and more typical in India. Any action intended to conceal, understate, or fraudulently report income to reduce one’s tax burden is referred to as tax evasion. […]
The income tax department produced a “tax calculator” on Monday to assist taxpayers in determining whether the new income tax regime introduced in the Budget is best for them or if the previous one is preferable. The income tax department’s portal has a live version of the tax calculator. As per the tax department, “Tax […]
Smartphone manufacturers are optimistic about a recovery in demand, driven by tax relief in the budget 2023-24 that should encourage middle-class customers to purchase more gadgets. Experts in the market predicted that shipments, especially in the entry-level market, might increase by as much as 3%. Tax experts stated that Consumption demand and industrial growth across […]
What is Income Tax Rule 132? Rule 132 was implemented by the Central Board of Direct Taxes (CBDT) on October 1, 2022. Anyone who earns income from a company or profession and has filed for a cess/surcharge deduction is impacted by the new regulation. Importance of Rule 132 in this Situation Must be Understood The […]
The tax relief given in the Budget, according to Sanjay Malhotra, revenue secretary in the Ministry of Finance, was founded on the idea of a relationship built on trust. “The effort in the taxation part of the budget is how we simplify and build a trust-based relationship and increase revenues, but without increasing the rates,” […]
