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The Income Tax (IT) department will exempt the old tax demand of up to R1 lakh for any assessee under the Income Tax Act wealth Tax Act or Gift Tax Act, as per the notification. In the interim budget speech, Finance Minister Nirmala Sitharaman announced the withdrawal of petty tax demands of R10,000 a year […]
Recently, the Central Board of Direct Taxes (CBDT) released a significant notification, identified as Notification No. 16/2024 on January 24, 2024. This notification introduces the revised Income Tax Return (ITR) Form ITR-6 tailored for companies (excluding those eligible for exemption under section 11) for the Assessment Year (A.Y.) 2024-25. The modifications in the form are […]
On the 23rd of January 2024, the Central Board of Direct Taxes issued Circular No. 01/2024, elucidating the modifications to the Income Tax Act, 1961, introduced by the Finance Act of 2023. The Finance Act, 2023, approved by Parliament, obtained the President’s assent on March 31, 2023, and is now enacted as Act No. 8 […]
Generally, individuals are unaware of sources of non-taxable income while filing their income tax returns. These income sources have no tax liability and must be included in your Income Tax Return (ITR) to provide accurate proof of your financial status and claim deductions. Understanding these sources can save you time and avoid redundancy. The following […]
The Income Tax Department has introduced an updated Excel-based feature for submitting Income Tax Returns (ITR). This utility covers various forms from ITR-1 to ITR-7 and is specifically designed to meet the diverse filing requirements of taxpayers for the Financial Year 2022-23, corresponding to the AY 2023-24. ITR 1: This form is for resident individuals […]
The Income Tax (IT) department has reached out to approximately 3 million salaried taxpayers nationwide via text messages and emails, pinpointing disparities between their claimed refunds in revised tax returns and the TDS (Tax Deducted at Source). An official mentioned, “Given that December 31, 2023, marked the deadline for revised returns, we’ve issued alerts probing […]
On 28th December, the Central Board of Direct Taxes (CBDT) furnished the guidelines on the problem of deduction of 1% income tax of the gross amount of the sale of goods or services via e-commerce companies in the multiple-operator model framework. An e-commerce operator under section 194-O of the Income Tax Act, 1961 (‘the Act’) […]
The Central Board of Direct Taxes (CBDT) has recently rolled out a major upgrade tailored for Mac users, enhancing accessibility and user experience. Effective from December 1, 2023, the Annual Information Statement (AIS) utility is fully optimized for the Mac operating system, specifically addressing the needs of Apple’s Mac device users. This advancement reflects a […]
The income tax (I-T) department recently uncovered tax evasion amounting to approximately Rs 10,000 crore over a span of three years. The evasion is believed to have been carried out by online merchants who sell products through social media platforms like Instagram and Facebook. Such 45 online retailer brands have been issued with notches by […]
