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Taxpayers are encouraged by the Income Tax Department to correct any erroneous refund claims or exemptions. This can be done by submitting revised returns for the current assessment year and updating filings for previous assessment years. The deadline for filing Income Tax Returns (ITR) for the assessment year (AY) 2023-24 was July 31, 2023. If […]
The Income Tax Department is employing Artificial Intelligence (AI) to detect and identify suspected taxpayers. The AI will assist in catching fraudsters who have claimed deductions for house rent and housing loan interest rates. As per some reports, most of the discrepancies in Income tax returns are found relating to home loans and house rent. […]
In an appeal about the secondary and higher secondary cess, the Income Tax Appellate Tribunal (ITAT), Kolkata bench ruled that their education cess is part of tax and therefore no deduction will be provided. The statement was held by the Kolkata ITAT when it received an appeal from an assessee. The assessee is challenging the […]
What is an ITR Computation? You can use an ITR Computation to explain your income tax liability and source of income. It’s a simplified document that’s already paid via the Authorized ITR Acknowledgment. Official Income Tax Return Forms-1,2,3,4 usually take 8-15 pages to complete, so bank officials don’t use them for checking income. They need […]
People used to invest in several tax schemes and avail the of tax deductions to diminish the overall tax payout. But the union budget 2020-21 has shown a new tax regime that provides the concessional rates with seven slabs with no tax exemptions, the old tax regime would be left popular because of several exemptions, […]
The Employees’ Provident Fund Organisation (EPFO) had given the guidelines on imposing the tax deducted at source (TDS) on the earned interest via EPF account in which the contribution is more than Rs 2.5 lakh in the financial year. As per the circular issued on April 6, The TDS deduction would start from April 1. […]
In India, the rental income comes in compliance with the income tax. If you own a property and have rented it to another one then you are required to know the method to minimize the tax load. The rental income from real estate investments would be very much better for your portfolio returns. Thus as […]
One Step ahead and 2 steps backwards. Why? This principle of the dilemma is equally applicable in the tax mechanism also. The same error/ fault was persisting in the regime of Tax Deducted at Source (TDS) for certain categories of taxpayers. But Now, by insertion of section 197 related to the Income-tax Form 13, no […]
It’s a great setback to the Bank of India(BOI) and a lesson for other banks operating overseas. The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has issued orders not to refund foreign taxes aggregating to Rs. 182.64 crore paid by the Bank of India (BOI) as the bank suffered financial loss and does not […]
