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Now, you shall not be paying taxes in the way you used to pay in FY 2021-2022. Noteworthy changes in the Income-tax regime that shall be operative from 1st April 2021 include the following: No requirement of tax filing for senior citizens above 75, Pre-filled IT forms, Tax on interest on PF, Income tax return […]
On Wednesday, Finance Minister Nirmala Sitharaman moved 127 amendments in Lok Sabha. One of the amendments approved by Lok Sabha relates to the increase in the exemption limit of provident fund to Rs 5 lakh given the condition that the employer has not contributed to the PF corpus. As per a consultant in a leading […]
March 31 2025 is the deadline for doing investments for tax-saving concerned with the financial year 2024-25. To date, many individuals might not have made tax-saving investments for the present year. Now they might be planning to do it as only a couple of days are left. However, it is not an apt idea to […]
Revenue from direct tax collection, amidst fiscal stress provided relief to the government. It is moving nearby to the amended Budget target for 2020-21 and might receive a stimulus from the final installment of the payment of advance tax. Its deadline ended on Monday. The revenue from net direct tax declined to 5 percent year-on-year […]
From FY 2025-26 onwards, taxpayers can have the choice within the double income tax scheme, i.e. the newer and the old one and the latest concessional. This choice is synonymous with shopping in the market, where we have the option to purchase one product or the other from our pocket/budget for shopping. If the taxpayer […]
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 […]
The Bangalore Bench of the ITAT ruled that “the income of the assessee should be estimated at 8% of the gross turnover if books of accounts are not maintained by the assessee.” The income of the assessee, Atul Dinesh Seth, was estimated at 10 percent of gross turnover. The assessee contended that the rate imposed […]
Through the present FY, a series of tax notices and summons has been sent to the assessee from the indirect tax council in Mumbai and some other tax zones in the country. The problems via letters and summons have related to the cases in which the assessee has chosen for the solution beneath the Sabka […]
Towards the issue of the Indian economy, the people who have to earn up to Rs 50 lakh the majority of the salaries shrank in the Fiscal year 2020 despite prior to the pandemic has activated the recession income tax return filing data so far this year had posted. Towards furnishing the returns for FY […]
