If you’ve received an intimation under Section 143(1) but believe the refund amount is incorrect, you can file a rectification request under Section 154(1) Raising Rectification Request u/s.154(1): When you successfully file your Income Tax Return (ITR), the next phase …
The CBDT typically issues a circular on TDS from salaries for employers after the Finance Bill receives the President’s assent and is notified. The July 2024 Budget introduced significant changes to the income tax laws under the new tax regime, …
Press Release Dated 7 August 2024: CBDT relaxes provisions of TDS/TCS in the event of death of deductee/collectee before linkage of PAN and Aadhaar In a recent update, the Central Board of Direct Taxes (CBDT) has issued Circular No. 8 …
This ongoing scam has been observed year after year, particularly after the original ITR filing deadline, as scammers attempt to exploit taxpayers eagerly awaiting their refunds. With the recent deadline for filing Income Tax Returns (ITRs) just passed and the …
Advice of CBDT Chief Ravi Agarwal to Income Tax Officers Ravi Agarwal, the newly appointed Chairman of the Central Board of Direct Taxes (CBDT), has urged income tax officials to adopt a prudent approach in their duties. This guidance, along …
This AI Scrutiny system has been successfully finalized and tested, and it will be implemented for the first time this year before before any tax refund. Income Tax Refund: This year, taxpayers should be prepared for delays in their income …
Know about the consequences of filing Income Tax return (ITR Filing) after the deadline of 31 July 2024 For individual taxpayers whose accounts do not require auditing, the last date to file income tax returns (ITR filing) for FY 2023–24 …
The 2024 Budget has introduced stricter rules for obtaining these clearance certificates, particularly focusing on compliance with the Black Money Act. Starting October 1, a new mandate requires anyone living in India to obtain a tax clearance certificate before leaving …
Changes in Capital Gain Taxation by Finance (No.2) Bill, 2024 Q1. What are the major changes brought about in the taxation of capital gains by the Finance (No.2) Bill, 2024? A1. The Finance (No.2) Bill, 2024, introduces significant rationalisation and …
Budget 2024 Announcement: Complete digitalization of all major taxpayer services under GST and most services under Customs and Income Tax within the next two years. In her Union Budget 2024-25 presentation, Union Minister for Finance & Corporate Affairs, Smt. Nirmala …
Allowances exempted under section 10(14)(i) of Income Tax Act 1961 Section 10(14)(i) of the Income Tax Act provides specific allowances to employees to cover expenses incurred while performing their official duties. These allowances are exempt from tax up to the …
Now there is no need of filing revised returns. Taxpayers can discard the wrong ITR and file their rectified ITR afresh by using the ‘Discard ITR’ functionality within the I-T Portal Discard ITR Option: Many taxpayers encounter situations where they …
Following the July 5 update, the ITR filing utilities are not allowing the rebate under section 87A for various special rate incomes. The income tax rebate under section 87A of the Income-tax Act, 1961, provides a significant benefit by reducing …
Taxnet 2.0 is designed to overhaul the Income Tax Department’s network system, aiming to deliver enhanced security, improved reliability, and a seamless user experience for all stakeholders. The Central Board of Direct Taxes (CBDT) has granted the prestigious Taxnet 2.0 …
Experts believe that adjustments to income tax slab rates could be seen in the Budget 2024. Finance Minister Nirmala Sitharaman is gearing up to present the Union Budget on July 23. Taxpayers are eagerly anticipating several potential changes, including a …
Taxpayers are encountering significant challenges while filing their income tax returns due to persistent glitches in the e-filing portal. These issues include difficulties in accessing crucial forms such as Form 26AS, AIS, and TIS. The deadline for filing income tax …
Section 80GG offers a valuable deduction for individuals and HUFs paying house rent without getting HRA benefits Section 80GG of the Income Tax Act provides significant relief for individuals paying house rent without receiving House Rent Allowance (HRA) from their …
The new tax regime was introduced in Budget 2020 to simplify tax calculations and offer concessional tax rates. As the deadline for filing your Income Tax Returns (ITR) approaches, it’s crucial to decide whether to stick with the old tax …
High-value transactions, including bank deposits, mutual fund investments, property dealings, and share trading, are scrutinized by the IT Department Taxpayers should be aware that high-value transactions exceeding specific limits are closely monitored by the Income Tax Department. Failing to disclose …
Income Tax Exemption on LTA: What you want to know LTA Exemption: Salaried taxpayers who have chosen the old tax regime can leverage various exemptions and deductions to reduce their tax liability. One significant exemption is the Leave Travel Allowance …