https://www.financialexpress.com/money/income-tax-it-alerts-see-big-jump-3-million-taxpayers-asked-to-explain-discrepancy-in-returns-3352046/ Clipped from: https://www.financialexpress.com/money/income-tax-it-alerts-see-big-jump-3-million-taxpayers-asked-to-explain-discrepancy-in-returns-3352046/ The Income Tax (IT) department has sent alerts through text messages and emails to around 3 million salaried taxpayers across the country.
Category: Income Tax
👌Tax Talk: NRIs must update status on PAN – Income Tax News | The Financial Express
https://www.financialexpress.com/money/income-tax-tax-talk-nris-must-update-status-on-pan-3352149/ lipped from: https://www.financialexpress.com/money/income-tax-tax-talk-nris-must-update-status-on-pan-3352149/ Know India’s residency and source rules for taxation. If your stay in India exceeds 182 days in a financial year, you are
👌NRIs in a bind as taxman slaps advisories on high-value transactions – The Hindu BusinessLine
https://www.thehindubusinessline.com/money-and-banking/nris-in-a-bind-as-taxman-slaps-advisories-on-high-value-transactions/article67695703.ece Clipped from: https://www.thehindubusinessline.com/money-and-banking/nris-in-a-bind-as-taxman-slaps-advisories-on-high-value-transactions/article67695703.ece The I-T communications could be the result of duplicate entries in form 26 AS or investments done under a joint account The
👌Interest on delayed TDS payment is not an allowable business deduction
https://taxguru.in/income-tax/interest-delayed-tds-payment-allowable-business-deduction.html#google_vignette Clipped from: https://taxguru.in/income-tax/interest-delayed-tds-payment-allowable-business-deduction.html#google_vignette Expat Engineering India Ltd. Vs ACIT (ITAT Bangalore) In a recent case, Expat Engineering India Ltd. faced a challenge regarding the disallowance
👌Income Tax Department uses Data Analytics and Advanced Technology to detect Discrepancies in ITR, Recovers Rs 36,000 Crores
Clipped from: https://www.taxscan.in/income-tax-department-uses-data-analytics-and-advanced-technology-to-detect-discrepancies-in-itr-recovers-rs-36000-crores/357984/ The Income Tax Department has used data analytics and advanced technology has helped the income tax department recover ₹36,000 crore from outstanding tax
Four Changes to Note in New ITR 1 and ITR 4 Forms – The Hindu BusinessLine
https://www.thehindubusinessline.com/portfolio/personal-finance/four-changes-to-note-in-new-itr-1-and-itr-4-forms/article67685838.ece Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/four-changes-to-note-in-new-itr-1-and-itr-4-forms/article67685838.ece These tweaks encourage a seamless filing process and discourage delays For assessment year 2024-25, the Income Tax department has already introduced two
Interest on deposits from co-op bank eligible for Section 80(2)(d) deduction
https://taxguru.in/income-tax/interest-deposits-earned-co-operative-bank-eligible-deduction-u-s-80-2-d.html#google_vignette Clipped from: https://taxguru.in/income-tax/interest-deposits-earned-co-operative-bank-eligible-deduction-u-s-80-2-d.html#google_vignette Chetak Co-Operative Housing Society Ltd. Vs ITO (ITAT Mumbai) Conclusion: Co-operative society received/earned interest on deposits with the co-operative bank was eligible for
Your queries: Loans; Brother-sister duo is not automatically given loan – Money News | The Financial Express
https://www.financialexpress.com/money/your-queries-loans-brother-sister-duo-is-not-automatically-given-loan-2-3351098/ Clipped from: https://www.financialexpress.com/money/your-queries-loans-brother-sister-duo-is-not-automatically-given-loan-2-3351098/ The loan is sanctioned based on the ownership of the property. You may purchase a property in the name of siblings. I
In a first, over 80 million ITRs filed for AY 2023-24: Income Tax dept
https://www.business-standard.com/economy/news/in-a-first-over-80-million-itrs-filed-for-ay-2023-24-income-tax-dept-123122900862_1.html Clipped from: https://www.business-standard.com/economy/news/in-a-first-over-80-million-itrs-filed-for-ay-2023-24-income-tax-dept-123122900862_1.html The income tax department on Friday said over 8 crore ITRs have been filed for assessment year 2023-24 till date The total
CBDT issues guidelines on 1% tax deduction by e-commerce operators – The Hindu BusinessLine
https://www.thehindubusinessline.com/economy/cbdt-issues-guidelines-on-1-tax-deduction-by-e-commerce-operators/article67684220.ece Clipped from: https://www.thehindubusinessline.com/economy/cbdt-issues-guidelines-on-1-tax-deduction-by-e-commerce-operators/article67684220.ece The CBDT circular details various types of situations with examples and provides clarity on multiple issues The Central Board of Direct Taxes
Direct tax collection set to triple, exceeding ₹19 lakh crore in Modi’s 10-year tenure – The Hindu BusinessLine
https://www.thehindubusinessline.com/economy/direct-tax-collection-set-to-triple-exceeding-19-lakh-crore-in-modis-10-year-tenure/article67686120.ece Clipped from: https://www.thehindubusinessline.com/economy/direct-tax-collection-set-to-triple-exceeding-19-lakh-crore-in-modis-10-year-tenure/article67686120.ece The Narendra Modi-led government enhanced the income tax regime, introducing appealing changes such as a raised basic exemption limit, standard deduction inclusion,
All You Need To Know About Income Tax Deductions Under Section 80C
https://taxguru.in/income-tax/income-tax-deductions-section-80c.html Clipped from: https://taxguru.in/income-tax/income-tax-deductions-section-80c.html Demystifying the Deduction Maze: A Comprehensive Guide to Section 80C Section 80C of the Income Tax Act – a three-letter code that
I-T dept sends advisory to taxpayers over mismatch in ITR, TDS/TCS deductions – Income Tax News | The Financial Express
https://www.financialexpress.com/money/income-tax-i-t-dept-sends-advisory-to-taxpayers-over-mismatch-in-itr-tdstcs-deductions-3348138/ Clipped from: https://www.financialexpress.com/money/income-tax-i-t-dept-sends-advisory-to-taxpayers-over-mismatch-in-itr-tdstcs-deductions-3348138/ The department said such communication is to facilitate the taxpayers and make them aware of the information available with the I-T department
GST on expat salaries mired in ambiguity – The Hindu BusinessLine
https://www.thehindubusinessline.com/opinion/gst-on-expat-salaries-mired-in-ambiguity/article67674646.ece Clipped from: https://www.thehindubusinessline.com/opinion/gst-on-expat-salaries-mired-in-ambiguity/article67674646.ece While the courts have not taken a clear view, CBIC has urged officials to exercise restraint Ever so often, indirect tax laws
Say no to Cash Transactions- Income Tax Dept. Advises
Read more at: https://taxguru.in/income-tax/cash-transactions-income-tax-dept-advises.html#google_vignetteCopyright © Taxguru.in https://taxguru.in/income-tax/cash-transactions-income-tax-dept-advises.html Clipped from: https://taxguru.in/income-tax/cash-transactions-income-tax-dept-advises.html A. Introduction: Individuals prefer to receive, pay and transfer cash when the amounts of transactional value (money) involved
👌The capital gains tax conundrum
https://www.business-standard.com/opinion/columns/the-capital-gains-tax-conundrum-123122500802_1.html Clipped from: https://www.business-standard.com/opinion/columns/the-capital-gains-tax-conundrum-123122500802_1.html Capital gains tax suffers from varied tax rates or holding periods for different types of instruments even though they fall within the
CBDT notifies ITR-1, ITR-4 forms for AY 2024-25 – The Hindu BusinessLine
https://www.thehindubusinessline.com/economy/cbdt-notifies-itr-1-itr-4-forms-for-ay-2024-25/article67668391.ece Clipped from: https://www.thehindubusinessline.com/economy/cbdt-notifies-itr-1-itr-4-forms-for-ay-2024-25/article67668391.ece The forms will come into effect from April 1, 2024 The Central Board of Direct Taxes (CBDT) has notified two new return
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