icai

Income tax: Scores of taxpayers get I-T notices under section 148; can be challenged, says ICAI ex-chief Ved Jain

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Income tax: Scores of taxpayers get I-T notices under section 148; can be challenged, says ICAI ex-chief Ved Jain

Some income taxpayers have reportedly received notices under section 148, which is related to the reopening of assessments for the assessment years 2014-15, 2015-16, 2016-17 and 2017-18. A former president of the Institute of Chartered Accountants of India ((ICAI), the chartered accountants’ professional body, believes that these tax notices are wrongly sent since the limitation … Read more

Allow tax deduction for health insurance in the new regime, says ICAI chief

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Allow tax deduction for health insurance in the new regime, says ICAI chief

Taxpayers are expecting stab-rate changes and higher deductions in the old tax regime ahead of the 31 July deadline for filing income tax returns, but Ranjeet Kumar Agarwal, president of the Institute of Chartered Accountants of India believes the old tax regime could be discontinued in phases. While he is not in favour of offering … Read more