With Central Board of Direct Taxes (CBDT) awarding Taxnet 2.0 project to Bharti-Airtel, tax department’s network system is likely to undergo a facelift. For the uninitiated, CBDT is the top governing body that heads the income tax department. The Sunil Mittal-led telecom company will be responsible for a slew of services to be provided to … Read more
Taxpayers are entitled to claim a rebate under section 87A of the Income Tax (I-T) Act, 1961, which enables them to pay ‘nil’ tax when their income is up to ₹5 lakh in the old tax regime and ₹7 lakh in the new tax regime. However, a number of taxpayers and chartered accountants have expressed … Read more
As only two weeks are left before the deadline to file income tax return (ITR) expires on July 31, taxpayers continue to face glitches on the I-T website. As a result of these glitches, a number of taxpayers are requesting the income tax department on social media for the extension of the deadline. One user, Doli … Read more
Although a range of tax-related changes are introduced every year for taxpayers, a few key changes are ‘radical’ and occur only once every three or five years. The introduction of the ‘new tax regime’ is undoubtedly one such key change that is substantive, and will transform the way income tax is calculated and deductions allowed. … Read more
ITR filing: The income tax department wants certain taxpayers to report various assets and liabilities to detect cases of disproportionate assets owned by a taxpayer compared to his known sources of income. The report can be divided into two parts: first, those taxpayers with incomes over 50 lakh rupees, and second, foreign assets owned by … Read more
As the deadline of July 31 to file income tax return (ITR) for FY 24 draws closer, taxpayers are expected to scurry through their files and folders to arrange the documents they require. Most documents are generally available online, so are the income tax return filing forms on income tax e-filing portal. Taxpayers are expected … Read more
Aadhaar-PAN link: The Income Tax Department has recently issued a detailed guide outlining step-by-step instructions on how individuals can link their Aadhaar number with their Permanent Account Number (PAN). This initiative aims to facilitate the process for taxpayers and prevent the deduction of higher Tax Deducted at Source (TDS) rates. By linking Aadhaar and PAN, … Read more
The interest certificate received from the bank for Fixed deposits indicates interest in two categories for the Financial Year 2023-24. Interest credited to the savings account during F. Y. 2023-24 and Accrued interest on FD but not credited to savings account since FD is not matured in a subject financial year. Till last year F. … Read more