Benefits for Senior Citizens and Super Senior Citizens under Income-tax Act,1961 Higher Basic Exemption Higher Deduction for Medical Insurance Premium Higher Deduction for Interest from Banks and Post Offices Exemption from filing an ITR and many more… Income Tax Department Central Board of Direct Taxes BENEFITS UNDER DIRECT TAXES FOR SENIOR CITIZENS AND SUPER SENIOR ...
The Income Tax Department is fully prepared to take stringent action against high-net-worth individuals (HNIs) who engage in tax underpayment, according to Financial Express. This decision follows the department’s discovery that the reduction in the highest tax rate on personal income from 42.74% to 39% in the FY24 Budget has not deterred tax evasion among ...
All resident individuals in India are required to pay tax on their income if it is above the basic exemption limit. According to a recent research report – ‘Salary Income: Tax Incidence and Optimisation‘ – published by RSM India, a tax consultancy firm, an individual is treated as a Resident of India in a financial ...
Section 206Q, introduced through the Finance Act, 2020, is an integral part of the Income Tax Act, 1961. It mandates the collection of Tax at Source (TCS) on specific transactions, focusing primarily on the sale of goods and, in certain scenarios, services. This provision serves several purposes, including enhancing tax collection, ensuring proper reporting, and ...
Introduction: Income Computation and Disclosure Standards (ICDS) are a set of accounting standards introduced by the Central Board of Direct Taxes (CBDT) in India. These standards are designed to bring consistency and uniformity in the computation of taxable income under the Income Tax Act, 1961. ICDS provides a structured framework for the computation and disclosure ...
TDS on Cash Withdrawals (Section 194N): A Comprehensive Guide Introduction: Section 194N of the Income Tax Act, 1961, was introduced to curb the circulation of black money and promote digital transactions in the Indian economy. It mandates the deduction of Tax Deducted at Source (TDS) on cash withdrawals exceeding specified limits. This provision is a ...
The Bombay High Court has warned that it may start imposing costs on income tax assessing officers, if they are found going after taxpayers with delayed assessment orders that leave little time for the taxpayers to respond [Ajay Securities Pvt Ltd vs The Income Tax Officer and Ors.]. A bench of Justices KR Shriram and ...
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are both tax-related concepts in India, but they serve distinct roles in the tax collection process. Both TDS and TCS represent vital tax mechanisms in India, contributing to the effective collection of taxes by the government. Businesses and individuals who grasp and adhere to ...
The Income Tax Department is all set to crack down on high net worth individuals (HNIs) who underpay their taxes. This comes after the department found that the cut in the highest tax rate on personal income from 42.74% to 39% in the Budget FY24 hasn’t curbed tax evasion among HNIs. The department is now ...
Income Tax Department has, over the years, focusedon several measures to ensure ease in compliance oftaxpayers and transparent tax administration. In line withtransparency in its functioning, the Department hadreleased the Time Series Data of Direct Taxes and IncomeTax Return statistics, in various tranches, from time totime. The data shows that the number of ITR filings ...
