Direct Tax Collections for F.Y. 2023-24 up to 10.08.2023: The provisional figures of Direct Tax collections up to 10th August, 2023 continue to register steady growth. Direct Tax collections up to 10th August, 2023 show that gross collections are at Rs. 6.53 lakh crore which is 15.73% higher than the gross collections for the corresponding period of last year. Direct Tax ...
The death toll due to rains rose to 56 in Himachal Pradesh on Tuesday as one more body was pulled out of the rubble of a collapsed Shiva temple in Shimla while two persons died in a fresh landslide in the city, officials said. At least eight houses, including six makeshift ones, collapsed and a ...
Following the end of the Income Tax Returns (ITR) filing period, there have been comments on social media over the fees charged by Chartered Accountants (CAs). Certain individuals have stated that the experts charge minimal prices, while others have explained that the pricing structure is dependent on the client’s circumstances and the difficulty of the ...
Under Section 54EC of the Income Tax Act, a capital gains bond serves as a financial instrument that offers individuals a tax-saving advantage on their long-term capital gains. When an individual sells assets like land, buildings, or other capital properties, they are liable to pay taxes on the gains realized from the sale. However, Section ...
Central government is cautioning individuals about false messages concerning refunds and customs duty payment. Following this, the Income Tax Department dispatched messages to specific taxpayers regarding the application of Permanent Account Number (PAN) or submitting PAN before the Reporting Entity and a considerable number of recipients wrongly identified these messages as fake. However, the income ...
Notice under Section 142(1) of Income Tax Act is generally served to taxpayers in order to call upon certain documents and details or to particularly assess a case. When an individual receives a notice under this section, it is most commonly the first step in the preliminary investigation into any discrepancies found by an Assessing Officer who ...
A surprising case has come to light in Ghazipur, Uttar Pradesh. Income tax payers were shocked to see Rs 172 crore 87 lakh deposited in the account of a vegetable seller. In fact, seeing billions of rupees in the bank account of the vegetable seller, the Income Tax has sent a notice. In which it ...
Is the amount paid towards water tax and seweragetax every year to the municipality or corporation allowed to be deducted from rental income from house property for income tax purposes —while arriving at taxable rental income? V.K. Ramadesikan While computing the taxable house property rental income, deduction can be claimed for municipal taxes paid during the year. In order to be eligible to claim the ...
Return Type Applicability ITR-1 ITR-1 form can be used by Individuals who have less than Rs.50 Lakhs of annual income earned by way of salary or pension and have one house property only. ITR-2 ITR-2 form must be filed by individuals who are NRIs, Directors of Companies, shareholders of private companies or having capital gains income, ...
Moonlighting professionals are facing notices from the Income Tax Department. Moonlighting professionals are those individuals who are earning a living from their main job as well as from a second job. Due to work from home, many people did two jobs, but they did not pay tax on the second job. According to tax expert ...
