While the new tax regime introduced in 2020 remains the most discussed personal tax announcement, the focus on tech-enabled tax return-filing and faceless assessment initiatives have also made a significant impact. Income tax returns are being processed and refunds issued faster. Effective tax liability has gone down under both the regimes over the years. Thanks ...
Introduction: In the intricate web of international trade and cross-border financial transactions, the specter of double taxation looms ominously. Double Taxation Avoidance Agreements (DTAA) emerge as the beacon illuminating the path for businesses and individuals navigating the complexities of global taxation. Enshrined within the framework of the Income Tax Act of 1961, these agreements serve ...
What is Presumptive Taxation? A simplified tax system to give relief to small taxpayers. No requirement for maintenance and audit of books ofaccount. Governing sections 44AD, 44ADA, and 44AE of theIncome Tax Act, 1961. Under presumptive taxation, the taxpayer can declareincome at a prescribed rate. What is Presumptive Taxation? A simplified tax system to give ...
I am 60 and receive a pension of about ₹4.7 lakhper annum. I receive rent of ₹3 lakh per annum by letting out a house I own in another city. Now, can I take the 30 per cent deduction on rent amount and opt for the new tax regime? In such a case, my total ...
Kind Attention Taxpayers! Last date for filing your Updated Income Tax Return for Assessment Year 2021-2022 is 31st March, 2024. Don’t delay, file today! Related Tagged: INCOME TAX, INCOME TAX DEPARTMENT, Income Tax Return Source link
CBDT vide Notification No. 99/2023 dated November 21, 2023, designated the Deputy Director General (Tech Development Division) of the Unique Identification Authority of India (UIDAI), a body under the Government of India. This designation is specific to the provisions of sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961 ...
We would like to inform you of the recent changes introduced to ‘TDS on Cash withdrawals’ under Sec 194N of Income Tax Act. With effect from 1 July 2020, if you have not filed your Income tax returns for last three consecutive years then the following TDS rates will be applicable under Section 194N of ...
JK Paper Ltd. has been fined an aggregate amount of Rs 65.6 crore by the income tax department for assessment year 2021. The company received the income tax and penalty demand on Tuesday, the company said in an exchange filing. The aggregate amount also includes an interest of Rs 22.4 crore. However, the company will ...
Income Tax Department has revealed tax evasion of Rs 10 thousand crores. This tax evasion has been done by online retail companies during the last three years, regarding which the Income Tax Department has also sent tax notices to 45 brands. Online retail companies sold products using social media platforms Facebook and Instagram, but did ...
Income Tax Notice is a correspondence sent by the Income Tax (IT) Department when they want to raise an inquiry against the returns filed by the taxpayer. There are various reasons that the department may send a notice; they may ask the taxpayer for additional information or documents or indicate that the taxpayer owes additional taxes. ...
