Examples related to Section 10(10D) – Exemption in respect of sum received under a life insurance policy. (Circular No.15/2023) Clarification: Any sum received under a Term Insurance policy shall continue to be exempt u/s 10(10D) and the premium paid for Term Life Insurance Policies shall not be counted for checking limit of Rs 5,00,000 u/s ...
Central Board of Direct Taxes has issued guidelines for the compulsory selection of returns for Complete Scrutiny during the Financial Year 2023-24. These guidelines aim to clarify the procedure for compulsory selection in such cases. The guidelines, F. No. 225/66/2023 — ITA-II, dated August 31, 2023, address the selection of cases for complete scrutiny based ...
Income Tax Notice on Moonlighting: The Income Tax Department has recently sent notices to some people who were moonlighting along with their jobs. This notice is between 2019-2020 and 2020-2021. The Income Tax Department found that there are many employees who had filed income tax returns on their regular salary but their income was more ...
The Board of Control for Cricket in India (BCCI) has paid a record INR 1,159 crore in income tax for the financial year 2021-22, up 37% from the previous year. This is the highest amount of income tax ever paid by the BCCI in a single year. The BCCI’s income for the year was INR ...
If an individual missed the deadline of July 31, 2023 to file income tax return (ITR) for FY 2022-23 (AY 2023-24), income tax laws allow one to file a belated ITR. The last date to file belated ITR for FY 2022-23 (AY 2023-24) is December 31, 2023. However, do keep in mind that one needs ...
The due date for filing Tax Deducted at Source (TDS) return for the period of January to March is May 31. Since it takes one to two weeks for Form 26AS to get updated, a good time to file the Income Tax Return (ITR) is after June 15. However, suppose your Form 26AS is not updated ...
TDS or Tax Deduction at Source is a system where tax or TDS gets deducted and TDS payments happens online. The tax deduction is at the time of making some payments like rent, interest, commission etc. The person making such specified payments is responsible for deducting the TDS and making TDS payment and paying the ...
Accounting Entries for TDS u/s 194Q and TCS u/s 206C(1H) TAX DEDUCTED AT SOURCE (TDS) The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall ...
Income Tax Return: The last date for filing income tax return through salaried people was 31 July 2023. The income of the financial year 2022-23 was to be disclosed by this date. However, now this date has passed. On the other hand, if someone now discloses the income of the financial year 2022-23 by filing ...
The deadline for filing an original ITR for FY 2022-23 (AY 2023-24) was July 31, 2023. However, if an individual has missed this deadline, there is no need to worry for one can still file ITR by paying a penalty. This ITR, which is filed after expiry of the deadline of the original ITR, is ...
