The Finance Ministry has issued a clarification amidst the dissemination of misleading information on social media platforms regarding the new tax regime. It emphasizes that there are no new changes taking effect from April 1, 2024. Taxpayers have the flexibility to choose between the old and new tax regimes based on their preferences and financial …
Effective income tax savings can be achieved by strategically utilising various avenues, provided they are planned meticulously. If you’re intending to make tax-saving investments, it’s crucial to initially determine the required investment amount. Consider avenues such as the Employees’ Provident Fund, life insurance premiums, tuition fees, home loan principal repayments, etc., as these qualify for …
The income tax department has informed us that services for taxpayers on the e-filing portal will not be available between February 3 and early February 5 on account of scheduled maintenance. “… taxpayer services on the e-filing portal will be restricted from 2 pm on Saturday (03.02.24) to 6 am on Monday (05.02.24) due to …
More than 30.75 lakh audit reports, including about 29.5 lakh tax audit reports have been filed for AY 2023-24 on the e-filing portal till the end of the due date on 30th September 2023 with respect to filing of tax audit reports (TARs) and other audit reports in Form No. 29B, 29C, 10CCB, etc, ensuring …
Taxpayers, please note that today, September 15 is the last day to pay the second instalment of advance tax for the financial year 2023-2024. What is an Advance Tax? Advance tax is a proactive approach to fulfilling your income tax obligations, allowing you to pay your income tax in installments throughout the fiscal year rather …
The income tax department’s e-calendar for the year 2023 has a list of all the important tax-related deadlines. A tax calendar gives assistance to taxpayers in staying organised, and knowing about the due dates well in advance. Tax Calendar September 2023: Here is a calendar to make your tax journey easier September 7, 2023 The …
The final step of income tax return(ITR) filing is the most crucial one. After the filing is done, the next step is ITR verification. While the last day to file ITR without penalty ended on July 31, taxpayers have a one-month window to verify their forms from the date of filing it. “Dear Taxpayers, Do …
In order to enhance taxpayers experience and keep pace with new technology, the Income Tax Department has revamped its website last week. The newly revamped website, www.incometaxindia.gov.in, was launched by Nitin Gupta, Chairman of the Central Board of Direct Taxes (CBDT). “The Income Tax Department has launched a redesigned website to enhance the taxpayer experience …
ITR verification: If you do not e-verify your income tax return (ITR), the filing process is treated as incomplete and your ITR becomes invalid. The income tax department has urged taxpayers to not delay and complete the e-filing process today. The failure to comply may lead to penalties, added tax department. “Dear Taxpayers, Complete the …