If you have not received your income tax refund so far, there is good news for you. The Income Tax (I-T) Department has set April 30 as the deadline for approving pending refunds, reported Business Line The department has prepared an interim action plan for tax refunds in this fiscal and set a timeline for various actions related …
Rejecting media reports suggesting the large-scale reopening of cases related to incorrect house rent allowance (HRA), the Central Board of Direct Taxes (CBDT) on Monday, April 8 clarified that “apprehensions about retrospective taxation on these matters and re-opening of cases are completely baseless.” Also Read: Income Tax: Rent paid to spouse can be claimed as …
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 …
With fewer than 48 hours to go before the financial year draws its curtains, investors are rushing to invest into a plethora of investment options in order to save their income tax for fiscal 2023-24. There is no denying the fact that most investment options, particularly the ones in equity have already become unfeasible from …
A significant reason many people fail to maximise their tax benefits in India is due to a lack of awareness. One contributing factor could be that the ₹1.5 lakh deduction under Section 80C is prominently advertised and straightforward, causing many to assume it’s the sole option available. The complexity of tax laws often complicates the …
As the financial year draws to a close, various income tax-saving investment avenues, such as the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), and National Pension System (NPS) necessitate minimum contributions to maintain their active status. Therefore, if you hold an account in any of these schemes and haven’t made any deposits for the …
I am planning to buy a residential property from a person who is a resident of Australia for ₹75 lakh. I understand that since the sale consideration exceeds 50 lakhs I have to deduct tax at 1% of the sale consideration. Is my understanding correct? What are the other formalities that I need to comply …
If you want to save income tax for the investments made in this financial year (2023-24), do not forget to invest before March 31 this year. With only a few days remaining in this financial year, taxpayers are urged to invest as soon as they can. Meanwhile, RBI has told all agency banks dealing with …
ITR filing: When filing your income tax return (ITR), it’s important to pick an investment plan that can save you money on taxes. So, while aiming for investment returns, don’t forget about potential tax savings. Understanding the tax implications of stock market investments is crucial for optimising returns. According to experts, individuals investing in the …
In their aadhaar card details, one can change their name, address or mobile number without having to pay a fee. After this deadline, the Unique Identification Authority of India (UIDAI) will levy a fee in order for citizens to make these changes. To update your details, you need to visit the website. Which are the …