Taxpayers are the most ‘meaningless minority’ as far as general elections are concerned and political leaders can say anything on tax in a political rally and get away with it, according to Ashneer Grover. The former managing director of fintech major BharatPe has said if one tries to understand ‘tax politics in India’, only 0.5 …
If you’re an individual taxpayer or Hindu Undivided Family (HUF) with agricultural income, the interim budget has clarified the treatment of agricultural income while computing taxes under the new tax regime. The method used to compute tax on income of taxpayers with agri income has been included in Finance Bill 2024. “The budget 2024 proposes …
Republic Day is not just a day of national pride, commemorating the enactment of the Constitution of India. It also holds practical significance. Many are unaware that the Constitution, which came into effect on 26 January 1950, contains important provisions impacting our tax-related rights and obligations, the knowledge and awareness of which can help us …
As the saying goes, “Better late than never,” but when it comes to filing your income tax return (ITR), failing to meet the deadline can have serious consequences. Taxpayers who have yet to file their income tax returns for the financial year 2022-2023 should take immediate action. The deadline of December 31, 2023, represents the …
The Indian government introduced the new tax regime in 2020, offering taxpayers a choice between the old and new tax structure. This move sparked a debate amongst taxpayers about which regime is more beneficial for them. With the new financial year 2023-24 around the corner, it is essential to understand the key differences between the …
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 …
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 …
New Tax Regime Vs Old Tax Regime For FY24: Around 5.5 crore taxpayers may have switched to the new tax regime in the current fiscal year, as the new income tax system has become more appealing for the financial year 2023–24 with a rebate on income up to ₹7 lakh, said Business Standard in its …
How should I decide which is a better tax regime for me—old or new tax regime? What deductions will I get in old regime and what will I stand to lose in the new tax regime? —Name withheld on request There are merits and demerits of both the old and new tax regime. From the …