Income tax
Understanding income tax is crucial for managing your finances. Discover how income tax works, learn about tax brackets, deductions, and credits. Stay informed about changes in tax laws and filing requirements. Navigate the world of taxation with confidence and ensure you make the most of your financial opportunities.
Created on: 12/04/2023
Considerations New Discard Option Income Tax Department
Filing your income tax return (ITR) is an annual task for taxpayers, and it's crucial to be aware of the necessary steps. As the number of filed tax returns increases, understanding the process becomes essential.
Created on: 12/04/2023
Newly Introduced Discard Income Tax Return Feature Advantages
The “Discard” ITR option on the Income Tax Department's website allows taxpayers to permanently delete their filed tax returns. Once discarded, the return can not be retrieved by the taxpayer.
Created on: 12/04/2023
Tax Deadline File Updated Return Assessment Year 2021 2022
The Income Tax Department reminds taxpayers of the approaching deadline to file the Revised Income Tax Return (ITR) for the Assessment Year 2021-2022.
Created on: 12/04/2023
Income Tax Rules Specified Financial Transactions Cash Deposits Withdrawals
As per the Income Tax Act, specific financial transactions are identified. If, during a financial year, an individual deposits cash amounting to Rs 10 lakh or more in a savings account, the bank is obligated to report such transactions.
Created on: 12/04/2023
Indian Income Tax Act Modifications Supreme Court Retroactive Application Section 153C
In a recent decision, the Supreme Court highlighted a change in Section 153C of the Income Tax Act, stating that it will now apply retrospectively to cases predating the amendment.
Created on: 11/30/2023
Tax Deadline Reminder: File Your Updated Return for Assessment Year 2021-2022
The Income Tax Department reminds taxpayers of the approaching deadline to file the Revised Income Tax Return (ITR) for the Assessment Year 2021-2022.
Created on: 11/24/2023
CII Survey Accelerated Income Tax Refund Procedure
The survey, presented to Finance Minister Nirmala Sitharaman, indicated that 83% of surveyed individuals and 85% of firms reported an increased trust in the Income Tax Department.
Created on: 11/23/2023
CBDT Deactivates 11.5 Crore PAN Not Linked Aadhaar
The deadline for linking PAN (Permanent Account Number) with Aadhaar cards was on June 30 this year. Out of the 70.24 crore PAN card holders in India, 57.25 crore have successfully linked their cards with Aadhaar, as reported by a newspaper.
Created on: 11/23/2023
Reactivate PAN CBDT Deactivates 11.5 Crore Aadhaar Link Fail
Approximately 11.5 crore PAN cards were deactivated for failing to meet the Aadhaar linkage deadline, as revealed in an RTI response from the Central Board of Direct Taxes (CBDT).
Created on: 11/23/2023
Register DSC Income Tax Portal Detailed Guide
In this comprehensive guide, we will walk you through the step-by-step process of registering your DSC on the Income Tax Portal, ensuring that you can seamlessly and securely engage in various tax-related activities online.
Created on: 11/23/2023
Income Tax Department Seizes Unexplained Cash Ahead Assembly Elections
Leading up to the Assembly elections in five States, the income tax department has seized more unexplained cash compared to previous elections in those States, according to CBDT on November 15.
Created on: 11/23/2023
Agricultural Income India Tax Treatment Types Rules
However, it's essential to be aware that there are specific tax considerations related to agricultural income. This discussion delves into the details of agricultural income tax in India, aiming to provide clarity on this subject.