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: 01/16/2024
Polycab Clarification: No Communication from Income Tax on Tax Searches, APNOKACA Informed
The clarification comes after the Income Tax department uncovered "unaccounted cash sales" amounting to approximately Rs. 1,000 crore during a recent raid on the Polycab Group.
Created on: 01/16/2024
Unreceived Tax Refund Reasons Solutions APNOKACA
After e-verification or manual verification by the taxpayer, the Department processes the ITR. It sends an Intimation-cum-Notice under Section 143(1) of the Income Tax Act, 1961, to the taxpayer's registered email.
Created on: 01/15/2024
Revamping the Appeal: Key Measures to Enhance the New Personal Income Tax Regime APNOKACA
While several options are being contemplated, there are suggestions that any such measures might be postponed until after the interim Budget on February 1.
Created on: 01/13/2024
Tax Regime Under Scrutiny: New Modifications Pose Potential Changes at APNOKACA
Tax experts suggest that the government may need to raise the threshold for the highest Personal Income Tax (PIT) rate, currently set at 30% and applicable from Rs 15,00,000 to at least Rs 20,00,000.
Created on: 01/12/2024
Exploring Options: Filing IT Returns After the December 31 Deadline at APNOKACA
Taxpayers have several opportunities to complete their Income Tax Returns. The deadline for filing Income Tax Returns (ITR) for the financial year 2022-23 was December 31.
Created on: 01/11/2024
Income Tax Department Exposes Rs 1000 Crore Unreported Cash Sales at Polycab APNOKACA
In an official ministry statement it was confirmed through the search operation that Polycab India engaged in unaccounted cash sales totaling around Rs 1000 crore.
Created on: 01/10/2024
2024 Tax Regime Transition Guide: Navigating New vs Traditional Income Tax Returns | APNOKACA
In the 2023 Budget, FM Nirmala Sitharaman introduced several changes in the New Tax Regime.
Created on: 01/03/2024
Income Tax Department Witnesses Increase In ITR Submissions For Assessment Year 2023-2024
The Income Tax Department has seen a significant increase in the filing of Income Tax Returns (ITRs), reaching a new record of 8.18 crore ITRs for the Assessment Year 2023-2024 by December 31, 2023.
Created on: 12/29/2023
Filing Income Tax Returns Identifying Errors AIS
This statement is crucial for the tax department to validate the accuracy of the taxpayer's Income Tax Returns (ITR).
Created on: 12/28/2023
December 31 ITR Filing Process Penalties
Belated returns are filed under Section 139(4) of the Income-tax Act, 1961, while revised returns can be submitted under Section 139(5) of the Income Tax Act. The process for both is the same as filing an original ITR.
Created on: 12/27/2023
Income Tax Return Update Specify Source of Cash
If you do not explicitly decline the option under section 115BAC (6) to opt out of the new tax regime in your ITR form, the new tax regime's rates and conditions will be applied.
Created on: 12/26/2023
Three Changes ITR Forms 1 & 4
In a surprising and welcome move, the CBDT, acting as an early Santa Claus this year, introduced changes to the ITR Forms 1 and 4 for the Assessment Year 2024-25.