The Union Budget 2024-25 has brought a significant relief to taxpayers with the increase in the standard deduction. This blog post explains the implications of this change and how taxpayers can benefit from it. Learn how to claim the deduction and stay updated on the latest tax reforms.

A thorough comparison of Forms 3CD and 49B, which are crucial records in the Indian income tax system, can be found in this blog. It assists taxpayers in understanding the importance of each form and guarantees that tax rules are followed by outlining its main functions, essential characteristics, and filing requirements.

Section 142(1) of the Income Tax Act empowers the Assessing Officer to issue notices to taxpayers in certain situations to obtain more information or clarification before completing the tax assessment. This blog provides a comprehensive understanding of Section 142(1), including when the AO can issue a notice, the information that can be sought, the consequences of non-compliance, and the steps taxpayers should take to respond effectively. It also highlights the safeguards in place to prevent misuse and ensure fairness in the tax assessment process. By understanding their rights and obligations under Section 142(1), taxpayers can navigate the tax assessment process more effectively and avoid potential penalties.

This guide provides a comprehensive overview of TDS refund claims and eligibility checks. Learn how to file a TDS refund claim and understand the importance of TDS in income tax returns. Get detailed information on the components of Form 16 and Form 16A and how they are used in TDS refund claims.

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This blog delves deeply into the intricacies of compliance within investment and Securities Financing Transactions (SFT), emphasizing their significance in maintaining market integrity and mitigating risks. It discusses the types of SFT, the importance of compliance, key challenges faced, best practices, and the role of technology.

This guide illuminates the complex decision between the new and old tax regimes for salaried individuals, focusing on the pivotal role of the standard deduction. By providing clarity on navigating tax regimes, it empowers individuals to make informed choices tailored to their financial circumstances and goals.

The standard deduction was last revised nearly five years ago, in 2019. In the upcoming Interim Budget 2024, middle-class taxpayers are hopeful that the government will introduce tax incentives.

You need to report the income earned between April 1, 2023, and March 31, 2024, during the fiscal year 2023–24. The filing of returns and declaration of investments for tax assessment occurs in the Assessment Year (AY), the reviewing year for FY 2023–2024.