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  • New vs old tax regimes: There is still time to weigh and choose the I-T regime that suits you June 05, 2023 12:18 PM IST

    New vs old tax regimes: There is still time to weigh and choose the I-T regime that suits you

    Irrespective of what you have declared to your employer at the start of the financial year, you can reassess the benefits and determine the appropriate tax regime when filing your tax return.

  • PAN-Aadhaar linking: Link your PAN and Aadhaar by June 30 to avoid PAN deactivation June 05, 2023 10:46 AM IST

    PAN-Aadhaar linking: Link your PAN and Aadhaar by June 30 to avoid PAN deactivation

    PAN-Aadhaar linking: Not linking PAN and Aadhaar will hinder income tax return-filing process, investments in mutual funds and stocks. You can seed your Aadhaar with PAN through the income tax e-filing website. You will, however, pay a late fee of Rs 1,000 before commencing the process. If you happen to miss this deadline, you can make your PAN operative again within 30 days by seeding your Aadhaar and paying a penalty of Rs 1,000.

  • ITR filing mistakes: Common errors to avoid while filing income tax return for FY 2022-23 June 01, 2023 09:10 PM IST

    ITR filing mistakes: Common errors to avoid while filing income tax return for FY 2022-23

    The deadline for filing income tax returns, July 31, is two months away, but to avoid committing errors at the last minute, start the process as soon as you get access to your Form 16.

  • Simplified verification process for income tax returns: 3 easy ways May 30, 2023 08:35 PM IST

    Simplified verification process for income tax returns: 3 easy ways

    The ITR filing is a three-step process and takes more than just uploading of the return of income

  • Tax collection in India one of the highest, reduce direct tax to 25% from 40%: Surjit Bhalla May 28, 2023 09:44 PM IST

    Tax collection in India one of the highest, reduce direct tax to 25% from 40%: Surjit Bhalla

    The Budget 2023-24 had lowered India's highest rate of income tax from 42.74 per cent, by reducing the surcharge applicable on high net-worth individuals.

  • Income tax returns for 2023-24: What is Form-16? All you need to know about Form-16 May 30, 2023 03:23 PM IST

    Income tax returns for 2023-24: What is Form-16? All you need to know about Form-16

    It is essential to cross-check and verify the information in Form 16 with your salary slips, Annual Information Statement), and Form 26AS before filing your ITR.

  • Tax exemption limit on leave encashment hiked by Rs 22 lakh; Details here May 26, 2023 11:36 AM IST

    Tax exemption limit on leave encashment hiked by Rs 22 lakh; Details here

    The move is likely to benefit a host of employees, from the private sector to public sector firms as well as entities such as AIIMS

  • Income Tax searches underway at premises linked to Tamil Nadu Minister Senthil Balaji May 26, 2023 10:09 AM IST

    Income Tax searches underway at premises linked to Tamil Nadu Minister Senthil Balaji

    The searches were being held in cities including Karur and Coimbatore, at the premises of individuals allegedly linked to the minister, sources said without elaborating.

  • CBDT extends deadline for registration by charitable, religious trusts till Sept 30 May 24, 2023 09:51 PM IST

    CBDT extends deadline for registration by charitable, religious trusts till Sept 30

    Under Income Tax law, the income of charitable institutions, religious trusts, medical and educational institutions are exempt from tax.

  • Threshold for TDS levy on net winning from online gaming at Rs 100: CBDT May 22, 2023 10:46 PM IST

    Threshold for TDS levy on net winning from online gaming at Rs 100: CBDT

    The Finance Act 2023 inserted a new section 194BA in the Income-tax Act, 1961, with effect from April 1, 2023, which mandates online gaming platforms to deduct income-tax on the net winnings in the person's user account.

  • TCS of 20% on international spends, credit cards unconstitutional, will be struck down: Sr Adv SS  Naganand May 20, 2023 09:06 PM IST

    TCS of 20% on international spends, credit cards unconstitutional, will be struck down: Sr Adv SS Naganand

    Mere lip service in the name of ease of doing business is a meaningless mantra when individuals are subjected to such unfair and unconstitutional provisions, which will no doubt be struck down when challenged before the court.

  • Finmin's Rs 7-lakh relief to taxing foreign spends on credit cards can't resolve TCS crisis May 21, 2023 06:54 AM IST

    Finmin's Rs 7-lakh relief to taxing foreign spends on credit cards can't resolve TCS crisis

    International credit card spends are under LRS from May 16 and the 20 percent TCS will kick in from July 1, 2023. Until June 30, TCS at the rate of 5 percent will apply.

  • Tax collected at source increase: A move to expand tax base? May 19, 2023 01:16 PM IST

    Tax collected at source increase: A move to expand tax base?

    The changes have led to a furor among taxpayers. Unofficial estimates suggest the government could possibly add a few thousand crore rupees to its coffers, but many have slammed the move as regressive.

  • Planning to sell your property? Know your responsibilities as a seller May 11, 2023 11:39 AM IST

    Planning to sell your property? Know your responsibilities as a seller

    Complexities that property transactions entail can be challenging to deal with for sellers as well as buyers, particularly the taxation aspect of the entire process.

  • Caveat Emptor: Deduct TDS on property purchases, or else… May 09, 2023 09:41 AM IST

    Caveat Emptor: Deduct TDS on property purchases, or else…

    If the property value exceeds Rs 50 lakh, the buyer is required to deduct TDS at a rate of 1 percent of the total value and deposit it with the government.

  • How to use I-T department’s Excel utilities to file returns April 27, 2023 01:11 PM IST

    How to use I-T department’s Excel utilities to file returns

    The I-T department has made available Excel utilities for filing returns, meant for assesses who need to do so using ITR 1 and ITR 4 forms

  • Personal income tax to GDP ratio rises to 2.94% in FY22 April 25, 2023 07:45 PM IST

    Personal income tax to GDP ratio rises to 2.94% in FY22

    The ministry said the personal Income Tax (PIT), which is paid by individuals, to GDP ratio has been steadily increasing from 2.11 in FY 2014-15 to 2.94 in FY 2021-22.

  • Switching jobs? 6 tasks that require your immediate attention April 25, 2023 03:10 PM IST

    Switching jobs? 6 tasks that require your immediate attention

    Update your new employer about your income and tax deduction at the earlier job to enable correct TDS calculation. Use the salary hike to pre-pay your loans and set aside some money for investments.

  • MC Insider: Making of a multi-bagger, a mock income tax search drill and more April 19, 2023 09:18 AM IST

    MC Insider: Making of a multi-bagger, a mock income tax search drill and more

    Read untold stories from the world of business and corridors of power

  • Income Tax junks reports claiming plans to overhaul capital gains tax laws April 19, 2023 08:07 AM IST

    Income Tax junks reports claiming plans to overhaul capital gains tax laws

    Terming existing tax rules as “not progressive” the said report had quoted sources as saying that a panel may be appointed to build on proposals submitted to the Finance Ministry in 2019 with an eye to implementing it in 2024

  • New tax regime vs old tax regime - deductions and exemptions allowed under both the regimes April 25, 2023 05:53 PM IST

    New tax regime vs old tax regime - deductions and exemptions allowed under both the regimes

    You can claim deduction for home loan interest, but only on a rented property, and not as much as under the old regime. Gratuity is tax-exempt up to Rs 20 lakh and leave encashment up to Rs 25 lakh for non-government employees under the new and the old tax regimes.

  • PAN-Aadhaar linking latest update: Know how to link PAN-Aadhaar with penalty April 17, 2023 11:24 AM IST

    PAN-Aadhaar linking latest update: Know how to link PAN-Aadhaar with penalty

    The deadline to link Aadhaar card with PAN card was extended till June 30, 2023, however PAN card holders who had not linked their Aadhaar cards with PAN cards will now have to pay a Rs 1000 fine when they link the two documents.

  • Financial year just got over. Where do I throw these tax documents now? April 08, 2023 02:38 PM IST

    Financial year just got over. Where do I throw these tax documents now?

    You shouldn’t. In fact, you should keep them. Tax proofs for expenses incurred or investments made must be saved for a few more years after you file your income-tax returns. If your case is reopened, the tax man could ask for document proof. If you fail to submit them, it can spell trouble.

  • Employers to ask employees about preferred tax regime for deducting TDS from salary: CBDT April 05, 2023 11:47 PM IST

    Employers to ask employees about preferred tax regime for deducting TDS from salary: CBDT

    In case an employee does not intimate his/her employer about the preferred tax regime, then the employer would be required to deduct TDS from salary income as per the new revamped tax regime announced in Budget 2023-24.

  • 10 big income tax rule changes for FY 2023-24 effective from April 1 March 29, 2023 02:53 PM IST

    10 big income tax rule changes for FY 2023-24 effective from April 1

    The new tax regime will be the default regime if a person does not state which regime they will submit their returns under.