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: 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.
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.
The ITR filing is a three-step process and takes more than just uploading of the return of income
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.
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.
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
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.
Under Income Tax law, the income of charitable institutions, religious trusts, medical and educational institutions are exempt from tax.
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.
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.
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.
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.
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.
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.
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
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.
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.
Read untold stories from the world of business and corridors of power
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
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.
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.
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.
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.
The new tax regime will be the default regime if a person does not state which regime they will submit their returns under.