Tue, Dec 17, 2024
How to save tax: With the right strategy and investment, anyone can save up to Rs 8 lakh in income tax. Here are 10 effective ways that will not only help you keep more of your income but also support your financial planning.
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Thu, Dec 12, 2024
Food delivery aggregator Zomato on Thursday said the GST department in Thane has imposed a tax demand of Rs 803.4 crore, including interest and penalty. The demand order has been received in respect of non-payment of GST on delivery charges with interest and penalty thereon, Zomato said in a regulatory filing.
This year-on-year surge showcases not only the capacity of the system but also the proactive engagement of taxpayers in adhering to filing deadlines.
Tue, Jan 30, 2024
The old tax regime is the taxation system that provides around 70 deductions and exemptions to help reduce your taxable income. It also enables a deduction of Rs 1.5 lakh under Section 80C of the Income Tax Act (covered by 70 deductions).
Thu, Jan 11, 2024
The ministry said in a statement, "DGGI has achieved an increase in detection of cases of evasion and voluntary payments. In 2023, DGGI detected 6,323 cases involving evasion of duty of Rs 1,98,324 crore with a voluntary payment of Rs 28,362 crore. 140 masterminds involved in GST evasion were arrested."
The Central Board of Direct Taxes (CBDT) said in a statement, "Direct Tax collection, net of refunds, stands at Rs 14.70 lakh crore which is 19.41 per cent higher than the net collection for the corresponding period of last year. This collection is 80.61 per cent of the total Budget Estimates of Direct Taxes for FY 2023-24."
Wed, Jan 10, 2024
According to preliminary findings, the flagship company engaged in unreported cash sales, cash payments for unaccounted purchases, and cash payments for unaccounted purchases, non-genuine transport and sub-contracting expenses, etc for suppression of its taxable income.
Mon, Jan 01, 2024
One of the important rules in personal taxation was the designation of the New Income Tax Regime as the default tax structure.
Tue, Dec 26, 2023
The income tax department stated that such communication is only to facilitate the taxpayers and create awareness around the information available with the I-T department regarding the transactions reported by the Reporting Entities during the year.
Wed, Dec 20, 2023
The new tax regime was introduced in India in April 2020, while the new tax slabs were introduced in the 2021-22 annual budget. The government, in the 2023-24 budget, however, made some changes in the new tax regime to encourage more people to opt for it.
Tue, Dec 19, 2023
Professional tax is charged by a state's commercial tax department on persons earning a wage in that particular state. Employers have the right to deduct tax before paying their employees' salaries.
Thu, Dec 14, 2023
Gross collections, before issuing refunds, grew 17.7 per cent to Rs 12.67 lakh crore in the April-November period. Refunds amounting to Rs 2.03 lakh crore issued from April to November of the current fiscal.
If you are also among those who missed the deadline of July 31 for the financial year 2022-23 and assessment year 2023-24, then you still have the last chance to file ITR. You can file belated income tax return (Belated ITR) till December 31, however, you will have to pay late penalty.
Mon, Dec 11, 2023
The report indicates a shift in investment mindset, with 62 per cent of respondents in the age bracket of 18 to 30 years choosing the Old Tax Regime, citing long-term investments as the reason.
Sun, Dec 03, 2023
Taxpayers rejoice! The Income Tax Department has introduced a revolutionary new feature – the 'Discard' option. In this video, we’ll delve into the details of this game-changer, explaining its benefits, eligibility criteria, and the simple process of discarding your income tax return. So, whether you're a seasoned taxpayer or a first-timer, this video will equip you with the knowledge to make the most of this convenient option.
Tue, Nov 07, 2023
Don't assume that all transactions between spouses are tax-free. There are some nuanced rules to be aware of, especially when it comes to gifts, investments, and rental income. In this video, we'll break down the key tax implications to keep in mind when dealing with your spouse financially.
Mon, Oct 02, 2023
Income Tax e-filing: The Ministry of Finance has informed on Monday that more than 30.75 lakh audit reports, including about 29.5 lakh Tax Audit Reports have been filed for AY 2023-24 on the Income Tax e-filing portal till the end of the due date on September 30.
Sat, Sep 23, 2023
By using the e-PAN service, taxpayers can generate their Instant e-PANs through the e-filing portal in just a few minutes.
As many as 7.09 crore returns have been filed for income earned in 2022-23 fiscal. Of these, 6.96 crore ITRs have been verified, of which 6.46 crore returns have been processed as on date, including 2.75 crore refund returns.
Fri, Sep 15, 2023
The new 20% TCS rule on international travel is coming into effect on October 1st, 2023. Here's what you need to know about how it will impact your travel plans and how you can save money.
Wed, Aug 30, 2023
The deadline to verify income tax returns is today, August 30. Take a look at what data is used by the Income Tax Department to assess a taxpayer’s income.
August 30 is the last date to verify ITR. Verification of ITR is a crucial step in the filing process and failure to complete it can lead to levy of a penalty and a notice from the tax authorities.
Tue, Aug 29, 2023
Tax On Gifts: There are some rules of income tax in case of gifts, about which people are not aware. Know here which people's gifts are not taxed and whose gifts are taxed.
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