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Income tax

Income Tax Savings: How you can save up to Rs 8 lakh tax through these 10 methods

Income Tax Savings: How you can save up to Rs 8 lakh tax through these 10 methods

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.

Zomato gets Rs 803.4 crore tax demand from GST authorities

Zomato gets Rs 803.4 crore tax demand from GST authorities

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.

Income tax refunds jump 46.3% to Rs 3.04 lakh crore in April-November

Income tax refunds jump 46.3% to Rs 3.04 lakh crore in April-November

Thu, Dec 12, 2024

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.

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ITR: Possible mistakes due to which you haven't received your income tax refund

ITR: Possible mistakes due to which you haven't received your income tax refund

Tue, Aug 29, 2023

In some cases, the refund may not have been deposited due to certain lapses on the taxpayer’s end. If prompt steps are not taken to address the mistake, the tax refund will not be deposited in the individual’s bank account.

ITR: Late fee that you have to pay if you fail to verify income tax return before August 31

ITR: Late fee that you have to pay if you fail to verify income tax return before August 31

Mon, Aug 28, 2023

The Income Tax Department has also started notifying taxpayers, reminding them to verify their tax returns before the due date.

ITR: Got excess income tax refund? Know possible reasons and what you should do

ITR: Got excess income tax refund? Know possible reasons and what you should do

Fri, Aug 25, 2023

The Income Tax Department may make errors in processing ITR, which could lead to excess refund being deposited in a taxpayer's account. Tax payers may also get a notice from the I-T Department for recovery of excess amount along with interest.

ITR: What is a Tax Demand Notice? How to reply to it?

ITR: What is a Tax Demand Notice? How to reply to it?

Tue, Aug 22, 2023

In case there are any mismatches in the details or total tax liability, an 'outstanding tax demand' notice is issued by the department to taxpayers. A demand notice is issued under Section 156 of the I-T Act if any demand arises for interest, penalty, fine or any other sum.

CBDT notifies rules for valuing rent-free accommodation perquisite provided by employers

CBDT notifies rules for valuing rent-free accommodation perquisite provided by employers

Sun, Aug 20, 2023

Employees enjoying rent-free accommodation would see rationalisation of perquisite value leading to a reduction in taxable salary, increasing the net take-home pay.

From LTA, food coupons to reimbursements, why government gives employees tax exemption on these things

From LTA, food coupons to reimbursements, why government gives employees tax exemption on these things

Sat, Aug 19, 2023

Employees receive HRA as part of their total salary. It can be claimed by employees to cover the cost of renting a house. HRA is fully taxable if the employee is living in his own house or if he is not required to pay any rent.

ITR Filing: Know the conditions when you cannot file an updated Income Tax Return

ITR Filing: Know the conditions when you cannot file an updated Income Tax Return

Thu, Aug 17, 2023

Updated return or ITR-U allows for the filing of an updated Income Tax Return by any person irrespective of the fact they have already filed an original, revised or belated return for the relevant financial year.

Income Tax: How can I restructure my salary to claim maximum deductions?

Income Tax: How can I restructure my salary to claim maximum deductions?

Wed, Aug 16, 2023

Restructuring salary may not maximise the take-home amount for an employee but it will help minimise the taxable amount by increasing your savings. You can claim exemptions for using cabs to office or work related commuting, phone bill reimbursement and meal reimbursement, among others to increase deductions.

ITR: If you get notice from Income Tax Department; here's what you should do

ITR: If you get notice from Income Tax Department; here's what you should do

Wed, Aug 09, 2023

Income tax notices can be sent if your return has been selected for scrutiny or if there is a need for additional information against the ITR you have filed. Even if you have filed your ITR on time, you may receive a notice from the Income Tax Department due to any discrepancies in return.

ITR Filing Trend Report: 85% taxpayers opted for old tax regime and other key details

ITR Filing Trend Report: 85% taxpayers opted for old tax regime and other key details

Wed, Aug 09, 2023

Nearly 10 per cent of taxpayers took no advantage of the Section 80C deductions. Only 55 per cent of taxpayers fully utilised the Rs 1.5 lakh deduction limit, with another 10 per cent claiming the deductions between Rs 1 to Rs 1.5 lakh.

BCCI paid Rs 1,159 crore income tax in 2021-22 — 37% higher than last year

BCCI paid Rs 1,159 crore income tax in 2021-22 — 37% higher than last year

Tue, Aug 08, 2023

The Board of Control for Cricket in India (BCCI) has paid Rs 1,159 crore income tax in the 2021-22 fiscal, 37 per cent higher than the previous year.

How to check notice in the income tax portal

How to check notice in the income tax portal

Tue, Aug 08, 2023

Responding promptly and accurately to these communications ensures a seamless interaction with the income tax system.

7 reasons you can get an income tax notice; how to deal with it

7 reasons you can get an income tax notice; how to deal with it

Tue, Aug 08, 2023

If you have claimed substantial losses in return without the necessary supporting documents, this might trigger an investigation by the tax department, So it's important to submit all necessary documents on losses and deductions claimed in ITR filing.

Income Tax Refund: These tips will help you get income tax refund quicker

Income Tax Refund: These tips will help you get income tax refund quicker

Mon, Aug 07, 2023

While the process of receiving your income tax refund is governed by certain procedures, there are several proactive steps you can take to expedite the refund. The Income Tax Department will initiate the refund after processing of your ITR.

Revised Return: I made some mistakes when filing ITR; how can I rectify them?

Revised Return: I made some mistakes when filing ITR; how can I rectify them?

Thu, Aug 03, 2023

The Income Tax Department allows rectifying the errors in ITR Filing through submission of a "Rectification Request". A revised return can also be filed under Section 139(5) of the Income Tax Act, 1961, for more significant changes like claiming missed tax deductions.

GST Fraud: How to protect your business from fake GST registration scams

GST Fraud: How to protect your business from fake GST registration scams

Tue, Aug 01, 2023

GST frauds are a serious revenue leakage, but there are steps you can take to protect yourself. In this video, we'll show you how to verify GSTINs, check compliance history, and spot red flags that indicate a fake GST registration. By following these tips, you can minimise the risk of falling victim to a scam.

Avoid Heavy Penalties: The Consequences of Mishandling Tax Returns

Avoid Heavy Penalties: The Consequences of Mishandling Tax Returns

Mon, Jul 31, 2023

Tax will have to be saved by wrong means, income tax return of employed people will be scrutinized, know full details in this video

ITR Filing: Is your AIS form showing the wrong interest received in your bank account? Here’s what you can do in such a situation

ITR Filing: Is your AIS form showing the wrong interest received in your bank account? Here’s what you can do in such a situation

Tue, Jul 25, 2023

The AIS gives a comprehensive overview of your income and deductions over the year, facilitating a seamless ITR filing process. Though errors can sometimes sneak into your AIS, resulting in discrepancies.

Aapki Khabar Aapka Fayda: Know the correct procedure to file ITR?

Aapki Khabar Aapka Fayda: Know the correct procedure to file ITR?

Mon, Jul 24, 2023

The time has come to fill Income Tax Return, in this case you should know the complete ABCD of tax return. Every small and big thing related to income tax return filing. Actually, many times people deliberately give wrong information in order to save tax. Income is understated in ITR. But such people are criminals in the eyes of the law. Then, the Income Tax Department takes action against such people as per the law. Know what is ITR and who has to file it.

Income Tax Day 2023: Why IT Department celebrate this day as Aaykar Diwas - Know significance and other details

Income Tax Day 2023: Why IT Department celebrate this day as Aaykar Diwas - Know significance and other details

Mon, Jul 24, 2023

In 1924, a statutory body, the Central Board of Revenue was established to monitor the functions and responsibilities of the department.

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