In the realm of Indian tax-saving options and investments, investors are presented with a plethora of choices. However, making the right decision becomes imperative as investors seek options that not only offer tax benefits but also ensure optimal returns. This guide undertakes a comparative analysis...
The concept of TDS payment serves as a method to collect taxes directly from the source of income. Essentially, it mandates that a person (known as the deductor), who is liable to make payments of specified nature to another person (the deductee), must deduct tax...
In the intricate realm of taxation, the process of filing an Income Tax Appeal to the CIT (Commissioner of Income Tax Appeals) serves as a crucial avenue for taxpayers seeking resolution and fairness. This mechanism offers individuals and businesses the opportunity to challenge and rectify...
Stay updated with our monthly newsletter The ReCap! Get updates on latest tax regulations, changes in tax laws and expert insights to navigate the complex world of taxation. Simplify your tax planning and ensure compliance. Click on the icon below to access the complete newsletter. Download PDF category [postcategory]...
The provisional figures for Direct Tax collections highlight robust growth, with collections up to February 10, 2024, reaching Rs. 18.38 lakh crore. This represents a significant increase of 17.30% compared to the same period last year. Net collections, after refunds, stand at Rs. 15.60 lakh...
By the end of March, the Income Tax department is poised to issue demand notices totaling Rs 25,000 crore to numerous insurance companies. A senior government official disclosed that the notices are related to higher commissions paid and deductions claimed by these companies for the...
Streamlining Tax Processes for Businesses: To simplify tax procedures for businesses, the income tax department has relaxed criteria for presumptive taxation under Section 44AD of the Income Tax Act, 1961. This includes the introduction of a new column in ITR forms 5 and 6 for...
Stay updated with our monthly newsletter The ReCap! Get updates on latest tax regulations, changes in tax laws and expert insights to navigate the complex world of taxation. Simplify your tax planning and ensure compliance. Click on the icon below to access the complete newsletter....
The CBDT vide its order under section 119, dated 16.10.2023 and 01.12.2023, directed that all validly filed returns up to Assessment Year 2020-21 bearing refund claims, which could be processed by 31-01-2024. The matter has been re-considered by the board, and it has been decided...
The Central Board of Direct Taxes (“CBDT”) vide Notification No. 16/2024 dated January 24, 2024 notified the Income Tax Return (“ITR”) Forms ITR-2, ITR-3 and ITR-5 for the Assessment Year (“A.Y.”) 2024-25 with effect from April 01, 2024....
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