Union Budget 2023: No income tax for income up to Rs 7 lakh under new tax regime
Personal income tax: No tax limit raised from Rs5 lakh to Rs7 lakh.
Income Tax
Stay updated with the latest news and articles about Income Tax.
Latest Articles
Income Tax Department relaxes compounding offence rules
The Income-tax Act of 1961's prosecution provisions include a number of offences, and the Central Board of Direct Taxes (CBDT) has updated its Guidelines for Compounding of Offenses under the Act to reflect these changes.
Taxpayers now have more time to claim credits for taxes paid outside India
The Central Board of Direct Taxes (CBDT) amended tax rules to make it easier for taxpayers to claim Foreign Tax Credit (FTC).
CBDT amends the income tax rule for Foreign Tax Credit claims
The pre-amended Rule required the FTC claim to be filed by the due date of providing the Income Tax Return. The amendment operates retrospectively so that this benefit can be availed by all FTC claims filed during the current financial year.
IT Department raids pharma manufacturers in Haryana, Delhi-NCR, seizes Rs 4.2 crore cash
Income Tax Department raided pharmaceutical manufacturers & distributors in Haryana and Delhi-NCR and seized cash of Rs 4.2 crore.
How to file Income Tax return when you have multiple properties?
As per the laws and policies of our nation, the benefactor of the self-occupied property is only applicable to two properties as authorised by you. While the rest of the properties are facilitated “to be let out” for the process of taxation. The term self-occupied specifies properties fixated by the property owner as the resident of the house throughout the year. Whereas the other properties proceeded to be to have authorised have been charged under tax as for rental income.
Late fee being charged despite extension in ITR filing date, Here’s why
Individuals who filed their income tax returns (ITR) after July 31 were charged with a late filing fee of Rs, 5000. Section 234 says that taxpayers can be penalized with a maximum sum of Rs 10,000 if they fail to file their ITR before the deadline.
Deadline for e-filing of various IT forms extended by CBDT
The dates of submission were postponed by the CBDT due to the issues faced by taxpayers and other stakeholders in the electronic filing of these forms.
Income Tax deduction to be given on the employer’s contribution to one’s NPS account
For NPS subscribers, the new income tax regime has allowed income tax deduction under Section 80 CCD (2).
Key changes in income tax rules for the new financial year 2021-22
These changes were announced by Finance Minister Nirmala Sitharaman, as she presented the Union Budget 2021-22 in February...
Follow these steps to file online ITR complaint in just few minutes!
The Income Tax Department released a circular stating that it has issued Income Tax Return (ITR) for all the taxpayers.
PAN-Aadhaar linking date extends till June 30, 2021: Follow these easy steps to link them Online!
Income Tax department on Wednesday informed that the last date for linking of the Aadhaar number with PAN would be 30th June, 2021.
Showing 30 of 278,225 articles