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Tax

A taxpayer can opt for e-Dispute Resolution against the 'specified order', which includes an order in which the aggregate sum of variations proposed or made does not exceed Rs 10 lakh.
Updated : Aug 31, 2024

CBDT's Dispute Resolution Scheme: Know how you can approach e-DRC to resolve your tax disputes

Under this scheme, taxpayers meeting specific criteria outlined in section 245MA of the Act can electronically submit an application to the designated DRC for the region overseen by the Principal Chief Commissioner of Income-tax with jurisdiction over the taxpayer.

Tax Practitioners ask CBDT to extend ITR filing deadline amidst ongoing disruptions
Updated : Aug 30, 2024

CBDT launches new e-DRS Scheme to ease tax disputes

This initiative, established under section 245MA of the Income-tax Act, 1961, will allow taxpayers to resolve disputes electronically through Dispute Resolution Committees (DRCs).

If you receive a defective ITR notice, you have two options: file a fresh return or revise the existing one if there’s still time in the assessment year.
Updated : Aug 25, 2024

ITR 2024: Haven't got your Income Tax Refund yet? Possible reason, what to do and how to check, all the details

Over 7 crore ITRs were filed before the deadline on July 31, 2024. By August 23, the Income Tax Department had processed 5.34 crore of these returns. Yet, more than 2 crore verified ITRs remain unprocessed.

ITR Filing 2024
Updated : Aug 24, 2024

Filing Belated ITR? Note your Old Tax Regime deductions, exemptions won't apply this time. Check details

The belated return is filed under Section 139(4) of the Income Tax Act, 1961. The belated return will attract interest under sections 234A and 234B on unpaid tax liability along with late fees. In case, a taxpayer misses the timeline of a belated return also, he can file an updated tax return.

Finance Minister Nirmala Sitharaman at the inauguration of the new GST Bhawan, Udaipur.
Updated : Aug 23, 2024

Goods and Services Tax: Finance Minister Sitharaman asks CBIC to address tax concerns of taxpayers

Finance Minister Sitharaman stressed that the officers should engage in outreach efforts to prevent doubts from escalating and create confusion among taxpayers.

ITR Filing 2024: When filing your ITR, it is important to accurately disclose both your income and the corresponding tax deductions.
Updated : Aug 22, 2024

ITR filing: Rise in defective ITR notices noted this year. Check details, steps to address problem

An income tax return (ITR) may be labeled as 'defective' due to various reasons. Some common reasons for this could include discrepancies such as mismatched names in the PAN card and the filed ITR, claiming TDS credit without reporting the related income.

Last year, the July 1 DA hike was officially announced on October 18, 2023, ahead of the festive season.
Updated : Aug 22, 2024

DA hike: 3% hike in DA, DR from July 2024 expected in September. Check details on salary, increment

With the anticipated 3% increase scheduled for September, the total dearness allowance (DA) is set to rise to 53%.

The CBDT has also instructed the tax department to focus on recovering arrear demands, which have seen a significant rise from Rs 24.51 lakh crore in April 2023 to Rs 43 lakh crore by April 2024. 
Updated : Aug 22, 2024

After hotel, hospital and shopping bills, Income Tax department targets Rs 15,000 crore evasion

The reopening notices are part of a broader effort by the tax department to extend its reach into past assessments, especially given the recent Budget proposals.

FM Nirmala Sitharaman asked the income tax department to refrain from using “threatening language” in tax notices.
Updated : Aug 21, 2024

'Tax notices need to be simplified...': FM Nirmala Sitharaman on 165th year of Income Tax

Speaking at an event on the 165th year of Income Tax, FM Sitharaman said PM Narendra Modi wants a “simple system” and asked the Income Tax department to approach the tax paying public with more transparency and less intimidation.

The Finance (No.2) Act, 2024, has made an amendment in the Income Tax Act 1961, where the Black Money Act has been inserted.
Updated : Aug 20, 2024

Black money: CBDT issues clarification on income-tax clearance certificate. Check details

In a notification, the CBDT outlined the instances when a tax clearance certificate, as per Section 230(1A) of the Act, must be obtained by individuals residing in India. These instances are limited to two specific scenarios.

The intimation is a concise summary of the Income Tax Department's assessment of your ITR, outlining details such as your income, tax liability, and any refund or tax demand that may apply.
Updated : Aug 20, 2024

ITR 2024: Received Income Tax Intimation Under Section 143(1)? 5 points to note before you act

After you have filed your Income Tax Return (ITR), the income tax department will review the return, identify any errors, and then issue an intimation under section 143(1).

The Income Tax Department gives individuals the flexibility to choose their income tax regime for a specific financial year.
Updated : Aug 17, 2024

ITR 2024: Can you flip your tax regime at this time of the financial year? Here are top points to note

Finance Minister Nirmala Sitharaman, in an effort to enhance the attractiveness of the New Tax Regime for salaried taxpayers, introduced two significant changes this year.

The primary aim of the wealth or billionaire tax is to mitigate wealth disparities among citizens.
Updated : Aug 17, 2024

Wealth tax: Gita Gopinath flags wealth tax concerns, says better implementation of capital income taxes needed

Gita Gopinath said: “With wealth taxes, there are some additional complications. For example, for a lot of people, wealth is basically their home. There are implementation issues associated with it, but if you can get capital income tax, well, well done."

Taxpayers are advised to carefully scrutinise and authenticate any communication from the Income Tax Department and then respond.
Updated : Aug 16, 2024

ITR refund scam: Income Tax dept issues warning, asks taxpayers to be alert. Check details

ITR refund scam: Under no circumstance should individuals respond to emails or visit websites that solicit credit card details, bank account information, or other sensitive data.

The reassessment notice for Assessment Year (AY) 2018-19 and prior years must be issued by August 31, 2024, under either section 148 or the order is to be passed under section 148A.
Updated : Aug 16, 2024

Income Tax Returns: Who all can get a notice under Sec 148 by Aug 31? Check top 5 points

August 31 is the deadline to receive notices under Section 148 of the Income Tax Act if taxpayers' income has escaped assessment by the IT department. This is particularly applicable if the escaped income is Rs 50 lakh or more for the assessment year (AY) 2018-19 or later.

Updated : Aug 13, 2024

‘Wish could bring taxes to nil, but India's challenges...’: FM Nirmala Sitharaman on taxing middle class

This year, in her seventh Budget, FM Sitharaman announced a slew of schemes starting from abolishing the angel tax to simplification of the capital gains tax regime to revising the new tax regime structure

The Finance Bill 2024 proposes amendments to Section 148A of the Income-Tax (I-T) Act, establishing new time limits for issuing notices.
Updated : Aug 11, 2024

Income Tax: What is Section 148A notice and what are the new changes brought under Budget 2024?

Section 148A of the Income Tax Act allows the Income Tax officers to initiate reassessment proceedings when they suspect that a taxpayer may have concealed income during any assessment year.

Once you submit your rectification request, you will receive a mail or a message notifying you of your 15-digit rectification reference number.
Updated : Aug 11, 2024

ITR filing for FY 2023-24: When should you file rectification form? Check details

One should note that a taxpayer cannot view the rectification request status offline. You will be required to log in to the e-Filing portal to view the rectification status.

Under the Income Tax Act, the GST amount is included in the eligible deduction under Section 80C for life insurance and Section 80D for health insurance.
Updated : Aug 11, 2024

Do you know how GST is applied to your health and life insurance policies?

While GST on your insurance policies is still under debate here is a primer on how GST rates are currently applicable on your health and life insurance policies.

It is essential to obtain a home loan interest certificate from the lender.
Updated : Aug 11, 2024

What tax benefits are available for a salaried employee when taking a home loan? A look at what documents to keep

A home loan can provide significant tax savings. Also, the tax benefit is available to taxpayers who opt for the old tax regime.

The other key change is replacing the buyback tax with a shareholder level tax on distributions received from a company upon the buyback of its shares.
Updated : Aug 10, 2024

Budget 2024 | Government walks the talk on simplifying tax framework

Certain welcome landmark tax proposals include the withdrawal of 2% equalisation levy (EL) and angel tax and streamlining of capital gains tax rates and tax assessment timelines. The headline tax rate for foreign companies is proposed to be reduced from 40% to 35% (plus applicable surcharge and cess).

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