New Functionality Introduced by CBDT for Taxpayers
New Functionality Introduced by CBDT to Empower Taxpayers with Enhanced AIS Confirmation Process...
Understanding Home Loan Interest Deduction from Income Tax Act
Understanding Home Loan Interest Deduction under Section 24(b) of the Income Tax Act...
Tax-Saving Investments and Expenses: A Comprehensive Guide to Section 80C, 80D, and More
When it comes to optimizing tax savings, understanding the various investment options and expenses that fall under different sections can be immensely beneficial. Here’s a comprehensive overview of the key deductions and limits under Section 80C, 80D, and other relevant sections: Section 80C Under...
Can you really change tax regimes at the last minute?
Understanding Income Tax Regime Switching for AY 2024-25...
CBDT Extends Deadline for Charitable and Religious Trusts to Submit Registration Applications
The income tax department has announced an extension of the deadline for charitable and religious trusts to submit their registration applications to the tax authorities. The Central Board of Direct Taxes (CBDT) has granted this extension until June 30, 2024. The decision to extend the deadline was ...
Understanding High-Value Cash Transactions and Income Tax Notices in India
In India, high-value cash transactions are regulated by income tax laws to monitor cash flow and prevent illegal financial activities. According to these regulations, any cash deposit of INR 10 lakh or more into a savings account requires notifying tax authorities. Moreover, the threshold for notifi...
Understanding Income Tax Returns (ITR) Forms and Their Importance
An income tax return is a document filed with the tax authorities that outlines an individual’s or entity’s income and tax liabilities. It serves as a record of one’s financial activities throughout the year. Income tax forms play a crucial role in the tax filing process by providing a structu...
Cash Deposit Limit in Saving Account as Per Income Tax Act (2024)
The cash deposit limit in savings accounts refers to the maximum amount of cash that an individual can deposit within a specified period without attracting the attention of tax authorities. This limit is set by income tax regulations to monitor and regulate the flow of cash transactions, curbing the...
Proposed Income Tax Act Amendment Targets MSME Dues Tax Treatment
A recent alteration in the Income Tax Act, aimed at bolstering small businesses by ensuring timely payments, might have inadvertently deterred potential buyers from engaging with them. Sources familiar with government discussions hint at a possible revision in the Act during the forthcoming FY25 ful...
CBDT Directs Self-Reporting Organizations to Submit High-Value Transaction Details of FY23 by 30th June
In a recent development, the Central Board of Direct Taxes (CBDT) has issued a directive to Self-Reporting Organizations (SROs) urging them to furnish comprehensive details of high-value transactions conducted during the fiscal year 2022-23. The deadline for submission has been set for June 30. The ...
