Starting from the year 2024-25, there’s a new rule for companies. They must pay any pending bills to small businesses within 45 days. If they don’t, they’ll have to pay more tax for the years 2023-24. This is because they can only claim deductions for payments they make in that year. Companies need to follow…
The Central Board of Direct Taxes (CBDT) has resolved more than 46,000 public grievances and 7,000 grievance appeals between December 2022 and July 2023 under its Special Campaign 2.0 for Swachhata and disposal of pending matters. The campaign was launched on December 1, 2022, with the aim of cleaning up the tax administration and disposing…
Income tax slabs applicable to income earned from running a proprietorship business or via professional services are the same as the slabs applicable to other types of income example salary income but the slabs/rates are different for partnerships and companies. Income tax on salaried individual is charged as per the slab rate on the basis…
Common people have high hopes from this budget for 2022. Actually, due to the creaking economy and rising inflation due to Corona havoc, people are in the hope that the government can give them relief in this budget. In this sequence, apart from giving a growth booster to the economy, there is a possibility of…
The government extended the deadline for linking of Aadhaar PAN. In the tweets of Income Tax Department informed that the last date has been extended from march 31 to June 30, 2021. The decision has been taken after many people reported technical issue of Income Tax website while linking the Aadhaar and Pan card Number….
Income Tax Rules Change: From April 1, 2021, many rules related to income tax will be changed. Finance Minister Nirmala Sitharaman (Union Finance Minister Nirmala Sitharaman) announced these changes in Budget 2021. The new changes include exempting 75-year-olds from filing income tax, in addition to raising TDS and making big announcements on tax on EPF….
The Income Tax Department has made a big announcement about the direct tax dispute resolution scheme ‘Vivad se Vishwas‘. Now the government has extended the deadline for giving information under this scheme to 31 March and the time for payment till 30 April. The Income Tax Department has written on Twitter, ‘CBDT has extended the…
New Section 115BAC has been introduced in the art which has provided an option to the individual and HUF to opt for the new tax regime which has following key conditions;- This is an optional scheme i.e. assesse may or may not opt for the same. The scheme is for an individual or a Hindu…
The Income Tax Department had extended the date of filing of income tax returns for Assessment Year 2020-21 (FY 2019-20) to 10 January due to Corona crisis. According to the Income Tax Department, till January 6, around 5.61 crore people have filed ITR. Do this preparation first First of all, to file ITR, keep your…
Savings are a good habit, but can only your savings fulfill your future needs, then the answer is yes, if saving in a smart way, you can fulfill your life goals. Can. Like suppose you want to become a millionaire. For this, which investment option will you have to choose to become a millionaire as…
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has clarified this in its recent order. This will allow accurate calculation of capital gains or losses. The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), in its recent order on the tax on capital gains from the sale of houses, has clarified that…
The Income Tax Department has facilitated a new functionality for Banks and Post offices through which they can ascertain the TDS applicability rates on cash withdrawal of above Rs.20 lakh in case of a non-filer of the income-tax return and that of above Rs. 1 Crore in case of a filer of the income-tax return….