Explore the significance of ITR-U (Updated Return) in rectifying income tax return errors. Learn who is eligible, scenarios for filing, late fees, and more.
Explore the impact of demonetization on cash deposits in India and the key legal insights from Section 69A vs. Section 44AD cases. Get valuable tax information.
Explore Indian Income Tax Section 90 & Form 67 for foreign tax relief. Learn about belated filing, rules, and ITAT judgments. Expert insights and guidance.
Explore the new Income Tax Form 71 introduced by the CBDT to correct TDS errors. Effective from October 1, 2023, Form 71 simplifies the process of rectifying discrepancies between TDS deductions and income reporting. Learn about Rule 134 and the submission process through the Income Tax Department’s e-filing portal. Understand the details required, including PAN, address, tax year, and TDS amount. Discover the limited time frame of two years to correct TDS credit errors and the electronic issuance of Form 71 by the Director General of Income Tax (System). Ensure a smoother tax payment experience with this insightful guide by CA Brijmohan Lavaniya and Siddharth Sachan
Article explains key points you need to know when it comes to choosing between the New and Old Tax Regimes and how revisions to your tax return are affected.
Stay informed about crucial points for filing Income Tax Returns for A.Y. 2023-24 & A.Y. 2024-25. Understand due dates, regime options, and implications for individuals with or without business income. Ensure compliance for maximum benefits.
Explore key factors for selecting a health insurance policy, including tenure, premium, post-hospitalization coverage, organ donor, and Ayush treatment benefits. Learn to safeguard your health with the right insurance.
Budget updates – Direct Tax 1. Provision for filing ‘Updated Income Tax returns’ within 2 years from end of relevant AY. 2. Reduced AMT rates for Co-operatives from 18.5% to 15%. 3. Reduced surcharge for Co-operatives with total income of 1cr to 10Cr 4. Tax relief for persons with disability: Allow annuity payment to differently […]
Income Tax Department has facilitated a new functionality ‘Compliance Check for Section 206AB & 206CCA’ to facilitate tax deductors/collectors to verify if a person is a ‘Specified Person’ as per section 206AB & 206CCA. This functionality is made available through Reporting Portal of Income-tax Department (https://report.insight.gov.in).
Financial literacy refers to a person’s knowledge and awareness of many financial topics that help a person to achieve the lifestyle he/she wants. This subject focuses on the ability to handle personal money effectively and involves the knowledge to make proper personal finance choices such as investment, insurance, college payments, real estate, budgeting, retirement plans, and tax planning.