RBI has reiterated that old series banknotes issued before 2005 remain legal tender but should not be re-issued by banks. The circular consolidates earlier instructions aimed at introducing notes with enhanced security features.
Senior citizens aged 75+ with only pension and bank interest income need not file ITR if a specified bank computes income and deducts tax under Section 194P.
Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. Non-compliance can attract a ₹25,000 penalty.
Employer-provided interest-free or concessional loans are taxable as salary perquisites due to the financial benefit enjoyed by employees. Exemptions apply for loans up to ₹20,000 and specified medical treatment loans.
The Central Government has amended Notification No. 62/2022-Customs to prescribe a 0% Basic Customs Duty on all goods falling under tariff item 26020010. The move aims to lower import costs and provide relief to industries relying on these imports.
Taxpayers can file updated returns within 48 months of the assessment year by paying additional tax. The provision promotes voluntary compliance but excludes refunds, loss returns, and specified cases.
Eligible individuals, non-corporate taxpayers, and senior citizens can avoid TDS on specified incomes by furnishing Form 15G or Form 15H when prescribed conditions are met. The rules also mandate UIN allotment, quarterly reporting, and seven-year record retention by the payer.
Resident individuals, eligible non-corporate taxpayers, and senior citizens can avoid TDS on specified incomes by furnishing Form 15G or Form 15H where prescribed conditions are satisfied. The rules also require quarterly reporting, UIN allotment, and seven-year preservation of declarations by the payer.
The guide explains how residents can avoid double taxation through DTAA benefits, Foreign Tax Credit, and Section 91 relief, outlining TRC, Form 67, FTC limits, filing requirements, and key compliance rules.
The guide explains Sections 54 to 54GB, showing how taxpayers can claim capital gains tax exemptions through reinvestment, subject to eligibility, timelines, limits, and compliance conditions.
