Understand the implications of depositing the Rs. 2000 note in banks amid its withdrawal from circulation. Explore challenges, income tax considerations, and the need for accurate currency note counts for a smoother transition.
Discover the disparities in the treatment of Old Tax Regime (OTR) followers in the Finance Bill 2023, as the Government encourages the New Tax Regime (NTR) with changes in exemptions, rates, and deductions, raising concerns for those sticking to OTR.
Learn about the implications of Amendments in Budget 2023 on Trusts, their functioning and formation. Trusts are neither encouraged nor trusted in the Budget 2023, but every budget.
Section 87A is amended to give rebate to those who adopt New Tax Regime by allowing the entire tax up to Rs. 25,000 as deduction for those whose income is Rs. 7,00,000 or below, while for those who adopt the Old Tax Regime the existing deduction of the tax is up to Rs.12,500 and the income limit of Rs. 5,00,000 is continued.
Discover why the procedure for paying taxes has become so complex and how it can be resolved in the near future with e-payment hitches.
Understand common issues, solutions & suggestions to improve NFAC functioning. Issues with SCN time limit, assessment proceedings & request for personal hearing. Find solution for all challenges!
Explore whether the functioning of NFAC serves its intended purpose. Find out how the assessment orders and litigation are affected.
For getting agriculture gold loan up to Rs.2 lakhs from Banks, there is no requirement to prove that the borrower is an agriculturist. Anybody can avail this loan for which two percent subsidy is given by the central government on the belief that the borrower is an agriculturist and the loan is utilised for agricultural […]
Understanding marginal relief and how it affects your income tax. Learn about the tax rates and deductions for income that exceeds the threshold limit.
RECTIFICATION OF AN ORDER RECEIVED FROM CPC AND ISSUES RELATING TO DISPOSAL OF THE RECTIFICATION PETITION If the assessee finds a mistake in the order received from the new Income Tax Site, he has been prompted to click the SERVICES button and proceed for filing ‘Rectification Petition’. But under ‘services’ menu, the option for filing […]
