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 […]
Whether Hitches In E-Payments of Taxes Will Be Resolved In NSDL Website/New I-T Portal While we make payment of Direct Taxes via the ‘NSDL Web site’, every time we have to fill the address of the assessee, which in my opinion can be dispensed with since the address of the assessee is already available with […]
Formerly while notice under section 148 is received from the department to assess the income that has escaped the assessment, by the Assesses, who have already filed the returns of income, it has been the accepted practice that they would send a letter stating that they had already filed the return of income on a […]
Customers facing trouble due to abrupt closure of current accounts and TDS on cash withdrawals. Learn more about the RBI guidelines and how it affects bank customers.
