When filing their income tax returns, it's not uncommon for people to forget about some sources of income that are tax-free. In order to make sure that your financial status is adequately portrayed and to make the necessary deduction claims, it is crucial that you declare this type of income in your Income Tax Return (ITR). Understanding these non-taxable income sources can speed up the filing procedure and lower the possibility of mistakes. A list of these incomes can be found on the Income Tax Department's website. It includes money from farming, profit-sharing between partners, paid time off for trips, and other comparable sources. Learn about these resources so that you may stay clear of uncertainty and make sure your tax returns are submitted appropriately.
The Central Board of Direct Taxes (CBDT) has introduced new Income Tax Returns for the financial year 2024, impacting individuals and other assessees. This article delves into the noteworthy modifications across various
The Central Board of Direct Taxes (CBDT) has introduced a new functionality in the Annual Information Statement (AIS) for taxpayers, enhancing transparency and accuracy in tax reporting. This new feature allows taxpayers to view the status of their feedback in real-time, ensuring that their financial transactions are correctly reported. In this article, fictional characters Arjuna and Krishna discuss the implications and impact of AIS on filing Income Tax Returns, highlighting the benefits of the new functionality.
you are not required to be worried too much. CBDT has made the clarification in this regard according to which any Indian citizen can hold the following quantity of gold jewelry and ornaments Read full blog post at Taxwink.com
you are not required to be worried too much. CBDT has made the clarification in this regard according to which any Indian citizen can hold the following quantity of gold jewelry and ornaments Read full blog post at https://www.taxwink.com/service/income-tax-return-filing
you are not required to be worried too much. CBDT has made the clarification in this regard according to which any Indian citizen can hold the following quantity of gold jewelry and ornaments Read full blog post at https://www.taxwink.com/service/income-tax-return-filing
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The Govt. has given an opportunity to persons who have not paid full taxes on their income of earlier years to come forward and declare the undisclosed income under the 'Income Declaration Scheme' (IDS).
As it is said, a fine is a tax for doing wrong, a tax is a fine for doing well. In connotation to that, it may be said that scrutiny is the punishment for this well doing and consequent filings with tax authorities.
The faceless assessment scheme was introduced in India on 13th August 2020. It is a part of the Government of India’s initiative to reduce the interface between taxpayers and tax officials. The scheme is aimed at reducing the compliance burden of taxpayers and making the tax system more efficient and transparent.
Tax Deduced at source (TDS) is a means of collecting income tax in India, governed under the Indian Income Tax Act of 1961. Learn more about what is TDS and why is it deducted.
Complete guide to online TDS payment. TDS is tax deducted at source wherein. Learn how to pay tds online through step by step guide given here. http://myincometaxrefund.in/online-tds-payment/
Battle on Freebies to doctors before AY 2010-11: ‘Reason’ is the link between ‘conclusion’ and ‘evidence’ for reopening assessment; Law applicable in relevant AY to be applied only While re-opening assessments, the reasons recorded should be clear and unambiguous and should not suffer from any vagueness.
Taxpayers having bank account with an Authorised Bank can use this mode for payment. No transaction charge/fee is applicable for making tax payment through this mode.
India has a well-structured tax system catering to its large population. Taxes are a necessary evil because it is the largest source of income for the government. See more: https://goo.gl/zD2zqw
This article provides a detailed overview of income tax, including its definition, the administrative framework, return filing period, who is liable to pay tax, how to pay tax, precautions in tax payment, advance tax calculation, income tax challans, Form 26AS, exempt income, taxable income, maintaining books of account, professions, and the period for which records should be kept. It also covers topics such as revenue receipts, capital receipts, agricultural income, and relief from double taxation.
Income Tax Department is sending mails and messages to taxpayers regarding linking of PAN with Aadhar. It is mandatory to link PAN with Aadhar upto 31/03/2023 otherwise PAN shall become invalid.
Make online income tax payment. Learn how to pay income tax online using Challan ITNS 280. Simple guide for job, businessman and self employed person. http://myincometaxrefund.in/online-income-tax-payment/
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Check your Income Tax Refund Status, ITR-V Status online from here.The guidelines cater for hindrance Income tax refund status will save quantity of time. http://bit.ly/1QH7fIY
Income tax payment online method inclined here. Know how to content your income demand online from comfort of your domicile without any fuss using means given here. http://bit.ly/1MY86Bf
Income tax payment online method inclined here. Know how to content your income demand online from comfort of your domicile without any fuss using means given here. http://bit.ly/1MY86Bf
New to filing taxes in India, This guide breaks down the basics, Learn about tax types, common deductions, filing procedures, and navigate the Indian tax system with confidence.
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Last year it was a one-time compliance window under the Black Money and Imposition of Tax Act 2015 to report the undisclosed offshore assets. Now it is an Income Declaration Scheme 2016 to declare undisclosed income from a domestic source.
INCOME TAX The Law and Controversies Charitable Purpose Changes in Section 2(15) Business Income of First 5 Category Business Income of the last Category Revised ...
In order to help small businesses start, sustain and grow the Ministry of Small, Medium and Micro enterprises has laid down a system through its MSME Act 2006. This system facilitated their registration via MSME Registration upon which the database was extensively used by the government mechanism to provide support to small, medium and micro businesses across the country.
PAN card correction configuration. Download innocent PAN correction form to occasion exchange to mistyped name and spelling misunderstanding and apply online for free from here. http://bit.ly/1HChjQS
Employers are encouraging employees to provide documentation of investments to offset rising tax deductions from their pay. With recent updates to income tax legislation effective April 1, 2023, it is critical for salaried individuals to understand these changes and determine whether presenting investment proof might reduce higher TDS. Investigate viable ways for reducing increased TDS under both new and old income tax regimes.
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Every charitable trust or institution registered under section 12 or any fund or institution or trust or any university or other educational institution or any hospital or other medical institution registered under clause (23C) of section 10 needs to get its books of accounts audited mandatorily under the Income Tax Act,1961.
Substantial amendments to 1961 Act by various Finance Acts and amending statutes ... shall not be an order cancelling the assessment and directing a fresh assessment ...
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As a part of a global drive to exchange information freely between countries, India has signed various agreements with other countries for information exchange. For instance, India has signed "Tax Information Exchange Agreements" with certain countries.
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... with details to be prescribed if such individuals wish to avail of treaty benefits in India. ... The Bill was already passed by Lok Sabha in December last year ...
Refund means you are receiving back the amount which you have already paid. It is like sudden and unexpected windfall which makes a day for you to celebrate. Earlier taxpayer has to visit many times in Income-tax office and has to sought help of professionals to get the refund but now due to advancement in technology and faster processing of returns taxpayers are getting income tax refunds faster.
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The Income Declaration Scheme 2016 (IDS) meant to garner taxes on undeclared incomes has not enthused public interest at large so far essentially considering the 45% payout and in all fairness may not actually culminate into a big kitty for the Government of India unless certain immediate corrective measures are taken.
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The existing provisions of section 206AA of the Income Tax Act, 1961 ("the Act"), inter alia, provide that any person who is entitled to receive any amount on which withholding tax ("WHT") provisions apply shall furnish his Permanent Account Number ("PAN") to the deductor, failing which a higher WHT rate of 20% will be applicable.
6th Annual Workshop on Direct Taxes International Taxation - II Concept of source rule/ Section 195 Sanjiv Chaudhary/ Nidhi Maheshwari All India Chartered Accountants ...
The provisions of Section 115JB provide for levy of MAT on basis of "book profits", i.e., the profit disclosed in profit and loss account prepared in accordance with provisions of The Companies Act.
Under the Income Declaration Scheme, 2016 a person is required to declare his undisclosed income by paying tax, surcharge and penalty totalling to 45% of such undisclosed income declared.
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After demonetization in India how the PAN and aadhaar is important and for what services the PAN card required is shown here. In this presentation we shown importance of PAN card in INDIA.
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