Income Tax Deduction
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Faked Tax Deductions? You Could Face A 200% Penalty Under Income Tax Rules
New ITR-1 and ITR-4 forms now require detailed documentation for deductions and claims, promoting transparency and accuracy.
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Budget 2025: What Is Standard Deduction And How It Benefits Taxpayers
With the Union Budget 2025 set to be presented on February 1, Finance Minister Nirmala Sitharaman faces mounting expectations for tax relief as inflation rises and disposable income shrinks.
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Union Budget 2025: Tax Deduction Terms You Should Know Ahead Of Budget
Tax Deductions: A tax deduction is an expense or expenditure that can be subtracted from an individual's or business's total income, resulting in a lower taxable income.
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Making Exaggerated Claims To Get Refunds Punishable Offence: Tax Department
The I-T Department has asked income tax return filers to not make bogus claims for expenses, under-report their earnings or exaggerate deductions as this is a punishable offence and causes a delay in issuance of refunds.
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Union Budget 2024: Aimed At Helping Automotive Retail Industry
The auto industry reacts to the Union budget 2024 with a positive approach. It believes the adjustments in personal taxation could improve retail.
-
"Save As Much As Rs 17,500": Finance Minister on New Tax Regime Slabs
Standard deduction in the new tax regime will be increased from Rs 50,000 to Rs 75,000, Finance Minister Nirmala Sitharaman said Tuesday as she announced the 2024 Union Budget.
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How To Maximise Your Tax Savings With The New Tax Regime
The Indian tax system for FY 2024-2025 maintains existing income tax slabs, allowing taxpayers to choose between old and new regimes.
-
Link PAN With Aadhaar Card Before May 31: Income Tax Department To Taxpayers
The I-T department noted that if a taxpayer fails to link the PAN with Aadhaar Card then it will lead to tax deduction at a higher rate.
-
Link PAN With Aadhaar By May 31 To Avoid Double Income Tax Deduction
The income tax department today asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate.
-
No Penalty For Short TDS Deduction If PAN Linked With Aadhaar By May 31
As per income tax rules, if a Permanent Account Number (PAN) is not linked with biometric Aadhaar, TDS is required to be deducted at double the applicable rate.
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Nirmala Sitharaman's Interim Budget Shortly, Focus On Polls
All eyes, from captains of industry to the common man, will be on Union Finance Minister Nirmala Sitharaman, who will present Interim Budget 2024 in Parliament today. Salaried taxpayers are hoping for changes in income tax slabs and higher deductions
-
Employers To Ask Employees About Preferred Tax Regime For Deducting TDS
The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly.
-
All India Bar Association Welcomes Tax Survey Of BBC Offices
The All India Bar Association (AIBA) on Tuesday congratulated the Income Tax Department for conducting surveys of BBC's documents to check irregularities relating to international taxation and Tax Deducted at Source (TDS) transactions.
-
What You Need to Know About Crypto, NFT Laws in India
The Income Tax Department has come out with detailed disclosure requirements for TDS deductions for virtual digital assets, under which date of transfer and mode of payment will have to be specified. The 2022-23 Budget has brought in clarity with regard to levy of income tax on crypto assets. From April 1, a 30 percent I-T plus cess and surcharges,...
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Bullet Train Project: Compensation Amount Not Taxable Says High Court
The Bombay High Court said that income tax cannot be deducted from an amount given by way of compensation for property the National Hi-Speed Rail Corporation Ltd (NHSRCL) acquired for the Mumbai-Ahmedabad bullet train project.
-
Faked Tax Deductions? You Could Face A 200% Penalty Under Income Tax Rules
New ITR-1 and ITR-4 forms now require detailed documentation for deductions and claims, promoting transparency and accuracy.
-
Budget 2025: What Is Standard Deduction And How It Benefits Taxpayers
With the Union Budget 2025 set to be presented on February 1, Finance Minister Nirmala Sitharaman faces mounting expectations for tax relief as inflation rises and disposable income shrinks.
-
Union Budget 2025: Tax Deduction Terms You Should Know Ahead Of Budget
Tax Deductions: A tax deduction is an expense or expenditure that can be subtracted from an individual's or business's total income, resulting in a lower taxable income.
-
Making Exaggerated Claims To Get Refunds Punishable Offence: Tax Department
The I-T Department has asked income tax return filers to not make bogus claims for expenses, under-report their earnings or exaggerate deductions as this is a punishable offence and causes a delay in issuance of refunds.
-
Union Budget 2024: Aimed At Helping Automotive Retail Industry
The auto industry reacts to the Union budget 2024 with a positive approach. It believes the adjustments in personal taxation could improve retail.
-
"Save As Much As Rs 17,500": Finance Minister on New Tax Regime Slabs
Standard deduction in the new tax regime will be increased from Rs 50,000 to Rs 75,000, Finance Minister Nirmala Sitharaman said Tuesday as she announced the 2024 Union Budget.
-
How To Maximise Your Tax Savings With The New Tax Regime
The Indian tax system for FY 2024-2025 maintains existing income tax slabs, allowing taxpayers to choose between old and new regimes.
-
Link PAN With Aadhaar Card Before May 31: Income Tax Department To Taxpayers
The I-T department noted that if a taxpayer fails to link the PAN with Aadhaar Card then it will lead to tax deduction at a higher rate.
-
Link PAN With Aadhaar By May 31 To Avoid Double Income Tax Deduction
The income tax department today asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate.
-
No Penalty For Short TDS Deduction If PAN Linked With Aadhaar By May 31
As per income tax rules, if a Permanent Account Number (PAN) is not linked with biometric Aadhaar, TDS is required to be deducted at double the applicable rate.
-
Nirmala Sitharaman's Interim Budget Shortly, Focus On Polls
All eyes, from captains of industry to the common man, will be on Union Finance Minister Nirmala Sitharaman, who will present Interim Budget 2024 in Parliament today. Salaried taxpayers are hoping for changes in income tax slabs and higher deductions
-
Employers To Ask Employees About Preferred Tax Regime For Deducting TDS
The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly.
-
All India Bar Association Welcomes Tax Survey Of BBC Offices
The All India Bar Association (AIBA) on Tuesday congratulated the Income Tax Department for conducting surveys of BBC's documents to check irregularities relating to international taxation and Tax Deducted at Source (TDS) transactions.
-
What You Need to Know About Crypto, NFT Laws in India
The Income Tax Department has come out with detailed disclosure requirements for TDS deductions for virtual digital assets, under which date of transfer and mode of payment will have to be specified. The 2022-23 Budget has brought in clarity with regard to levy of income tax on crypto assets. From April 1, a 30 percent I-T plus cess and surcharges,...
-
Bullet Train Project: Compensation Amount Not Taxable Says High Court
The Bombay High Court said that income tax cannot be deducted from an amount given by way of compensation for property the National Hi-Speed Rail Corporation Ltd (NHSRCL) acquired for the Mumbai-Ahmedabad bullet train project.
