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How Long Will Income Tax Refund Take If You File ITR In April
The Income Tax Department usually notifies the ITR forms in a phased manner starting in April. The tax authorities will soon make the required forms available for the ITR filing to begin this month.
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Union Budget 2025-26: What Does It Offer Senior Citizens?
Union Finance Minister Nirmala Sitharaman on Friday proposed to double the limit for TDS on income interest, hike the threshold on rent and exempt withdrawals from National Savings Scheme (NSS) accounts from tax for senior citizens.
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ITR Filing Made Easy: Essential Documents You Need For Income Tax Return Filing
Before we guide you through the process of e-filing income tax returns in India, let's outline the essential documents you'll require to begin.
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Deadline Over, Pay Higher Tax If You Haven't Done This
Under Section 206AA and 206CC, failure to link will result in twice the usual TDS rate and other financial consequences.
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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.
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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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ITR Filing Last Date 2024: Due Dates For Filing Income Tax Returns, TDS, Advance Tax Payments
Advance tax payment is required if your total tax liability reaches or exceeds Rs.10,000 in a financial year.
-
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.
-
AIS for Taxpayer Mobile App Launched by Income Tax Department to Share TDS, Transaction Information
The Income Tax department on Wednesday said it has launched the AIS for Taxpayer mobile app which will give taxpayers a comprehensive view of their information related to TDS/TCS, interest, dividends and share transactions, and an option to provide feedback. The mobile app will facilitate taxpayers to view their information as available in the Ann...
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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.
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India Should Consider Lowering TDS Rate on Cryptocurrency Trade to Stem Flight of Capital, Users: Report
India should consider lowering the 1 percent TDS imposed on cryptocurrency transactions, according to a joint report Chase India and Indus Law. The government, from April 1 last year, has brought in a 30 per cent income tax plus surcharge and cess on transfer of virtual digital assets (VDAs), including cryptocurrencies, like Bitcoin, Ethereum, Teth...
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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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IT Department Notifies TDS Disclosure Requirements for Crypto, Virtual Digital Assets
The income tax department has announcement TDS disclosure requirements for cryptocurrency, virtual digital assets. From July 1, 1 percent TDS will be charged on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year.
-
India GST Council Plans to Levy 28 Percent GST on Crypto Transactions: Report
Indian tax authorities are exploring the implementation of a 28 percent goods and services tax (GST) on all cryptocurrency transactions, adding to a 30 percent tax on profits from crypto-asset trading that kicked in on April 1.
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Crypto Mining Cost Not Allowed as Deduction Under I-T Act: Finance Ministry
Cost incurred in the mining of cryptocurrencies or any virtual digital assets (VDA) will not be allowed as deduction under the Income Tax Act, Minister of State for Finance Pankaj Chaudhary said on Monday.
-
How Long Will Income Tax Refund Take If You File ITR In April
The Income Tax Department usually notifies the ITR forms in a phased manner starting in April. The tax authorities will soon make the required forms available for the ITR filing to begin this month.
-
Union Budget 2025-26: What Does It Offer Senior Citizens?
Union Finance Minister Nirmala Sitharaman on Friday proposed to double the limit for TDS on income interest, hike the threshold on rent and exempt withdrawals from National Savings Scheme (NSS) accounts from tax for senior citizens.
-
ITR Filing Made Easy: Essential Documents You Need For Income Tax Return Filing
Before we guide you through the process of e-filing income tax returns in India, let's outline the essential documents you'll require to begin.
-
Deadline Over, Pay Higher Tax If You Haven't Done This
Under Section 206AA and 206CC, failure to link will result in twice the usual TDS rate and other financial consequences.
-
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.
-
ITR Filing Last Date 2024: Due Dates For Filing Income Tax Returns, TDS, Advance Tax Payments
Advance tax payment is required if your total tax liability reaches or exceeds Rs.10,000 in a financial year.
-
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.
-
AIS for Taxpayer Mobile App Launched by Income Tax Department to Share TDS, Transaction Information
The Income Tax department on Wednesday said it has launched the AIS for Taxpayer mobile app which will give taxpayers a comprehensive view of their information related to TDS/TCS, interest, dividends and share transactions, and an option to provide feedback. The mobile app will facilitate taxpayers to view their information as available in the Ann...
-
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.
-
India Should Consider Lowering TDS Rate on Cryptocurrency Trade to Stem Flight of Capital, Users: Report
India should consider lowering the 1 percent TDS imposed on cryptocurrency transactions, according to a joint report Chase India and Indus Law. The government, from April 1 last year, has brought in a 30 per cent income tax plus surcharge and cess on transfer of virtual digital assets (VDAs), including cryptocurrencies, like Bitcoin, Ethereum, Teth...
-
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,...
-
IT Department Notifies TDS Disclosure Requirements for Crypto, Virtual Digital Assets
The income tax department has announcement TDS disclosure requirements for cryptocurrency, virtual digital assets. From July 1, 1 percent TDS will be charged on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year.
-
India GST Council Plans to Levy 28 Percent GST on Crypto Transactions: Report
Indian tax authorities are exploring the implementation of a 28 percent goods and services tax (GST) on all cryptocurrency transactions, adding to a 30 percent tax on profits from crypto-asset trading that kicked in on April 1.
-
Crypto Mining Cost Not Allowed as Deduction Under I-T Act: Finance Ministry
Cost incurred in the mining of cryptocurrencies or any virtual digital assets (VDA) will not be allowed as deduction under the Income Tax Act, Minister of State for Finance Pankaj Chaudhary said on Monday.
