Raksha Bandhan 2023: The gifts are taxable in the hands of the recipient under Section 56(2)(x) but gifts from certain specified relatives are outside the scope of this provision
The Income Tax Department may make errors in processing ITR, which could lead to excess refund being deposited in a taxpayer’s account. Tax payers may also get a notice from the I-T Department for recovery of excess amount along with interest.
As we are just few days away from September 2023 now, a lot of tax-related deadlines await us. Here we list key ones that you should be aware of
The newly designed website has undergone an aesthetic makeover with a mobile-responsive layout. It introduces a ‘Mega Menu’ for content, accompanied by fresh features and enhanced functionalities.
The newly revamped website was launched by the Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta at the ‘Chintan Shivir’, organised by the Directorate of Income Tax (Systems), at Udaipur.
ITR filing: Without verification, the ITR might not be considered valid or processed by the department. Consequently, taxpayers won’t receive any refunds they might be entitled to.
The deadline to file ITR without penalty for financial year 2022-23 ended on July 31 and so taxpayers now must be waiting for the refunds.
The Annual Information Statement (AIS) is a detailed summary of a taxpayer’s information which is given in Form 26AS. In addition to the TDS/TCS details, AIS also show interest, dividend, stock market transactions, mutual fund transactions etc.
Deceptive Income Tax Return (ITR) practices by taxpayers often result in an Income Tax notice from the tax department.
Updated return or ITR-U allows for the filing of an updated Income Tax Return by any person irrespective of the fact they have already filed an original, revised or belated return for the relevant financial year.
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