As we are just few days away from November 2023 now, a lot of tax-related deadlines await us. Here we list key ones that you should be aware of
There is a 100 percent jump YoY in AY22, or doubling of the number of billionaires in the Indian taxpayer base. The collective salary income of these 16 individuals amounted to slightly over ₹2,569 crore. On average, each of them earned ₹160.57 crore annually
Though the gifts you get are not considered your direct income, they attract taxes under Section 56(2) of the Income Tax Act, 1961
The proportionate contribution of the bottom 25% individual taxpayers’ gross total income has increased from 8.3% to 8.4%.
The data reveals a consistent upward trend in the number of Income Tax Returns (ITRs) filed by individual taxpayers. Over the past decade, the number of ITR filings has increased significantly, reaching 6.37 crore in Assessment Year (AY) 2021-22, representing a substantial 90% increase from 3.36 crore in AY 2013-14.
If you are required to deduct or collect TDS or TCS, it is important to do so correctly and on time.
Huge underpayment of taxes among the super-rich even after rate cut in Budget
Under the Income Tax Act, Indian companies have the option to pay tax at a concessional rate of 22% plus any applicable surcharge and cess, provided they do not avail of specified deductions and incentives
In the absence of any statutory provision, no liability can be automatically fastened on the Director of a public company.
Section 87A of the Income-tax Act,1961 (‘the Act’) has been amended by the Finance Act, 2023, to allow benefit of tax rebate under section 87A to individuals or HUF that are small taxpayers, up to a total income limit of Rs ₹7 lakh
© 2018 CA Chandan Agarwal. All rights reserved.