February 26, 2024

Income Tax: Small outstanding tax demands remitted. How to check your status?

In order to check the status of your case as to whether tax demand has been waived off, the department advises taxpayers to log into their account and go to ‘pending action’, and look for ‘response to outstanding demand’

CA Chandan Agarwal's Office
February 23, 2024

Opted for old tax regime? NPS to Bank FD. Explore the last-minute income tax saving options for taxpayers

Last-minute income tax saving options: As the financial year 2023-24 is about to end, individual taxpayers need to make investments before March to claim the benefit in the Income Tax Return (ITR)

CA Chandan Agarwal's Office
February 22, 2024

Has the new income-tax regime killed tax-saving mutual funds? Not yet, but…

Budget 2023 made the new income tax regime the default regime. Since this regime doesn’t give Section 80C benefits, ELSS, or tax-saving mutual funds, have lost their tax-benefit edge. Aside from taxpayers who would still opt for the old tax regime, it remains to be seen if ELSS funds can sell themselves purely on performance.

CA Chandan Agarwal's Office
February 20, 2024

CBDT sets Rs 1 lakh ceiling per assessee for withdrawal of old tax demands

Tax demands totalling about Rs 3,500 crore will be withdrawn following the announcement.

CA Chandan Agarwal's Office
February 19, 2024

Tax relief for electoral bonds to stay for FY24

The clarification holds significance as several taxpayers were in a state of dilemma after the apex court declared these bonds as unconstitutional.

CA Chandan Agarwal's Office
February 18, 2024

Want to stick with the old income-tax regime? Don’t forget to fill this form first

Although the new income-tax regime has been made the default regime, you could still switch back to the old regime if you claim deductions and loan exemptions. But make sure you fill this form by July 31.

CA Chandan Agarwal's Office
February 17, 2024

Can You Switch Back To Old Tax Regime As New Becomes Default? Here’s What Has Changed

The Income Tax Department has unveiled tax return forms for individuals.

CA Chandan Agarwal's Office
February 16, 2024

ITR 2024: Income Tax vs TDS. How the two are different?

The main difference between Income Tax and TDS is that the Income Tax is deducted from the payer’s overall profit or annual return, on the other hand, TDS refers to the tax deducted from the payer’s sources of income based on the expected tax liability

CA Chandan Agarwal's Office
February 15, 2024

Income tax benefits for senior citizens on interest income from savings, fixed deposits — explained in eight points

Section 80TTB of the Income Tax Act provides tax benefits for senior citizens on interest income from deposits, allowing a deduction of Rs. 50,000 on deposits from the Post Office, Bank, and Cooperative Society

CA Chandan Agarwal's Office
February 14, 2024

Section 80D of Income Tax Act: Save Tax Through Health Insurance Plans

Section 80D of Income Tax Act: Save Tax Through Health Insurance Plans

CA Chandan Agarwal's Office