According to the RBI estimate, CPI inflation is projected to average 6.7% per cent in FY23 compared with 5.5% in FY22.
Gifts, vouchers, or bonuses received from employers during Diwali, and Christmas will not be taxed if the aggregate amount does not exceed Rs 5,000.
Income Tax rules for Futures & Options trading: Income earned in F&O trading is treated as normal business income. Therefore, a basic exemption limit is available to individuals.
The CBDT had extended the due date to November 7, 2022 for the AY 2022-23 for the category of assessees for whom the due date falls on October 31, 2022, under sub-Section (1) of Section 139 of the IT Act, 1961 (the Act).
In what appears to be a relief given to individuals and small businesses where audit reports are required to be attached with income-tax filings, due to the ongoing holiday season, the CBDT has extended the tax-filing deadline to November 7.
If the premium is above 10% of sum assured, the proceeds are taxable.
Different forms of returns of income are prescribed for filing of returns for different status and nature of income.
For those who are having difficulty filing their returns, the Income Tax Department has provided the most recent FAQs. ITR stands for Income Tax Return.
The employer issues Form 16 only after the annual returns of TDS have been filed with the income tax department. A deduction of Rs. 5,000 is available for preventive health check-up within the overall limit of Rs. 25,000 under Section 80D
“Taxpayers have reported slowness in portal while filing GSTR 3B return today. The persistence of the issue is acknowledged. Technical teams are working to resolve the issue. An incident report has been sent to CBIC for considering extension in the return filing dates,” the GSTN tweeted. According to Rajat Mohan, Senior Partner at AMRG & Associates, technical glitches in GSTN have once again soured the holiday season for tax professionals and corporations.
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