The Government of India amended the Income-tax Act, 1961, to tax and regulated the incomes and profits under from various virtual digital assets. These digital assets have been defined in exhaustive manner i.e., crypto assets, NFTs or any other token of similar type. In June 2022, the government issued a notification clarifying what is considered as NFTs and what are not.
Rationalising income tax, lowering Customs duties among suggestions to Centre
There could have been computation problems, incorrectly reported income, excessive losses, or a wrong notice sent to you.
Certain conditions under Section 10(10C) enable a laid-off employee to claim exemption on severance payment.
Health and education cess was introduced by late Finance Minister Arun Jaitley in Union Budget 2018 replacing the earlier secondary and higher education cess of 3 per cent.
Senior and super senior citizens get extra tax benefits and deductions, but many are not using them. Know the deductions and benefits that Income Tax Act offers them.
Income Tax Return filing: The co-browsing facility will make it more convenient for tax-filing helpdesks to remotely support their clients in filing ITR and other activities on the e-filing site
A bench of justices R Mahadevan and J Sathya Narayana Prasad issued notice to the Ministries of Law and Justice, Finance and Personnel and adjourned the case for two weeks.
Industry body underlines need to raise households’ disposable spending power to revive consumption
When a person passes away, their legal heirs are responsible for paying any outstanding taxes. Let us decode the step-by-step procedure of filing an income tax return for a deceased person.
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