The New Tax Regime was made the default option for all taxpayers in Union Budget 2023, including individuals, Hindu Undivided Families (HUFs), and Association of Persons (AOPs).
Missing the December 31 deadline for filing income tax returns (ITR) can have consequences such as penalties, interest on taxes owed, and a delay in receiving potential refunds.
The income tax department has urged taxpayers to respond promptly to the advisory and provide feedback online through the Compliance Portal of the I-T department
ITR Filing Last Date 2023: This amount is reduced to Rs 1,000 for those taxpayers whose total income does not exceed Rs 5 lakhs.
The Income Tax Department has notified ITR forms 1 and 4 for the assessment year 2024-25, allowing individuals and entities with an annual total income of up to ₹50 lakh to file their returns
ITR forms for the financial year are usually announced by end of March or early April. However, this year, they are announced early.
Gifts received on the occasion of a wedding from relatives, friends and acquaintances are tax-free. However, if exemption is claimed on gifts received from a relative or friend well in advance, be prepared for queries from the income tax department.
Income tax experts expect equity in deductions within the new tax regime, higher deduction limits for medical insurance premiums, and simplification of the capital gains tax regime in Budget 2024
Professional tax is charged by a state’s commercial tax department on persons earning a wage in that particular state. Employers have the right to deduct tax before paying their employees’ salaries.
Taxpayers now have wider choice of banks for paying taxes. Besides, you may get credit or a refund on the same day
© 2018 CA Chandan Agarwal. All rights reserved.