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’
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)
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.
Tax demands totalling about Rs 3,500 crore will be withdrawn following the announcement.
The clarification holds significance as several taxpayers were in a state of dilemma after the apex court declared these bonds as unconstitutional.
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.
The Income Tax Department has unveiled tax return forms for individuals.
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
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
Section 80D of Income Tax Act: Save Tax Through Health Insurance Plans
© 2018 CA Chandan Agarwal. All rights reserved.