Taxpayers must link PAN with Aadhaar by May 31, 2024 to avoid higher tax deductions under Sections 206AA and 206CC of the Income Tax Act, 1961. Reminder issued by the Income Tax Department to enforce compliance and streamline tax administration.
It is popularly used to calculate ‘indexed cost of acquisition’, while calculating capital gains at the time of sale of any capital asset
Experts highlight that CBDT’s focus is on potential tax evasion cases through information sharing from other agencies, aligning with past guidelines.
It is essential to be proactive in exploring tax-saving options to ensure that you are maximising your earnings. By taking advantage of tax-saving strategies, you can increase your take-home salary and ultimately improve your financial stability
One way to check the authenticity of notice sent by the tax department is to cross check the email ID from where it is sent. Alternatively, you can authenticate the veracity of notice by visiting the tax department website.
However, income tax rules offer additional tax benefits to senior citizens. To claim these benefits, the individual must be of the age of 60 years or above but less than 80 years at any time during the respective year.
Income tax return filing deadline of July 31 is exactly 75 days from now. The tax department has already released the requisite forms. You can check the form that is applicable in your case, and you can then start the process to avoid the last-minute glitches
Maintaining proof of interest payments during the construction phase is crucial for claiming this deduction. Seeking guidance from a tax advisor for accurate calculation.
The Central Board of Direct Taxes (CBDT) in a 2007 circular noted that a taxpayer can keep separate status of a trader as well as the investor.
This tax exemption is for any Hindu family in the country.
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