As per the tax return data filed in assessment year (AY) 2022-23, relating to income earned in fiscal 2021-22), 1,69,890 individuals have shown total income of above Rs 1 crore
Whether you are a senior citizen trying to secure a suitable health insurance plan for yourself or your parents, who are in their golden years, you must know ways to maximize your health insurance deduction.
The time limit of 30 days made available to the assessing officers stands reduced to 21 days, the Directorate of Income Tax (Systems) said
"The total number of ITRs for AY 2023-24 filed till 31st July 2023 are more than 6.77 crore, which is 16.1 per cent more than the total ITRs for AY 2022-23 (5.83 crore) filed till 31st July 2022," the income tax...
If you have missed the July 31 deadline to file your income tax return, then make sure you file it by December 31, unless you want to get served with a notice from the income tax department
The tax provisions considering challenges faced by persons with a disability provide a few deductions from income, for the differently abled as well as the caregivers.
The PANs, according to the department, have become inoperative in cases where NRIs have not updated their residential status or have not filed returns in the last three AYs
Dec 31, 2022, is the last date for filing your late income tax returns (ITR), and if you haven’t done it yet, you may use the co-browsing feature for help in real time.
Do you have a second job going for some extra income? You need to be aware of the tax implications
Counselling income received by a medical practitioner falls under the head ‘profits and gains of business or profession’, and accordingly they will need to...
Did you just get your income tax refund and wondering whether to save it, invest it, or splurge it? It would be wise to make the optimum use of it for your...
The income tax department conducted searches across Tamil Nadu and reportedly some popular film producers and distributors’ properties were raided in that.
If you have missed the ITR filing deadline for the assessment year 2022-23, you can still file a belated return after paying the relevant penalty.
If you are unlikely to have any tax liability, you can submit For 15 G to the company paying you dividend income to avoid tax deduction at source. Gift...
The AIS is essentially a comprehensive statement containing details of financial transactions, including income, investment, and expenditure, whereas Form 26AS...
You have received your Form 16 from your employer. But is that the only income you have? What about any income you have earned on your bank deposits or from...
Before you start the process to file your tax return for the year, make sure you keep these documents handy to make the process less cumbersome and hassle-free
The Income Tax Department has come out with popular snakes and ladders board games and Motu-Patlu comic strip to spread tax literacy among children and young...
Under Income Tax laws, income earned on the gifts made by a spouse is required to be clubbed with the income of the spouse giving the gift
Retirement planning is a vague concept in India, and many do not plan for it while in their working years. As a result, they either invest too little or in the...
The year 2021-22 marks the highest tax-GDP ratio of 11.7 per cent, with direct tax to GDP ratio at 6.1 per cent and indirect tax to GDP ratio at 5.6 per cent
Gross tax collection of Rs 27.07 lakh crore during April 2021 to March 2022 compares with budget estimate of Rs 22.17 lakh crore
The Income Tax returns forms 1-5 have been notified by the Central Board of Direct Taxes
Till March 31, 2022, you can link PAN and Aadhaar for free. From April 1, a penalty will apply although your PAN will not be blocked if you do not link it with...
Not filing an ITR would attract a fine of Rs 5,000. Income tax returns can be filed online as well as offline.
