On July 23, 2024, Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in the Parliament, announcing modifications to direct taxes. One notable highlight of the Union Budget 2024-25 is the 50% rise in the standard deduction, now up to ₹75,000. This is a beneficial move for salaried taxpayers, particularly those choosing the new tax … Read more
Budget 2024: Central Board of Direct Taxes (CBDT) chairman Ravi Agrawal has said the comprehensive review of the Income Tax Act, 1961 is an attempt to make the “bulky” law “simpler” for taxpayers. Union Finance Minister Nirmala Sitharaman, while presenting the Union Budget for fiscal year 2024-25 on July 23, announced that the government would … Read more
This is the last month to file income tax return (ITR) for individual tax payers. If you don’t intend to pay a penalty, then it is imperative to file your ITR before the month ends i.e. before July 31, 2024. No wonder taxpayers and chartered accountants are busy filing income tax returns on the e-filing … Read more
Filing income tax returns (ITR) is an essential responsibility for every taxpayer in India. The process begins with selecting the appropriate ITR form, which varies depending on your income sources, residential status, and other financial particulars. Choosing the correct form ensures compliance with tax laws and helps in accurate reporting of income. This article serves … Read more
The Indian government is considering to lower certain personal income tax rates, multiple government officials were quoted as saying by Moneycontrol. In the upcoming budget, likely to be presented in mid-July, the Centre plans to raise the income threshold before any tax is levied from ₹3 lakh to ₹5 lakh. This change will apply only … Read more
With the dawn of Modi 3.0, all eyes are eagerly set on the upcoming Union Budget of 2024, slated for presentation in July. Anticipation runs high among industries, farmers, taxpayers, and the middle class alike, as they await potential boosts and tax reliefs from Finance Minister Nirmala Sitharaman. As the first budget of this new … Read more
If you are a salaried income tax payer, the process to file income tax return is quite simple, to say the least. You only need to file your return via form 1 i.e., ITR-1. The income tax return form number -1 can be filed by a resident individual whose income does not exceed ₹50 lakh … Read more
Taxpayers are the most ‘meaningless minority’ as far as general elections are concerned and political leaders can say anything on tax in a political rally and get away with it, according to Ashneer Grover. The former managing director of fintech major BharatPe has said if one tries to understand ‘tax politics in India’, only 0.5 … Read more
New Delhi: Union finance minister Nirmala Sitharaman on Thursday announced measures to withdraw outstanding disputed tax demands for specific periods, a move she said will benefit 10 million taxpayers by ending disputes going back decades. “In line with our government’s vision to improve ease of living and ease of doing business, I propose to withdraw … Read more
The Income Tax Department Monday said it is in the process of issuing notice to taxpayers about ‘mismatch’ between the information filed in the Income Tax Return (ITR) vis-a-vis information of specified financial transactions, as available with the department, for the assessment year 2021-22 (FY 2020-21). The tax department urged taxpayers to access their Annual … Read more