Finance Minister Nirmala Sitharaman has not proposed any changes in the income tax slab rates in the interim Budget 2024. However, the notable modification in the income tax slabs includes a reduction of tax slabs from 6 to 5 alongside an increase in the basic exemption limit from Rs.2.5 lakh to Rs.3 lakh from April…
When you are depositing or withdrawing a certain specified amount in cash, you need to consider the following scenarios where you may be liable for tax liability. Besides, an assessee is liable to pay tax and, or penalty for the different types of transactions under various sections of the Income Tax Act. The details of…
The income tax department has now rolled out new functionality in the Annual Information Statement (AIS) to display the new status information confirmation process. The statement is available to all registered Taxpayers through the compliance portal, accessible through the e-filing website (www.incometax.gov.in). AIS provides details of the following large number of financial transactions undertaken by…
This year you have received salary arrears or commutation of pension, or gratuity about previous years, and now you may fear it’s going to move you up a tax slab with the additional tax burden. This is because tax rates may be higher in the year arrears are received as compared to the year to…
The AIS app is a free mobile application, launched by the income tax department and is meant to provide a comprehensive view of the Annual Information Statement (AIS). It offers a collection of information about a taxpayer. The information provided by the ASI includes interest, dividend, mutual fund transactions, securities transactions, foreign remittance information, and…
The Union Budget 2023 has left individuals confused with the choice of the tax regime. Both old and new tax regimes require a proper assessment before choosing one. The calculation of tax payable by various income groups under the new tax regime and old tax regime is shown at the bottom of this post so…
Updated: 01.02.2023 Tax deductions and tax exemptions are distinct from each other. The tax deductions are typically a portion of income excluded from total taxable income. The salaried person who opts for a new regime under section 115BAC is not eligible to claim deductions for exemptions of professional tax, and entertainment allowance on salaries. An…
Latest update: 01.02.2023 In the Union Budget 2023, Finance Minister Nirmala Sitharaman announced that the rebate under Section 87A will be hiked from Rs5 Lakh to Rs7 Lakh for taxpayers under the new tax regime. It means a tax rebate of Rs 25,000 under section 87A is available under the new tax regime (applicable for…
Updated on 02.02.2023 For the financial year 2023-24, salaried individuals, who have no business income, have the option to choose between the existing and new tax regimes. The new income tax slab rates are lower compared to the old tax rate. However, anyone opting for the new tax regime will have to forego most of…
Updated on January 1, 2023 Taxpayers generally receive I-T notices under Section 139(9), 143(1), 143(2), 143(3), 245, 144, 147, 148, 156 (notice of demand) of the Income Tax Act, 1961, due to non-filing of ITR, claiming of inauthentic tax refund, hiding of taxable income, computing excessive tax losses, long term capital gains (LTCG), scrutiny, among…