Govt. plans to upgrade PAN card to PAN 2.0
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Shri Narendra Modi, On November 25, 2024, announced its approval for the PAN 2.0 Project of the Income Tax Department with a financial implication of Rs.1435 Crore. PAN 2.0 Project is an e-Governance project for re-engineering the business processes of taxpayer registration services through…
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Know TDS for Cash deposit, withdrawal and other cash transaction limits
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…
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Income tax department has now rolled out new functionality in AIS
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…
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How to claim tax relief on salary arrears received by you?
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…
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‘AIS for taxpayers’ app launched for all your tax related needs
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…
Tax deduction benefits on the entertainment allowance, and employment/professional tax
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…
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