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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What is the exact provision of section 87A of the Income Tax Act?
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 Rs 7 Lakh to Rs12 Lakh for taxpayers under the new tax regime. As per the present proposed Finance Bill 2025, this rebate under Section 87A for the financial year 2025-26 is…
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Why these small tax payers get IT notices?
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…
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Do you know the benefits that are lost for not filing ITR before the expiry of deadline?
The deadline for filing Income Tax Return (ITR) for the FY 2021-22 will lapse on July 31. This deadline is applicable for individuals whose accounts are not required to be audited. The Government has clarified that no further extension is given to individuals for FY 2021-22 (AY 2022-23). Following consequences and inconveniences are attached if…
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Why India’s GST tax system is considered regressive compare to tax system of other countries?
Paying taxes under a direct tax system or indirect tax system like GST is inevitable. In India, eighty percent of total revenue is earned by the Government through taxes, and the remaining twenty percent is from non-tax revenue like dividends earned from profits of public sector enterprises, interest, fines, regulatory charges, etc. The impact of…
If you have not yet linked PAN-Aadhaar this is the news for you
Have you linked your PAN card with aadhar? If not do it fast to avoid a double penalty from 1st July. Further, your PAN card may become inoperative if the same is not linked to aadhaar before the deadline of March 2023. Central Board of Direct Taxes (CBDT), circular vide F.No. 370142/14/22-TPL dated on 30th…
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