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Source: Live Mint I read online that to claim a tax refund under the proposed Income Tax law, the income tax return needs to be filed within the original given due date. If it is not filed within that date, a refund cannot be claimed even if the income tax return is filed on a…
Source: Live Mint “This appears to be a soft nudge from the tax department, likely targeting taxpayers who may have claimed deductions for fake donations or made errors in their filings,” said Nitesh Buddhadev, a chartered accountant and founder of Nimit Consultancy. “The message provides an opportunity to rectify any mistakes before stricter action is…
Source: Live Mint As you must be aware that Income Tax (I-T) law is currently being reviewed. During the Budget speech last year, Finance Minister Nirmala Sitharaman said that the tax law is being reexamined. The goal, she emphasised, is to make the legislation easy to read and understand. “The purpose is to make the…
Source: Live Mint MUST check in ITR filing: Tax sleuths are out to tighten the noose on cash transactions. Ahead of the union budget, Mint takes a look at some transactions that may result in hefty penalties by the Income Tax (IT) department, as the government seeks to discourage the flow of liquid money. The…
Source: Live Mint Vivad se Vishwas Scheme 2024: Taxpayers facing income tax disputes can choose to settle their tax disputes under the Vivad se Vishwas Scheme 2024. This scheme was announced in Budget 2024 and allows taxpayers to pay a lower tax amount. “Under this scheme, you must pay the disputed tax amount and a…
Source: Live Mint Income tax rule: Have you ever considered how much cash you can deposit and withdraw in your bank savings account in a fiscal year to avoid being investigated by the income tax authorities? Personal finance experts say that as per income tax regulations, the total cash deposits or withdrawals in a savings…
Source: Live Mint The Central Board of Direct Taxes (CBDT) has issued a new circular regarding the condonation of delays in filing Income Tax Returns (ITRs), superseding all previous instructions, circulars, and guidelines on this matter. Under Section 119(2)(b) of the Income-tax Act, 1961, the circular offers comprehensive instructions for managing applications about late filing…
Source: Live Mint The Income Tax (IT) department is taking a lenient approach this year to address the non-disclosure of foreign assets in income tax returnsfiled in the current assessment year. This week, the department has sent out emails to taxpayers who have not reported foreign assets, asking them to revise their tax return. This…
Source: Live Mint But in today’s hyper-connected digital world, we have access to more data and insights than ever before. This has made ‘guru investing’ more popular than ever. Replicating the investments of renowned and successful investors or investment managers is one of the most commonly used investment strategies. One such guru is Ramesh Damani, who…
Source: Business Standard Suggestions should specify the relevant provision of the Income-tax Act, 1961 or Income-tax Rules, 1962. | Representative Picture 2 min read Last Updated : Oct 07 2024 | 5:40 PM IST The Income Tax department on Monday invited public inputs for review of the six-decade old I-T Act with regard to…
