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Source: Business Standard The new regime features lower tax rates and an increased standard deduction of Rs 75,000. | File Photo 3 min read Last Updated : Sep 17 2024 | 10:25 AM IST Finance Minister Nirmala Sitharaman has confirmed that there will be no tax rate reductions under the old tax regime, despite…
Source: Live Mint I am a US citizen and have stayed there for more than 25 years. I have now retired and returned to India in May 2024. I will start receiving social security benefits from the next calendar year. Do I need to include this income in my Indian income tax return?—Name withheld on…
Source: Live Mint Receiving a gift, whether it’s cash, property, or a sentimental item, is always a delight. However, not all gifts come without strings attached – some may bring a tax bill along with them. Gift-giving is a cherished part of Indian culture, often reflecting love, respect, and generosity. While many gifts are modest,…
Source: Live Mint There has been a marked increase in the number of income tax notices issued to taxpayers across India in recent months. These communications – on everything from defective returns to demands for additional taxes – have caused anxiety and confusion, especially among individual taxpayers. This article delves deeper into the reasons behind…
Source: Live Mint Some income taxpayers have reportedly received notices under section 148, which is related to the reopening of assessments for the assessment years 2014-15, 2015-16, 2016-17 and 2017-18. A former president of the Institute of Chartered Accountants of India ((ICAI), the chartered accountants’ professional body, believes that these tax notices are wrongly sent…
Source: Live Mint The new scheme is meant to be faster and easier than filing an appeal with the Commissioner of Income Tax (Appeals) – CIT(A) – but one particular condition makes it the less attractive option and begs the question: is this just another toothless provision from the tax department? What is e-DRS? Until…
/cdn.vox-cdn.com/uploads/chorus_asset/file/25746645/22832_2026_Sportage_Family_Lineup.jpg?w=400&resize=400,250&ssl=1 "Kia announces high-performance EV9 GT with virtual shifting and native Tesla charging")