It is imperative that individuals, as well as businesses, fulfill their annual obligations to file an Income Tax Return (ITR). However, due to the complexity of tax laws and regulations, it is not uncommon for taxpayers ...
CBDT has notified the Income Tax Cost Inflation Index for the Financial Year 2023-24 (Assessment Year 2024-25) vide Notification No. 39/2023, dated 12th June 2022, at 348. The Cost Inflation Index is used to calcul...
With the commencement of the return filing season for the financial year 2022-23 (assessment year 2023-24), it is crucial to understand the appropriate forms required for filing returns. Failure to select the correct for...
Starting from AY 2023-24, the Annual Tax Statement available on the TRACES portal will only display TDS/TCS related data. Other details will be accessible through the AIS (Annual Information Statement) on the e-filing po...
The Central Board of Direct Taxes (CBDT) has issued Circular No. 6/2023 dated 24/05/2023 to provide clarifications on various provisions related to charitable and religious trusts following the amendments made by the Fin...
The Finance Act 2023 introduced a new section, 194BA, in the Income-tax Act, 1961, which mandates the deduction of income tax on net winnings from any online game. The guidelines issued vide Circular No. 5/2023 ...
Tax planning and income tax return (ITR) filing are crucial for salaried employees in India. By adopting effective tax planning strategies, individuals can minimize their tax liabilities and make the most of the availabl...
Starting from May 16, spending in foreign currency using international credit cards is now covered under the Reserve Bank of India's liberalised remittance scheme (LRS). The Finance Ministry, in consultation with the...
For individuals engaged in trading as a business, it is crucial to optimize financial management and maximize profits. One effective strategy is to claim all expenses directly connected to the trading business as legitim...
As a trader or investor, it is crucial to have a clear understanding of the income heads and income tax return (ITR) forms relevant to your financial activities. In this article, we will explore the income heads appli...
