Tax planning before March 31: Do’s and dont’s for the last-minute tax saver
Don’t rush into investments just for tax benefits. Choose options that align with your financial goals and risk tolerance. Even…
Tag: Income tax
New Tax Rules To Come Into Effect From April 01, 2024
April 1 marks the beginning of a new financial year and it is always significant from a personal finance point…
Furnishing of Tax Audit Report: Facts you should know
Section 44AB provides that every person, who is required to get his accounts audited for any previous year by an…
I-T department to use AI regression model to find deviations
The Income Tax department is exploring usage of artificial intelligence (AI) to build regression models to identify deviations and errors in tax…
Tax Audit Report under Section 44AB: Basics you need to know
Tax Audit Report Section 44AB requires the tax auditor to submit the audit report in the prescribed form and setting…
Gold & Silver rates for Income Tax purposes
As per the provisions under the Income Tax Act, 1961 any gain on the sale of gold, silver, or jewellery,…
FAQs on Tax Audit under section 44AB of the Income Tax Act, 1961
The dictionary meaning of the term “audit” is check, review, inspection, etc. There are various types of audits prescribed under…
Income Tax Rebate Under Section 87A: All you need to know
Section 87A of the Income-tax Act, 1961 allows a income tax rebate in case the taxable income does not go…
How to check income tax refund status
1. Overview Income tax refund means a refund amount that is initiated by the income tax department if the amount…
IT dept sends 100,000 notices over under-reported income
Finance Minister Nirmala Sitharaman Monday said that the income tax department has sent one lakh notices in cases where assesses…
How to revise Income tax return: All you need to know
For a normal salaried individual the due date for filing income tax return (ITR) for the AY 2023-24 (FY 2022-23)…
Income Computation and Disclosure Standards (ICDS): in Shorts
In exercise of the powers conferred by sub-section (2) of section 145 of the Income-tax Act, 1961, the Central Government…