FAQs on filing the income tax return for AY 2023-24
What is return of Income ITR stands for Income Tax Return. It is a prescribed form through which the particulars of…
Tag: Income tax
Income Tax Returns: Types of forms , which form for whom and Due Dates
What are the forms of return prescribed under the Income-tax Law? Under the Income-tax Law, different forms of returns are…
e-Filing of Income Tax Returns: All you need to know
The user can file the Income Tax Return (ITR) in two ways i.e. online and offline. The steps required under…
Rent Paid to Wife Qualifies for HRA Exemption u/s 10(13A)
Generally, it is said that a husband cannot give rent to wife to avail HRA exemption as it is viewed…
Exposure Draft of Guidance Note on Tax Audit for AY 2023-24 issued
The law has entrusted onerous responsibility of conducting tax audit under section 44AB on chartered accountants in practice. For compiling…
IT Deptt. told to adjust tax paid by wife with demand on husband
MUMBAI: The Income-tax Appellate Tribunal’s (ITAT) Mumbai bench recently dealt with a case where the long-term capital gains earned by…
Now you can ‘Know Your Refund Status’ on Income Tax e-filing Portal
Till now taxpayers had to check their income tax refund status on the TIN-NSDL website. However, the Income Tax Department…
ITR filing: Not linking PAN with Aadhaar can cost you Rs 6,000
If you didn’t link your PAN with Aadhaar by June 30, 2023, then from July 1, 2023, your PAN will…
Income Tax Benefits on Home Loan that you must know
Home loans come with tax benefits that can help reduce the overall tax liability of the borrower. The principal amount…
Transactions worth Rs 12,000 crore by insurers under taxman’s lens
Transactions of more than ₹12,000 crore are under the scanner of the income-tax department that is probing several commission agents…
Mere making of a wrong claim do not attract income tax penalty: ITAT
The Income Tax Appellate Tribunal, Chennai in its recent ruling in the case of Shri P.S. Jayaraman v. ACIT has held that…
Income Tax Department likely to reopen old cases
The Income tax Department is likely to reopen old cases related to land deals and redevelopment where entities tried to…