Page 8 of Income Tax Act

ITR filing 2024: Form 16 details not matching with Form 26AS? Do THIS to avoid income tax dept’s notice

For a taxpayer, it is important to rectify any discrepancies between Form 16 and 26AS to ensure correct reporting of…

June 17, 2024 13:18 IST

Tax benefits on under-construction property: Why the possession date matters more than you think!

Tax benefits on under-construction property: Why the house possession date matters more than you think!

June 10, 2024 11:40 IST

Tax Saving Tips: These 5 simple hacks can lower your taxable income by at least Rs 5.75 lakh

By implementing these five simple tips in accordance with the latest changes in ITR regulations, taxpayers can effectively reduce their…

May 29, 2024 16:46 IST

45 day payment rule, income tax, section 43b, msme ministry, nirmala sitharaman, finance minister, delay payments, working capital

FM Sitharaman: Will go back to original rule if MSMEs okay with delay in payments beyond 45 days

FM Nirmala Sitharaman said the changes, if any, to the rule will have to be done in the full budget…

May 29, 2024 12:43 IST

Income Tax Return 2024: Taxpayers alert! Filing false claims in ITR to attract THESE penalties

As per income tax rules, misreporting income is against the law and bound to attract heavy penalties. Section 270 of…

May 23, 2024 10:38 IST

Income Tax Return Filing: Tax department rolls out new functionality in AIS to improve compliance | Details here

Income Tax Return Filing: I-T dept rolls out new functionality to improve compliance | Details you need to know

This new functionality is expected to increase transparency by displaying such information in AIS to the taxpayer. This is another…

May 20, 2024 11:58 IST

PM Modi or PM Rahul: How will taxpayers be impacted if Direct Tax Code gets implemented post Lok Sabha polls 2024?

Taxpayers to face higher tax outflows if Direct Tax Code gets implemented post Lok Sabha polls 2024

A report in the Financial Express last month stated that discussions were underway in the finance ministry regarding the implementation…

May 14, 2024 10:27 IST

Capital gains tax on gifted shares? Here's what Bombay High Court ruling says

Capital gains tax applicable on gifted shares? Here’s what Bombay High Court ruling says

Quashing a reassessment notice issued by tax authorities to Jai Trust, the court observed that in gifting of shares, there…

Updated: May 13, 2024 13:59 IST

section 43b, income tax act, 45 day msme payment rule, cess, fund, traders, textile, exporters

Section 43B of Income Tax Act: Expenses businesses can cover apart from payment to MSMEs

Other than clause h, there are seven other clauses — a list of expenses allowed as deductions under the heading…

May 10, 2024 12:33 IST

section 43b, income tax act, finance act, msmes, buyers, finance ministry, cmai, clothing manufacturers, cait, traders, delayed payments, iamsmeofindia, nirmala sitharaman

Section 43B(h): Is Finance Ministry revising the new rule for payment to MSMEs within 45 days?

The clause, to be effective from April 1, 2024, disallows expenses to buyers on invoices from micro and small enterprises…

February 29, 2024 12:47 IST

income tax, income tax return, income tax filing, income tax itr filing, itr filing, itr, itr filing steps, how to file itr, ay fy full form

ITR Filing Deadline On December 31: Here’s how much penalty you will have to pay for belated returns

Don’t forget to mark December 31, 2023, on your calendar and avoid the last-minute rush by following these simple steps.

Updated: December 27, 2023 14:54 IST

Latest Advance Tax payment rules under Income Tax Act, 1961: All you need to know

Advance Tax rules 2023-24: Generally, advance tax payments are required to be paid in specified instalments every quarter on or…

November 8, 2023 13:33 IST

Tax Brackets frozen in 2013 means you’re paying excess taxes today – Here’s how much

The highest marginal rate of income tax is 30% with applicable surcharge and cess. But since tax brackets are frozen…

January 31, 2023 12:16 IST

Laid off? The severance pay you received is not tax-free. Know how it is taxed

Income Tax on Severance Pay: Severance pay is provided by the employer to the employees in the event of termination…

Updated: November 28, 2022 08:52 IST

Explained: What is Rule 132 under Income Tax and why is it important for taxpayers?

What is Rule 132? Individuals with income from business or profession, who have claimed deduction of surcharge or cess in…

Updated: October 30, 2022 16:20 IST

Close up of Indian Income tax return form ITR-2 return form is on the table next to a pen, calculator and a home mortgage loan application form placed on the desk.

Tax Talk: Know when income tax return form ITR-1 is not for you

If an assessee uses the wrong ITR form, the return file will be considered a defective return and may trigger…

Updated: July 20, 2022 10:26 IST

Your Queries – Income Tax: Delisted company’s shares cannot be cited as losses

Loss can be claimed only when the company goes into liquidation or the shares are actually transferred by you to…

June 13, 2022 01:15 IST

Number of Income Tax returns rising, says CBDT Chairman

For FY22, the tax collection is more than Rs 14 lakh crore, which is fairly good compared to the collection…

June 11, 2022 16:35 IST

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