From May 26 onwards, anyone depositing or withdrawing Rs 20 lakh or more from one or more bank accounts in a financial year will have to quote the Permanent Account Number (PAN) at the time of withdrawal. With a view to curb evasion of taxes through the use of cash, the Central Board of Indirect […]
Read moreThere are lots of confusion about new tax regime. People are not able to decide which one to opt for. Which income tax regime is better old or new? What is difference between old and new regime? How can I save tax on my new tax regime? Old Income Tax Regime Vs New: What Should […]
Read moreA tax saving FD or Fixed Deposit is a financial investment instrument offered by banks & NBFCs where you can deposit money and get a higher rate of interest than a normal savings account. Your investments under this scheme are exempt from tax deductions as per section 80C. A regular FD may offer higher returns but does not offer tax benefits. […]
Read moree-Dispute Resolution scheme: The Central Board of Direct Taxes (CBDT) announced the e-Dispute Resolution Scheme, 2022, to help small taxpayers resolve tax disputes more quickly. This programme is for taxpayers with a total income of up to Rs 50 lakh and income tax disputes of up to Rs 10 lakh. In connection with any proceedings under this scheme, […]
Read moreTaxable components of Salary: Salary is not an one amount. It is the bundle of components like basic pay, gratuity, bonus, perquisites, pension, Advance of Salary, Leave Encashment, Provident Fund, House Rent allowance, city allowance, transport allowances, internet reimbursements etc. Different company has different salary structure. However, there is one drawback to the all the […]
Read moreLatest Post Office Interest Rates April – June 2022: The new Financial year started people started wondering for the what are the Latest Post Office Interest Rates April – June 2022? What are the latest Post Office interest rates on FDs, MIS, SCSS, NSC, KVP, PPF and SSY Schemes? Earlier the interest rates used to […]
Read moreTCS Rate Chart: Tax collected at source (TCS) under Income Tax is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers. Time of collection of TCS Earlier […]
Read moreTDS Rate Chart for FY 2022-23: New rates of Tax Deducted at source (TDS) under Income Tax Act, 1961 and many new TDS section are announced. Self assessment tax is paid after the end of financial year, while advance tax is paid during the financial year. TDS is deducted when income is accrued or received by the assesse and adjusted with […]
Read morePAN becomes inoperative : The Income Tax Department has said that PAN and Aadhaar not linked till March 31 will remain functional for one more year till March 2023, for filing ITR, claiming refunds and other I-T procedures. However, the non-linking of PAN with Aadhaar would attract a penalty. 10 big consequences when your PAN […]
Read moreThe Indian income tax department has issued new ITR forms for the financial year 2022-23, which ask taxpayers for information on income from overseas retirement benefit accounts too. In a recent circular, the Central Board of Direct Taxes (CBDT) announced the new ITR forms from 1 to 6. The CBDT has left the ITR forms […]
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