Tag: Income tax
10 announcements for middle-class: New income tax slabs; No tax up to Rs 7 lakh and more
Finance Minister Nirmala Sitharaman on 1st February, 2023 presented the Narendra Modi government’s last full budget in parliament before a general election due next year. Sitharaman is presenting her fifth full Budget after she took over as Finance Minister in July 2019. Sitharaman said the Budget for 2023-24 hopes to build on the foundation of the previous […]
Read moreSave Tax : Why do you need to submit investment proofs in last quarter of FY?
January is a good time to review the previous year and set goals for the new year. You must have set goals for health, career, relationships, finances, etc. An important part of financial goal setting is to make sure your investments are tax-efficient. You must have also received an email from your employer to submit the proofs […]
Read moreNew tax slab may be introduce at 8-10 lakh with 10-15% rate: Sources
India’s middle class population will have high expectations from Finance Minister Nirmala Sitharaman, who will present the Union Budget 2023 on February 1. Sources say a new tax slab rate between 8 to 10 lakh may be introduced with tax rate between 10-15 percent. The middle class, considered the central artery of the Indian economy, […]
Read moreBudget 2023: I belong to middle class, understand their pressures, says Sitharaman
Budget 2023: Ahead of the Union Budget, Finance Minister Nirmala Sitharaman said that she was aware of the pressures of the middle class but also recalled that the present government has not imposed any fresh taxes on them. Sitharaman will present Union Budget for 2023-24 in the Lok Sabha on February 1 amid expectations that the government will […]
Read moreBudget 2023: Crypto investors and exchangers ask relief and measures to prevent criminal activity
Union Budget 2023: Several crypto exchange platforms and tax firms expect the government to reconsider the current putative Crypto tax structure and bring it to par with other normal business activities. They request the Government to also consider reducing the TDS rate to 0.01 per cent from the current 1 per cent and also to identify […]
Read moreSave Tax: 10 Income Tax planning Tips for FY 2022-23
Tax planning is considered important part of a financial planning whether you’re a salaried person, a businessman or a professional, by proper tax planning you can save taxes to great extent. Save tax with proper tax planning. The Financial year 2022-23 is about to end which will be assessed in the Assessment year 2023-24. This […]
Read moreCBI arrests Chennai Income Tax officer, CA in Rs 2.25 Lakh bribery case
The CBI has arrested an Income Tax officer and a chartered accountant in Chennai for their alleged involvement in a Rs 2.25 lakh bribery case, officials said. The bureau’s action came after an FIR was registered against CPWD’s superintendent engineer Sanjay Chinchghare, assistant valuation officer D.Manjunathan and chartered accountant Satgurudas and Suresh, the assessee and […]
Read moreIncome Tax: Defective Return notice received? How to respond to it
Defective Return: The most prevalent and significant government action to redistribute money among people is taxation. It is an effort to use a progressive taxation system to distribute the cost of economic growth. To lessen the burden of taxation, the government has numerous measures whereby credits are given to taxpayers in the form of refunds when […]
Read moreFM Sitharaman explains why new tax regime with 7 tax slabs launched
The government launched the new tax regime with seven tax slabs in Budget 2020 to ensure lower rates for those in the low-income bracket, says Finance Minister Nirmala Sitharaman. The new tax regime is an optional scheme. It means taxpayers have two option. They can opt for any scheme from new or existing depending which […]
Read moreITR-U: Last date to File ITR for FY 2019-20, 2020-21 and 2021-22
Last date to file ITR (Income Tax Return) under section 139(1) for AY 2020-21, 2021-22 and 2022-23 is gone, however, still one can file Income Tax Return. The Finance Act, of 2022 has introduced a new concept of updated Income Tax Return (ITR-U), which has permitted taxpayers to file their ITRs after two years of […]
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