Smart Finance, Investment & Budgeting with AI
When it comes to investing your hard-earned money, it’s important to consider the tax implications of your chosen investment options. Taxes can significantly impact your investment returns, so understanding the tax consequences of different investment vehicles is crucial for maximizing your profits and minimizing your tax liability. Here is a…
Planning for retirement can be a daunting task, especially when it comes to figuring out how to maximize your retirement income. One important aspect to consider when planning for retirement is how taxes will impact your income. By taking advantage of various tax tips and strategies, you can potentially increase…
Every year, millions of Americans diligently file their taxes, paying their fair share to fund essential government services. But have you ever wondered where exactly your tax dollars go? In this article, we will break down government spending to give you a better understanding of how your hard-earned money is…
Zomato Shares Witness 5% Decline Zomato Shares Witness 5% Decline – Zomato, the renowned food delivery platform, faced a setback as its shares recorded a 5% decline, settling at Rs 120.7 on the Bombay Stock Exchange (BSE). This decline can be attributed to the recent issuance of a show-cause notice…
Workers’ Provident Fund Tax Advantages: It’s that point of the 12 months when it’s a must to select between the previous and the brand new revenue tax regime in order that your employer will begin reducing TDS from the April wage. When understanding the tax exemptions out there underneath the…
New versus previous earnings tax regime – understanding TDS on wage: The brand new monetary yr, 2024-25 has begun ranging from April 1. Nevertheless, the earnings tax legal guidelines from the earlier yr, FY 2023-24, stay in impact for FY 2024-25 as a result of the federal government has not…
HRA claims aid: The Central Board of Direct Taxes (CBDT) has clarified that there isn’t a particular drive to reopen instances associated to Home Lease Allowance (HRA) claims. The revenue tax division acknowledged that there isn’t a ongoing particular drive to evaluate mismatch instances. Considerations have emerged about potential retrospective…
New Versus Outdated Tax Regime: Salaried taxpayers have an important resolution to make within the subsequent 10 days concerning their earnings tax regime for the present monetary 12 months 2024-25. Corporations are urging workers to decide on the tax construction for 2024-25 originally of the brand new monetary 12 months.This…
HRA tax exemption guidelines: Home Lease Allowance (HRA) is a typical element of many staff’ wage packages. In contrast to primary wage, HRA is not completely taxable, topic to particular circumstances outlined in Part 10(13A) of the Revenue-tax Act, 1961.The exemption on HRA reduces the taxable portion of an worker’s…
IT large Infosys stated on Monday that it had been issued a tax demand of ₹341 crore by the Earnings Tax division for the evaluation 12 months 2020-21. “Infosys Ltd on March 31, 2024, obtained order underneath Part 201 & 201(A) of the Earnings Tax Act, 1961 from the Earnings…
Story continues under Commercial Financial institution of India introduced on March 31 that it has acquired a requirement discover amounting to Rs 1,128 crore from the Evaluation Unit of the Revenue Tax Division, referring to the evaluation yr 2016-17. “…. this is to inform that, on 30.03.2024 at 5.51 PM,…
Story continues under Commercial Infosys Ltd, India’s second-largest software program providers supplier, is ready to obtain a tax refund of Rs 6,329 crore from the revenue tax division. Nonetheless, the corporate additionally faces a major tax legal responsibility of Rs 2,763 crore, in accordance with evaluation orders. “The Company is…
Financial institution of India: After the tremendous was imposed by the Revenue Tax Division on behalf of the federal government financial institution, it was mentioned that it’s within the means of submitting an enchantment in opposition to this order earlier than the Revenue Tax Commissioner, Nationwide Faceless Enchantment Heart (NFAC).Revenue…
Funding in ELSS mutual funds for tax advantages: For those who’re following the previous tax system for the 2023-24 monetary yr, be sure to end your tax-saving investments and bills by March 31, 2024. Whereas the overall tax-saving funding window extends till March 31, this yr’s Sunday deadline requires immediate…
Tax advantages of NSC: The Nationwide Financial savings Certificates (NSC) is a government-backed scheme ideally suited for low-risk traders. It presents assured returns and tax advantages. NSC certificates can be found in digital or passbook codecs.Rate of interest updateThe present rate of interest for NSC stands at 7.7% for the…
Up to date ITR deadline: Because the deadline for updating Earnings Tax Returns (ITRs) for the fiscal yr 2020-21 attracts close to, many people have lately obtained emails from the Earnings Tax Division concerning important transactions flagged of their Annual Info Assertion (AIS). This is what it is advisable to…
MUMBAI: In a latest ruling, the Supreme Courtroom (SC) clarified that reductions given on the print value of pay as you go SIM playing cards and recharge coupon vouchers by telecom operators to distributors won’t set off withholding tax obligations below the Earnings-tax legal guidelines.The SC’s resolution, which got here…
A major survey highlighted inside a examine demonstrates widespread settlement amongst tax professionals on the utility of Generative AI (GenAI) in tax compliance, accounting, and auditing. They count on the implementation of AI to spice up operational effectivity, enhance error identification, simplify transaction categorization, and allow the supply of personalised…
NEW DELHI: Revenue Tax Division has imposed a penalty of Rs 103.63 crore on Tata Chemical substances for violation associated to disallowance of curiosity. In a regulatory submitting on Thursday, Tata Chemical substances stated it has obtained an order from Nationwide Faceless Evaluation Centre, Revenue Tax Division, levying a penalty…
MUMBAI: In a peculiar case handled by the Revenue-tax Appellate Tribunal (ITAT), Mumbai bench, a taxpayer Mukesh Harilal Mehta had claimed part 54 deduction in his Revenue-tax (I-T) return for the monetary 12 months 2014-15. The tax tribunal held that this declare can’t be denied owing to a mistake dedicated…
