Smart Finance, Investment & Budgeting with AI
Lengthy weekend cancelled for revenue tax division: The approaching finish of the monetary 12 months 2023-24 brings with it deadlines and obligations for taxpayers throughout the nation. Nonetheless, with March 29 falling on Good Friday and March 30 being a Saturday, adopted by March 31 on Sunday, it initially gave…
MUMBAI: The Central Board of Direct Taxes has expanded a listing of exceptions for submitting of appeals by I-T division with tax tribunals and courts, permitting appeals to be filed even for ‘insignificant’ sums, in line with a current round. CBDT has, nevertheless, maintained the edge limits for submitting appeals.The…
Offline ITR-1,4 varieties FY 2023-24 launched: The Earnings Tax Division has launched the offline ITR 1 and ITR 4 varieties for the monetary yr 2023-24 (Evaluation Yr 2024-25). The division launched offline varieties (JSON utility) for ITR-1 and ITR-4 on March 18. These varieties shall be relevant for submitting from…
Tax planning suggestions for FY 2023-24: Brokers and distributors are seemingly busy because the March 31 deadline nears. They could be selling costly merchandise to anxious taxpayers who have not completed their tax planning but. These merchandise won’t profit the customer a lot however provide excessive commissions to the vendor.…
TDS charges for FY 2024-25: Tax Deducted at Supply (TDS) is a mechanism by which the federal government collects tax immediately from the supply of revenue. It applies to a wide range of incomes similar to wage, curiosity on financial institution deposits, fee, home hire, and dividends, amongst others. Nevertheless,…
Tax financial savings for FY 2023-24: On the subject of saving on revenue tax, most salaried people flip to the acquainted territory of Part 80C. Providing a deduction restrict of Rs 1.5 lakh yearly underneath the Revenue-tax Act, 1961, it is undoubtedly fashionable.However what when you’ve already used this restrict?…
Kiran Mazumdar-Shaw, the founder and government chairperson of Indian Biopharmaceutical Firm Biocon, posted a video on X to protest discriminatory pricing for merchandise used ideally by girls.Mazumdar-Shaw wrote, “Pink Tax! A shameful gender bias that women must respond to by shunning such products.”What’s ‘pink tax’?In keeping with the World Financial…
Further NPS deduction of Rs 50000: Tax-saving time is right here. You could have till March 31, 2024, to finalize your tax-saving plans for the 2023-24 monetary 12 months. Should you’re sticking to the previous tax guidelines, there are many deductions and exemptions that will help you save on earnings…
NEW DELHI: A nudge to taxpayers to declare their “real” revenue will not be an annual affair. The revenue tax division is beginning an e-campaign that goals to tell these with important monetary transactions in 2023-24, urging them to compute their advance tax legal responsibility accurately and deposit the due…
NEW DELHI: An inter-ministerial panel of officers tasked with charting a course for stopping coal imports by 2030 has advisable elevating the carbon tax on superior imported gasoline and lowering the identical on decrease high quality home produce.The federal government presently expenses a flat Rs 400 per tonne GST Compensation…
MUMBAI: What’s in a quantity? Effectively, a fictitious cell quantity ‘9999999999’ that was entered by Abu Dhabi Funding Authority to allow it to add its revenue tax return on the portal, led to I-T authorities doubting the veracity of this entity. Consequently, the commissioner (appeals) upheld tax at 20% on…
It’s tax planning season, and buyers are contemplating the Fairness Linked Financial savings Scheme (ELSS) for its twin advantages of capital appreciation and tax exemption. ELSS mutual funds present tax exemption on investments as much as Rs 150,000 underneath Part 80C of the Earnings Tax Act.ET quoted Deepak Gagrani, Founding…
NEW DELHI: Authorities has authorised launch of two installments of tax devolution amounting to Rs. 1.4 lakh crore on Thursday to strengthen fingers of state governments for financing numerous social welfare measures and infrastructure improvement schemes. This launch is along with tax devolution of an installment of Rs 71,061 crore…
Earnings Tax Return submitting: Many people discover the method of submitting earnings tax returns very daunting and therefore it is necessary to keep away from errors. We check out some frequent errors that one ought to look out for when submitting the tax return.The preliminary step for anybody submitting their…
NEW DELHI: Plans have been put ahead in Ohio that intention to abolish the state earnings tax by the tip of the last decade. Republican legislators in each the Home and Senate launched companion payments at January’s shut, proposing the elimination of not solely state earnings tax for residents by…
