The Income Tax department has introduced the e-Appeals Scheme, a significant development aimed at streamlining the process of filing and processing appeals through electronic means.
30 May 2023
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In this article, we'll dive into the details surrounding taxation strategies for annuity holders and explain why understanding these strategies is essential when investing in an annuity. We'll also discuss how different types of annuities can impact your taxes and what you need to know about filing taxes on your investments when using them for retirement planning purposes.
Income-tax Act, 1961 permitting deferral of the timing of TDS deduction on ESOP prerequisite from the employees.
Leave encashment is a process in which an employee receives monetary compensation in exchange for unused or accumulated leave days. In many organizations, emplo...
The Finance Ministry recently announced a significant increase in the tax exemption limit for leave encashment on retirement for non-government salaried personnel. The limit has been raised from ₹3 lakh to ₹25 lakh, effective from April 1st, 2023.
1. Compliance requirement under Income Tax Act, 1961 Sl. Compliance Particulars Due Dates 1 Due date for deposit o...
House Rent Allowance (HRA) is an allowance employers provide to cover the expenses of rented housing for employees. The Income-tax Act allows for an exemption on HRA if an employee resides in a rented house. Additionally, the Act permits a deduction on the interest paid by an individual taxpayer on a home loan.
The Central Board of Direct Taxes (CBDT) has introduced a new Income tax calculator for the financial year 2023-24. This calculator is designed to be user-friendly and helps individuals and businesses calculate their tax obligations more easily.
A Trust is not a separate legal entity, therefore the tax law uses the concept of the representative assessee to tax the trust as given under section 160 of the Income Tax Act, 1961.
Considering the cash transaction limits under income tax laws, transactions in cash above Rs 2 lakh in a single day are not permitted. Section 269ST of the Income Tax Act, 1961, prohibits cash transactions exceeding Rs 2 lakh in a single day or in aggregate from a person.
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