The new tax regime offers lower tax rates but fewer deductions compared to the old regime
There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance.
Change in Tax Slab under New Regime for Individuals and HUF
In India, we follow a financial year where the year starts on the 1st of April and ends on the 31st of March. As the name suggests, this is tied in with various financial reporting and accounting purposes.
The updated return, or ITR-U, was put forward in the Union budget of 2022 to provide taxpayers with an additional chance to submit if they missed the deadline for filing their tax returns late or to correct any mistakes they made.
A comprehensive analysis of the new ITR Forms has been conducted, focusing on identifying key changes and introducing new requirements compared to the previous year's ITR Forms.
ITAT: Upheld penalty, states that poor history of clearance of cheque is not valid reason to make repayment in cash and against the mode prescribed under Section 269T of the Income-tax Act, 1961.
In this article, we pen down the statutory requirements and analysis of this new amendment in detail.
The Income Tax Department has received information on financial transactions relating to XXXX SINGH PAN XXXXX1650X for Financial Year 2023-24 (AY 2024-25). It is seen that your advance tax payment for F.Y. 2023-24 is apparently not commensurate with such financial transactions undertaken by you during this period.
In this article, we'll delve into the concept of electoral bonds, their functioning, controversies surrounding them, and their implications for Indian democracy.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
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