The Central Board of Direct Taxes (CBDT) has introduced Form 71, which allows taxpayers to correct incorrect Tax Deducted at Source (TDS) credits for past financial years
The Income Tax Department (ITD) has recently sent out notifications to around 22,000 taxpayers, including salaried individuals, high-net-worth individuals, trusts, and Hindu Undivided Families (HUFs).
If you file your tax return after the due date, it could be considered late filing. You might have to pay a late fee as per Section 234F. However, if you originally filed your return on time (by July 31st) and verified it within 30 days of e-filing, you can still revise it later.
Four new labor laws are on the horizon, promising significant changes for both employers and employees. These changes will impact take-home pay, contributions to the Employees' Provident Fund (EPF), calculations of paid leave, and maximum working hours.
For income tax audit purposes, individuals with business or professional income must maintain specific documents to ensure accurate reporting and prevent tax evasion. This helps the government collect revenue fairly and scrutinize complex financial transactions.
Recently, many taxpayers have received a text message from the Income Tax Department. This message states that the department has noticed specific transactions reported in Form 60/61 for the financial year 2021-22.
In recent years, the Income Tax Department has been processing income tax returns (ITR) faster. However, this speedy process has led to some issues. When ITRs are processed quickly, taxpayers might not have enough time to correct mistakes they made in their original returns.
If you earn money through a business or as a professional, there are certain rules set by the government that you need to follow. These rules ensure that your financial records are accurate and that you're paying the right amount of taxes.
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