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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.
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.
The Reserve Bank of India has announced that it will no longer circulate the Rs 2,000 currency notes.
Millennials are the generation born between the early 1980s and early 2000s. They are the largest generation in India, and they are facing a number of financial challenges. The cost of living is rising, student loan debt is high, and the job market is competitive.
To combat the presence of suspicious and fake GSTINs (Goods and Services Tax Identification Numbers) in the GST eco-system, a Special All-India Drive has been launched by both Central and State Tax administrations.
The Goods and Services Tax (GST) department is set to implement an advanced artificial intelligence and data analytics system to scrutinize GST returns and monitor any discrepancies.
India has a hidden wealth of unclaimed deposits worth billions of rupees lying dormant in banks and financial institutions. Many people, due to various reasons, forget about their old bank accounts, investments, shares, and dividends, which ultimately become unclaimed deposits after 10 years of inactivity.
The EPFO has replaced the old rule for higher EPS pension contribution, which required an additional 1.16% of salary above the wage ceiling, with a new methodology.
Here are ten significant financial and administrative changes that will come into effect in May 23
If you are a homebuyer in India and your house is stuck in a delayed real estate project, here are some actions you can take
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