The Central Board of Direct Taxes (CBDT) has issued a circular to waive off the demand raised upon the taxpayers due to the disallowance of section 87A rebate on the income that is chargeable to tax at a special rate. |
CBDT waives interest on demand raised due to disallowance of Sec. 87A rebate on income taxable at special rate
Revision of TDS Return before 31st March 2026
New Income Tax Act 2025 will be applicable from 0st April 2026
The Income Tax Act 1961 stands repealed w.e.f 01.04.2026 by virtue of section 536 of Income Tax Act 2025.
Correction Statement of TDS Returns
Further, as per section 397(3)(f) of Income Tax Act, 2025, deductor/collector may deliver a correction statement in such form and verified in such manner as may be prescribed, to the prescribed authority within two years from the end of the tax year in which such statement is required to be delivered under the said clauses or under section 200 of the Income-tax Act, 1961.
Should you file the income tax return of a deceased person? if yes who should do and how?
Yes, the Income Tax Return (ITR) of a deceased person must be filed, if that person had taxable income up to the date of death.
The Income-tax Act, 1961 clearly requires that legal heirs or representatives take responsibility for filing it. Here’s a structured explanation:
What is Faceless Assessment under the Income Tax proceeding |What you should do if you get a 144B / faceless notice
Section 144B of income Tax Act 1961 provides the statutory framework for faceless (electronic) income-tax assessments — i.e., assessments done through a National Faceless Assessment Centre (NaFAC) and assigned to remote units without any physical, face-to-face interface.
I am givng here Step-by-step flow that is 'what happens and where to look' when for faceless assessment:-
Declaration to Bank for opening Bank Account in the name of HUF HINDU Undivided Family
If you have created HUF and want open Bank Account with Bank ,Bank may ask Declaration to submit .below is given a format for that :-
Income on which no tax payable in india किस आय पर कोई कर नहीं लगता है?
The mere mention of "income tax" can induce stress in many individuals who constantly seek ways to save money. Income tax is a tax imposed on our earnings from various sources such as salary, business, capital gains, rent, awards, prizes, gifts, interest, and more, if we have earned money in a given year. However, not all sources of income are taxable. There are some income sources that are exempt from income tax, and the government cannot charge tax on them. So, if you want to save taxes,
it is essential to know about the top 11 tax-free income sources in India before filing your ITR online. Let's delve into these sources right away.
Never forget to write your query and feedback & share if you like it
टिप्पणी करना, अपने प्रश्न और प्रतिक्रिया लिखना कभी न भूलें
How to get more Income Tax refund while filing ITR I आईटीआर दाखिल करते समय अधिक आयकर रिफंड कैसे प्राप्त करें
Who Should file Income Tax Return and why
Who Should file Income Tax Return and why?
Now question arise who should file ITR?
You should file your ITR even you dont have income (as explained above) If :-
NPS has introduced new login rule to access your NPS Account
With a new financial year (FY2024-'25) starting from Monday, April 1, several key decisions implemented by the government related to personal finance, investment schemes and tax regimes will come into force. Among the many fiscal matters to come into force are also key changes within the National Pension Scheme (NPS).
What you can do if ITR filed but not E-varified
Question 1:
I filed my Original ITR u/s 139(1) on 30th July 2023 but not yet verified. Can I Discard it?
Response:
Yes, user can avail the option of “Discard” for the ITRs being filed u/s 139(1) /139(4) / 139(5) if they do
not want to verify it. User is provided a facility to file an ITR afresh after discarding the previous
unverified ITR. However, if the “ITR filed u/s 139(1)” is Discarded and the subsequent return is filed after the due date u/s 139(1), it would attract implications of belated return like 234F etc., Thus, it is advised to check whether the due date for filing the return u/s 139(1) is available or not before discarding any previously filed return.
Is the ITR filing date extended | Income Tax Return Due Date AY 2023-24:Last Date Extension
According to Section 234F of the Income Tax Act of 1961, anyone who file their ITRs late must pay a fine of up to Rs 5,000. Small taxpayers must pay a fine of Rs 1,000 if their annual taxable income is less than Rs 5 lakh.
The deadline to file Income Tax Return without penalty is July 31, 2023, i.e, today. Taxpayers can contact the tax department’s helpdesk which is open all day today to assist taxpayers with ITR filing, tax payment, and other associated services. The assistance is done over the phone, live chat, Webex meetings, and social media.
Will ITR deadline get extended?
What is difference between Section 44B and section 172 of the Income Tax Act with respect to the business of Shipping Operation???
House Rent Allowance - A tool of Tax planning for employees
Download 151 Land Mark Judgements of The Supreme Court
The All India Federation of Tax Practitioners (AIFTP) and other leading professional organizations have issued a publication containing 151 land Mark judgements of the Hon’ble Supreme Court of India.
The judgements cover
:- Direct taxes,
:- Indirect taxes and
:- Allied laws.
A pdf copy of the publication is available for download
How to transfer money to NRE account from USA?
How to transfer money to NRE account? How to transfer money to NRE account from USA? These are common questions many NRIs have. There are several ways in which you can transfer money to a NRE account from abroad. The money is deposited in Indian rupees.
Another question you may have is- can I deposit money in NRE account from India? You cannot transfer money to a NRE account from a savings account in India. However, you can transfer money from NRO to NRE account. You can also transfer money from one NRE account to another.
Do I need to pay tax on income earned on gift amount?
I have received Rs.15 lakhs from my father who is filing his income tax Return (ITR) regularly and paying tax on his income. Money so received was invested somewhere and earned an interest income around Rs.2,25,000/-.Do I have to show such amount (i.e. Rs.15 lakhs) in my ITR?Do I need to discloses & file my ITR for interest if don't have any other income except interest, I understand that income up to Rs.2,50,000/- is not taxable.
New Requirement in Tax Audit Report and in ITR 6
New Tax regime i.e. "propagated as concessional tax rate" has been introduced in Finance Act which provide options to taxpayer to adopt any one of the two options and pay tax accordingly. A lot of deductions/allowance which were availed earlier by the tax payer shall be forgone.
Section 115BAA and section 115BAB are introduced for company assessee and section 115BAC and Section 115BAD have been brought for assessee, being an Individual, HUF and Co-operative society. so that tax payer can opt for concessional tax rate regime subject to fulfillment of various conditions given in these sections.
Do you need to maintain books of accounts for Income Tax purpose ?
Are you maintaining Books of accounts to disclose proper Income for Income Tax purpose?
Tax collected at Source on sale of Goods effective from 01st October 2020
Tax collected at Source on sale of Goods effective from 01st October 2020
Due date for filing Annual return
and audit report under GST has been extended, tax payer got some relaxation
however new compliance requirement has been introduced which is applicable from
01st October 2020 i.e. tax to be collected at source on sale of
goods.
Vide Finance Bill, 2020
sub-section (1H) of section 206C of the Income Tax Act has been introduced
which has proposed for tax collection at source (‘TCS’ ,will use it in
remaining part of post), originally it was scheduled to be effective from 01.04.2020
but later has been provided that section will be effective from 01.10.2020.
I am just trying to explain it in frequently asked question (FAQ) format, hope that it will make easy to understand and comply with Law:-
Do you need to file ITR even your total income did not exceed the basic exemption limits?
Do you need to file ITR even your total income did not exceed the basic exemption limits?
Yes, From Assessment Year 2020-21 it mandatory to file ITR for an assessee who is not a company or a firm but who otherwise is not liable to file Income Tax Return of Income, if he or she satisfy any of the condition during the previous year:-
CBDT waives interest on demand raised due to disallowance of Sec. 87A rebate on income taxable at special rate
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