India’s direct tax collections surged to Rs 15.60 lakh crore by February 10 in the current fiscal year, marking a notable year-on-year increase of 20.25%, primarily driven by a robust rise in personal income tax, according to recent official data from the Central Board of Direct Taxes (CBDT). As of February 10, the net tax […]
As the financial year (FY) 2023-24 approaches its conclusion, it’s crucial for individuals to undertake effective tax planning. There’s a myriad of investment options available to save on taxes while aiming for respectable returns. Prior to selecting an investment instrument, investors should assess their risk appetite, investment objectives, and time horizon. Constructing a portfolio should […]
Tax efficiency is a crucial but often overlooked aspect of financial planning, particularly in the context of India’s complex tax landscape. This strategic approach aims to maximize wealth accumulation while minimizing the impact of various taxes such as income tax, capital gains tax, and securities transaction tax (STT). Navigating these tax implications is essential for […]
Are you a taxpayer seeking a convenient way to respond to high-value transaction (For Understanding High Value Transactions-Income Tax refer to link) notices from the Income Tax Department? The income tax department employs diverse data analysis methods to identify individuals who either haven’t filed income tax returns or have inaccurately reported their income. In pursuit […]
High-value transactions refer to significant financial dealings involving large sums of money that are reported by banks, government agencies, and various entities to the Income Tax Department. This information is crucial for tax assessment when individuals file their Income Tax Returns (ITR). The Income Tax Department closely monitors such transactions to ensure compliance and detect […]
An income tax notice is a formal message from the income tax department. It’s not a big concern if you carefully read the notice and address any issues it mentions. Learn more here about what different types of notices mean and when you might receive them. Section 139(9): Defective ITR If there are mistakes in […]
The Indian taxation landscape is characterized by its diverse taxpayer base, encompassing individuals, entities, and various organizational structures. Understanding who bears the income tax burden is crucial for navigating the complexities of the Income Tax Act of 1961. In this comprehensive exploration, we delve into the different categories of taxpayers, their respective liabilities, and the […]
Section 80D of Income Tax Act, 1961 Section 80D of the Income Tax Act, 1961 provides tax deductions for premiums paid on health insurance policies. This section aims to encourage individuals to safeguard their health while enjoying tax benefits. Key Features of Section 80D: Conditions and Considerations: Conclusion: Section 80D serves as a valuable tool […]
Section 80C of the Income Tax Act, 1961 Section 80C is a crucial provision of the Income Tax Act that empowers taxpayers in India to claim deductions on their taxable income by investing in specified financial instruments. This section aims to encourage individuals to save and invest for the long term while providing them with […]
Filing your income tax return in India is like opening a door to a world of financial benefits and opportunities. It’s not just a required task; it’s a way to smartly manage your money and gain advantages. This annual routine helps you stay on the right side of the law, but it also brings you […]