Tag: income tax
Income Tax in Budget 2024: Will standard deduction limit be hiked from Rs 50,000 to help salaried taxpayers?
Standard deduction is one of the most widely used deductions as salaried taxpayers can claim it without making any investments. There has been a longstanding…
startups: Govt recognises 1,14,902 entities as startups as on October 31
The government has recognised 1,14,902 entities as startups as on October 31, Parliament was informed on Wednesday. These eligible firms are allowed to seek fiscal…
10-yr period for income tax review applies to income over Rs 50 lakh: Delhi high court
(This story originally appeared in on Nov 21, 2023) Mumbai: In a judgment that will cheer taxpayers who have been flooded with notices for past…
No Relief In ₹10l Tax Fine For Not Disclosing Foreign Assets
Mumbai: Income tax authorities are increasingly issuing show-cause notices seeking explanations on foreign investments not disclosed in ‘schedule-FA’ in tax returns. A recent order of…
Employees to save more? Govt revises valuation of rent-free housing by employer
PTI | | Posted by Lingamgunta Nirmitha Rao Employees drawing substantial salaries and having rent-free accommodation provided by their employers will now be able to…
take-home pay: Income tax department notifies rules for valuing rent-free accommodation provided by employers
Employees drawing substantial salaries and having rent-free accommodation provided by their employers will now be able to save more and get a higher take-home salary…
parliamentary standing committee on commerce: Parliamentary panel eases criteria for recognised startups to avail tax benefits
A parliamentary panel on Thursday recommended relaxation in criteria for eligible startups to claim benefits under income tax law as only 1% of recognised entrepreneurs…
Govt firm on July 31 income tax returns deadline
(This story originally appeared in on Jul 27, 2023) NEW DELHI: The finance ministry is ruling out the possibility of extending the deadline for filing…
ITR filing: 5 things Gen Z taxpayers should know on saving taxes
The last date to file income tax returns (ITR) this year is July 31. If you are a Gen Z and filing your ITR for…
Income tax return: As deadline approaches, know which form to use for ITR filing
The deadline to file the Income Tax Return (ITR) for the financial year 2022-23 (assessment year 2023-24) is July 31. The IT department has notified…