Income Tax & TDS: Updates

Taxpayers Will Get a Big Blow! Old Tax Slab System May End, Will Not Get Any Exemption: Revenue Secretary

In view of the rising inflation, the government is preparing to give a big blow to the taxpayers. The old tax system can be abolished, in which 70 types of exemption are available. Revenue Secretary Tarun Bajaj says that there is a need to reduce the attraction of taxpayers towards the old system of income …

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Budget 2022: Keeping Eyes Peeled For Tax Benefits On WFH Allowance

As hybrid and remote work become more commonplace, experts seek clarity from the Union Budget 2022 on tax implications for companies operating in SEZs and on WFH allowances.  IT industry body Nasscom  Emerging from the COVID-19 pandemic, the industry is implementing a hybrid working model where, unlike in the past, work will happen both on-site …

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ITR Filing: These Taxpayers Can Still File Income Tax Return Without Any Late Fee

The due date for income tax return (ITR) filing for AY 2021-22 is over and now people have chance to file their ITR within the last date of 31st March 2022, losing some benefits like carry forward of losses, interest on the excess tax paid, etc. Apart from this, the income taxpayer will have to …

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Union Budget 2022: Taxpayers Expecting Some Relief From FM Nirmala Sitharaman

Will the upcoming Union Budget 2022 bring any tweaks to the existing income tax rates? Taxpayers are expecting some rebate or relief from Finance Minister Nirmala Sitharaman. Last year the government had announced multiple stimulus packages to rejuvenate the economy impacted by the coronavirus pandemic. Finance Minister Nirmala Sitharaman will most likely present her fourth Budget on …

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I-T department relaxes time till February 2022 for taxpayers to complete verification of FY’20 ITRs

Taxpayers who have not e-verified their ITRs for 2019-20 fiscal can complete the verification process by February 28, 2022, as the Income Tax department has given a one-time relaxation to assessees. As per law, an income tax return (ITR), filed electronically without a digital signature, has to be verified electronically through Aadhaar OTP, or net-banking, …

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Govt May Extend ITR Filing Deadline Beyond December 31, 2021

The Union government is mulling extension of the deadline for filing Income Tax returns beyond December 31, 2021, CNBC-TV18 reported on December 27, owing to complaints regarding the new I-T portal. Earlier on December 26, the I-T department informed that over 4.43 crore income tax returns (ITRs) for the 2020-21 fiscal have been filed, including over 11.68 lakh returns …

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Income Tax: Form 26AS Info List To Include Foreign Remittances, Mutual Funds

Income Tax Department has expanded scope information included in Form 26AS to include more high-value financial transactions and additional information. As per the rules reformed by the taxman, the Form 26AS will include details of mutual fund (MF) purchases, foreign remittances, as well as information in income tax returns of other taxpayers. Form 26AS is …

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Seven Ways In Which Taxpayers Can Reduce Their Tax Liability

Nobody in this world likes to pay tax. If you have taxable income there is no way you can avoid paying tax. However, you can reduce your tax liability by proper planning from the very beginning of the financial year. In India, income tax rules have exempted certain expenses and investments from tax or if …

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