Income Tax & TDS: Updates

The COVID-19 pandemic and the consequent nationwide lockdown disrupted people’s travel plans. This has meant that many are not able to utilise the Leave Travel Allowance (LTA) available in their salary structures. Considering the difficult economic environment, and in order to incentivise individuals to utilise their unclaimed LTA amounts and to boost consumer demand, the […]

In a major development, the Income Tax Department has said that entities filing declaration under the direct tax dispute resolution scheme ‘Vivad Se Vishwas’ can revise them till the time tax authorities issue certificate mentioning details of tax arrear and the amount payable. Issuing a set of FAQs on ‘Vivad Se Vishwas’ scheme, the Central

The introduction of LTC scheme by the Finance Minister has triggered interest amongst employees. Employers have been receiving inquiries from employees keen to avail of the benefit under the scheme. While employees are aware that they would need to expend three times the amount of LTA exemption, one needs to ensure that all conditions in the scheme are met to

Before you actually sit down to upload your income tax return (ITR) or visit your Chartered Accountant for filing your ITR, it is better you do some ground work to save the time as well to ensure that full particulars are submitted without any omission. Let us discuss what preparatory ground work you should do for

Kerala High Court: Vinod Chandran J., while answering the law points in favour of the Revenue department, restrained from any recovery of the amounts refunded, “(…)since as of now the levy of service tax on the payment in lieu of foreign agency commission will not be leviable as ‘Business Auxiliary service’ prior to 18-04-2006” Background The appellant

Pension fund regulator PFRDA will propose to the government to make employers” contribution of 14 percent under NPS tax free for all categories of subscribers in the next Budget, Chairman Supratim Bandyopadhyay said. Employers” contribution of 14 percent in pension under the National Pension System (NPS) scheme for the central government employees was made tax

The Finance Minister, Nirmala Sitharaman on Wednesday, tweeted that pre-filled Income Tax Return (ITR) forms will be available for individual taxpayers. The measure has been taken to make tax compliance easier for everyone. It aims to make the filling of the income tax returns convenient, encourage more people to reveal their incomes, and provide greater transparency in the process.

Use your PAN number to track the income tax refund status online. It is mandatory to file your income tax return (ITR) for various reasons, especially if you have a tax refund to claim. Once you file your ITR, the income tax department does the assessment and refund, if any, gets credited directly into your pre-validated

For professionals and others, who don’t get regular salary, Income Tax Returns (ITRs) are used as income proof for various purposes, like sourcing loans, getting insurance cover, purchasing properties and other valuable assets etc. One of the incentives for filing returns of income regularly is that the ITRs prove that an assessee has specific income