Check Bank A/c validation Status For Refund. Has your bank merged with another bank? Has your bank branch changed? Has your bank account number changed? Has Your name in Bank Account changed? Has your bank account closed or become inactive? Has IFSC Code of your bank account changed? IF YES…. You need to Update/ Revalidate […]
Tag: INCOME TAX
Posted inINCOME TAX
Tips for Tax Savings through Real Estate Investment
Sometimes, the income tax burden can prevent you from making maximum savings or investments in life. Hence, there are several tax-saving strategies you can adopt to keep your share of income. While there are several tax exemptions in the Income Tax Act, investing in real estate can be one of the most efficient methods of […]
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5 notices related to income tax that salaried individuals can receive
Income Tax Return (ITR) for the financial year 2022-23, it is possible that you might have received an income tax intimation or notice at your doorstep for various reasons. Below are the kinds of notices under various sections of the Income Tax Act one can expect depending on the anomaly while filling out the ITR […]
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CBDT launches revamped National Website of the Income Tax Department www.incometaxindia.gov.in
In order to enhance taxpayer experience and keep pace with new technology, the Income Tax Department has revamped its National website www.incometaxindia.gov.in with a user-friendly interface, value-added features, and new modules. The newly revamped website was launched by Shri. Nitin Gupta, Chairman, Central Board of Direct Taxes (CBDT)), at the ‘Chintan Shivir’, organised by Directorate of Income […]
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PAN Card Holders Alert: Income Tax Department can impose a fine of Rs 10,000 on these PAN card holders
PAN Card Holders Alert: Permanent Account Number ie PAN Card is an important document for all types of financial transactions. Pan is essential for almost everything, but carrying it with you can be a bit risky. There is a fear of losing it and at the same time, if someone gets hold of it, then […]
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CBDT issued New Order: Big Change..! In-hand salary of lakhs of employees will increase every month
Income Tax Department on Saturday gave huge relief to lakhs of salaried taxpayers (employees). The department has made some changes in the rules related to rent-free homes. These changes will be implemented soon and after their implementation, the in-hand i.e. take home salary of many salaried taxpayers will increase. CBDT issued notification According to a […]
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Why Income Tax Refunds are Delayed and How Long it Takes to Get Them
The Delay in Income Tax Refunds: Reasons and Timeframes In recent weeks, several taxpayers across the country have been expressing their discontent with the delay in receiving their income tax refunds. Despite the deadline for filing Income Tax Returns (ITR) for Assessment Year 2023-24 being July 31, many individuals are still awaiting their refunds. So, […]
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Guidelines under clause (10D) of section 10 of the Income-tax Act, 1961 – reg
Sub: Guidelines under clause (10D) of section 10 of the Income-tax Act, 1961 – reg. Clause (10D) of section 10 of the Income-tax Act, 1961 (the Act) provides fora income-tax exemption on any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy subject to certain exclusions. […]
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Delhi ITAT Set Aside Penalty Imposed on 83-Year-Old Woman for Failure to File Income Tax Return
the recent decision by the Delhi Bench of Income Tax Appellate Tribunal (ITAT) to set aside a penalty imposed on an 83-year-old woman for not filing her Income Tax Return. Delhi ITAT Sets Aside Penalty Imposed on 83-Year-Old Woman for Not Filing Income Tax Return Published on [Date] The Delhi Bench of Income Tax Appellate […]
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The Rising Income Levels and Shifting Demographics of the Indian Middle Class
The Ascent of the New Middle Class and Emerging Trends in Income Tax Returns in India The income levels of the average Indian middle class have been steadily rising over the years, according to a recent report by SBI Research titled ‘Deciphering Emerging Trends in ITR Filing: The Ascent of the New Middle Class in […]