Comparision of deductions in Old Tax Regime vs New Tax Regime AY 2024-25 (FY 2023-24)

DRI’s busts major gold smuggling syndicate; seizes over 61 kg gold worth Rs. 40 crore in a Pan-India Operation ‘Rising Sun’ The Directorate of Revenue Intelligence (DRI) busted a big syndicate involved in smuggling of foreign-origin gold worth around Rs. 40 crorein its operation code named ‘Rising Sun’ on 12thand…

Government of India and ADB sign $23 million loan agreement to strengthen fintech ecosystem in India The Government of India and the Asian Development Bank (ADB) today signed a $23 million loan agreement to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT-City).…

Direct Tax collections at 80.23% of total Revised Estimates of Direct Taxes for F.Y. 2023-24 upto 10.02.2024 The provisional figures of Direct Tax collections continue to register steady growth. Direct Tax collections up to 10th February, 2024 show that gross collections are at Rs. 18.38 lakh crore which is 17.30%…

Urgent Notice! As per Income-tax Act, 1961 Urgent Notice! As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not come under the exempt category, to link their PAN with Aadhaar before 31.3.2023. From 1.04.2023, the unlinked PAN shall become inoperative. Please don’t delay, link it…

Tax Calculator – Old Regime vis-à-vis New Regime as proposed by Finance Bill, 2023 from IncomeTax India Tax Calculator

CBDT issued circular on TDS from Salaries u/s 192 during the FY 2022-23 (AY 2023-24) CIRCULAR NO: 24/2022 F. No. 275/15/2022-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes. North Block, New Delhi Dated the 7th Dec, 2022 SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE…

If you have missed filing your Income Tax returns, here’s what you need to do. Next, you will have to fill in the ‘ITR U’ form for the updated return and mention the reasons for updating your income. It could be: return previously not filed, income not reported correctly, reduction…

Notification No 5/2022 issued for Reduction of time limit for verification of ITR The Central Board of Direct Taxes (CBDT) has informed that the time limit for verification of income tax return (ITR) has been reduced to 30 days (from 120 days ) of transmitting the ITR data electronically. The…