“Mastering Tax Efficiency: A Comprehensive Guide to Maximize Deductions for Salaried Individuals in FY2023-24”

Posted by & filed under Income Tax.

The provided information outlines various income tax deductions that salaried taxpayers can claim in the financial year 2023-24 without the consideration of Home Rent Allowance (HRA) or a loan. Here’s a summary of the deductions mentioned: Deduction Section Description Tax Saving Limit Applicable Income Tax Regime Section 80C – Unlocking Financial Freedom: Explore a bouquet… Read more »

Unraveling the Web: How the Income Tax Department Uses AI to Catch Fake Rent Receipts and Ensure Tax Compliance in India

Posted by & filed under Income Tax.

Submitting fake rent receipts to claim House Rent Allowance (HRA) for tax benefits is considered illegal, and the Income Tax Department in India is taking steps to crack down on such practices. Here are some key points on how the department detects fake rent receipts: Use of Artificial Intelligence (AI): The Income Tax Department is… Read more »

Extension of timelines for filing of Income-tax returns and various reports of audit for the Assessment Year 2021-22

Posted by & filed under Income Tax.

On consideration of difficulties reported by the taxpayers and other stakeholders due to COVID and in electronic filing of various reports of audit under the provisions of the Income-tax Act,1961 (Act), the Central Board of Direct Taxes (CBDT), in the exercise of its powers under Section 119 of the Act, provides relaxation in respect of… Read more »

Covid -19 India Relaxes Income Tax deadlines & penalties

Posted by & filed under Income Tax.

Following are the decisions with respect to statutory and regulatory compliance matters related to various sectors: Income Tax 1.     Extend last date for income tax returns for (FY 18-19) from 31st March 2020  to  30th June 2020. 2.     Aadhaar-PAN linking date to be extended from 31st March 2020 to 30th June 2020. 3.     Vivad se Vishwas scheme – no additional 10%… Read more »

SECTION 80CCD के लिए अटल पेंशन योजना CBDT द्वारा अधिसूचित

Posted by & filed under Income Tax.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 7/2016 – Income-tax New Delhi, Date: 19th February, 2016 O. 529(E).- In exercise of the powers conferred by sub-section (1) of section 80CCD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the ‘Atal Pension Yojana (APY)’ as published in the… Read more »