The Sensex has reached an all-time high just days after experiencing a significant downturn on election counting day on June 4. The surge follows a period of uncertainty and fluctuation, demonstrating the dynamic nature of the stock market in response to political events.
The income tax department has uncovered a scam involving the fraudulent use of PANs to claim house rent allowance (HRA) without actual tenancy, with around 8,000–10,000 high-value cases identified.
The rebate limit has also been increased under the new tax regime where for incomes up to ₹7 lakhs, the applicable rebate limit is now ₹25,000.
Income Tax Returns are filed annually depending on a person's annual income. However, sometimes a mismatch occurs between the information provided by a person in the I-T return. Let's take a look at how one can resolve this issue.
As per the change, for policies issued on or after April 1, 2023, the tax exemption on maturity benefits under Section 10(10D) might be relevant in the event that the total premium paid by an individual depends on Rs 5 lakh a year.
85 percent people opted for the Old Regime while 15 percent were in favour of the new one.
A penalty of Rs 5,000 if the refund is completed after the due date specified in section 139(1). However, if the total amount received does not exceed 5 lakhs, the penalty will be Rs 1,000.
The majority of people frequently view the process of filing income tax returns as time-consuming and cumbersome. That is the motivation behind why many choose to skip documenting returns.
ITR filing: Fortunately the tax department gives a choice to alter/change the bank and individual subtleties after filing the tax returns, that implies these mistakes can be amended.
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