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.
Financial Changes Effective April 1, FY 2024-25As the financial year 2023-24 draws to a close, significant financial amendments are poised to reshape personal finance from April 1, marking the beginning of the new fiscal year.
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.
The online food delivery platform said it would appeal against the order before the appropriate authority. Zomato Ltd reported a net profit of Rs 138 crore in the third quarter ended December 31, 2023.
The Delhi High Court on Thursday (March 28) rejected petitions by the Congress challenging the initiation of tax reassessment proceedings against it for a period of four years by tax authorities.
A bench of Justices Yashwant Varma and Purushaindra Kumar Kaurav said the pleas were dismissed in terms of its earlier decision refusing to interfere with the opening of reassessment for another period.
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.
Sonia Gandhi, Rahul, and Mallikarjun Kharge in a joint presser raised the issue of Congress' funds being frozen by the income tax department saying that the move has affected their election campaign and termed it a criminal action by the Prime Minister.
As the deadline of March 31 approaches, numerous taxpayers hastily plan their income tax savings, often resulting in costly errors. These may include mistakenly mixing insurance with investment or failing to review existing and ongoing investments.
Advance tax is applicable to those people whose tax liability is more than Rs 10,000. This is done on due dates decided by the Income Tax Department.
The counsel for the convict submitted that the sentence awarded to the convict should concern the social circumstances of the convict and the condition of the convict at the time of the commission of a crime and at the time of imposing of sentence.
Senior Advocate Vivek Tamkha, representing the Congress Party, urged the tribunal to suspend the order for ten days, allowing the Indian National Congress (INC) to appeal to the High Court. However, the bench declined the request, stating that there was no such provision or plea before them.
Tobacco tycoon raided: According to sources, the tobacco company was issuing fake checks to the company shown in the accounts. Income Tax officials have also raided the businessman's bungalow in Kanpur and Delhi.
Donations to political parties are tax-exempt, provided they are directed towards political parties recognised by the Election Commission.
The Budget announced the withdrawal of outstanding small tax demands dating back to 1962, up to Rs 25,000 till 2014-15.
Direct Tax to GDP ratio seen an upward trajectory, ascending from 5.62% in F.Y. 2013-14 to 6.11% in F.Y. 2022-23, showcasing enhanced fiscal contribution.
The government officially designated Shri Ram Trust as a site of historic significance and a place of renowned public worship for the purpose of Section 80G(2)(b), effective from FY21.
Several rules related to day-to-day life including bank work, Income Tax Returns, among others will change from January 1, 2024. Let's take a look at what will change from new year.
Income Tax Recruitment 2023 notification against sports quota has been released. Candidates who are interested in applying for the income tax department recruitment can submit applications online at incometaxmumbai.gov.in. No applications will be considered after due date.
Business news: Sugam can be filed by individuals, HUFs and firms other than Limited Liability Partnerships being a resident having total income of up to Rs 50 lakh and income from business and profession.
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