Old income tax regime with higher deductions remains more attractive for taxpayers than the new one
August 08, 2023 17:58 IST85 percent people opted for the Old Regime while 15 percent were in favour of the new one.
85 percent people opted for the Old Regime while 15 percent were in favour of the new one.
The filing of ITRs peaked on July 31, 2023, with over 64.33 lakh ITRs being filed on a single day.
Income Tax Return: The number of ITRs filed has exceeded the number of returns filed last year till July 31, according to government data.
Filing the Income Tax Return (ITR) on time is crucial to avoid penalties under Section 234F of the Income Tax Act, 1961. If someone forgets to file the ITR, they may attract a penalty of Rs 5,000 when filing a belated ITR.
A minor can have two sorts of income: earned and unearned; in both circumstances, ITR should be recorded, observing specific guidelines applicable to earning minors.
From August 1, 2023, various changes linked to GST, payments system, bank transactions will come into effect that will directly impact the common man.
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.
Once the payment is made, taxpayers will be able to access the generated Challan Identification Number (CIN) and other related information through the Challan Receipt. The payment status will also be updated as "PAID" under the "Payment History" tab.
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.
About 5.83 crore income tax returns were filed as on July 31 last year, the last day for filing returns for the assessment year 2022-23.
Form 16 is a record of Tax Deduction at Source (TDS), and it conveys the subtleties of complete expenses paid in a monetary year by a salaried citizen. The TDS certificate that an employer issues at the conclusion of a financial year is known as Form 16.
Karnataka Elections 2023: According to sources, the money was seized from a tree located inside the residential compound of K. Subramanya Rai, the brother of Ashok Kumar Rai, who is contesting from the Puttur Assembly constituency on a Congress ticket.
The Income Tax department on Wednesday conducted raids at producer Vinod Bhanushali's office and some other Bollywood production houses over allegations of tax evasion.
The Income Tax Department recently took to Twitter to remind taxpayers about the approaching deadline for linking PAN and Aadhaar. All PAN card holders who do not belong to the exempt category are required to link their PAN with Aadhaar by March 31, 2023, as per the IT Act of 1961.
New Income Tax Regime, IT Calculator: Tax department has stated that a dedicated tax calculator is available on the website of Income tax to compare the old and new tax regimes for individuals and for everyone as per Section 115 BAC.
BBC Income Tax survey: The I-T officials surveyed the UK-based broadcaster's offices over a charge of deliberate non-compliance with Indian laws, including transfer pricing rules and the diversion of profits illegally.
The raid which has been touted as a "survey" by the sleuths, claimed that the I-T department gathered evidence pertaining to the operation of the organisation which indicates that "tax has not been paid on certain remittances".
I-T marathon surveys at BBC Delhi and Mumbai offices came to end after 3 days of straight operation. It is expected that the IT department will issue detailed statements after one or two days.
This year, the CBDT has released tax return forms for the Fiscal Year 2022-23 well in advance. The change will assist taxpayers in being well-prepared for reporting requirements on tax return forms.
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