[ad_1] An image of a young entrepreneur, Mr Chand, appears in a video. He looks confused as he wants to know āHow to deductĀ andĀ pay TDSā. A veteran chartered accountant hand-holds him through the process in a five-minute video. Chand is beaming at the end of it. āRunning a business without the basics of accounts, is…
[ad_1] The Income Tax Act of 1961 has undergone innumerable amendments since its inception (4,000, as stated by the finance minister in Parliament). Historically, successive governments have used tax as an instrument to incentivize specific industries, promote investments in certain regions, or to encourage foreign exchange earnings. As a result, numerous provisions were added over…
[ad_1] No, you aren’t. However, if the gift were from a non-relative, let’s say a friend, you would’ve needed to pay taxes to be on the right side of the law. When it comesto the tax treatment of gifts, the rules are pretty specific. Gifts received from relatives are fully exempt. Gifts from non-relatives up…
[ad_1] With a notable increase in taxpayers opting for the new tax regime while filing their income tax returns (ITR) for FY 2024, experts predict the Finance Ministry may consider phasing out the old tax regime within the next year or two. The key question is: When will the government officially end the old tax…
[ad_1] The deadline for filing Income Tax Returns (ITRs) is rapidly approaching, with only two days remaining. If you are new to filing your ITR or are doing it for the first time, it’s essential to complete the process by July 31, 2024. Most importantly, the Income Tax portal may experience high traffic as the…
[ad_1] Despite successfully filing your income tax returns or ITR for this assessment year, your tax refund may be delayed, a social media user claiming to be a Chartered Accountant said. CA Anand Luhar, who claims to be associated with the Institute of Cost & Works Accountants of India (ICWAI), in a post on X…
[ad_1] The deadline for filing income tax returns (ITR) 2024 is July 31. As a result, numerous taxpayers have begun the filing process, with many having already submitted their returns. However, some are waiting for the last moment to complete this financial task. Personal Finance experts suggest filing the returns as soon as possible to…
[ad_1] Facing rejection of your Income Tax Return (ITR) form can be inconvenient. However, the good news is that by familiarizing yourself with the common reasons for rejection, you can take proactive steps to ensure a seamless filing process. There are several reasons why the Income Tax Department in India might reject your ITR form….
