S K PATODIA LLP
Have income above Rs 3 lakh? Pay zero tax if your income is up to this limit, thanks to rebate under section 87A
Income tax rebate: Under section 87A you can get a maximum tax rebate of Rs 12,500 under the old tax regime and up to Rs 25,000 under the new tax regime. However this rebate is only available if your income is upto a specified limit. Read to find out more about income tax rebate.
Fake notice from Income Tax Department: Know how to spot a sham notice sent by a scamster
Income tax notice: There have been some instances of people receiving a fake income tax. Save yourself from this scam and learn how to spot a fake income tax notice. For example: a real income tax notice will never have a payment link inside it. Read here to know more about real income tax notices.
CBDT brings new update in income tax AIS; now you can check the status of correction request; Here's how it works
Annual Information Statement (AIS): The Central Board of Direct Taxes (CBDT) has updated the functionality of AIS which can be found on the compliance portal. Now after you put in a correction request, you will be able to see whether the reporting source took any action at all. CBDT says this makes the system more transparent.
Income tax filing: 3 updated utilities available for filing this ITR form for AY 2024-25; find out which one works best for you
Income tax filing: Are you an individual or Hindu Unidivided Family who have income from business or profession and do not want to opt for presumptive taxation scheme? Then you may need to file ITR-3. To help you file ITR-3 easily, the income tax department has launched online, offline using Java and Excel based utilities. But which one is better?
Individuals get relief from income tax demand for short deduction of TDS due to inoperative PAN of deductee
TDS Notice: Individuals won't get income tax notice for failing to deduct a correct amount of TDS in cases where the deductee's PAN was in-operative. "There shall be no liability on the deductor/collector to deduct/collect the tax under section 206AA/206CC, as the case maybe, and the deduction/collection as mandated in other provisions of Chapter XVII-B or Chapter XVII-BB of the Act."
Proof of HRA claims of previous years; can you really take it easy after CBDT's assurance of no review of old HRA cases
Rent HRA: The Central Board of Direct Taxes (CBDT) has clarified that there is no special drive to identify fake HRA claims from previous years. However this communication from CBDT should not be taken lightly, because if you have claimed false HRA and evaded income tax then the income tax department is bound to catch you.
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Property buyer may end up paying 19% TDS out of his own pocket for this PAN related issue
Tax deducted at source (TDS): If you are buying any property above Rs 50 lakh value then make sure to deduct 1% TDS before making the payment to the seller. However it is important to check the status of the seller's PAN. An individual forgot to do this and got served with an income tax notice.
TDS deduction: Why you must check status of PAN Aadhaar linking status of deductee on deduction date to avoid income tax notice
Tax deducted at source (TDS): While it is important to deduct a correct amount of TDS in certain transactions, it is also important to check the status of the deductee's PAN. If the TDS deductor does not check the status of PAN of the deductee on the date of TDS deduction then all the penalty and other legal repercussions would be applied to him and nobody else.
Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
The deadline to file updated income tax return (ITR-U) is March 31, 2024 for FY 2020-21 . In light of this deadline, the tax department is sending intimation to taxpayers urging them to check the AIS/Compliance portal regarding identified specified/high value transactions. If an individual is not being able to explain these transactions or give a satisfactory response, income tax notice will be sent.
Taxpayers, check ITR portal NOW: Pending tax demand of up to Rs 1 lakh per individual waived by govt
Income tax outstanding demand: The Central Board of Direct Taxes (CBDT) has stated via a order that the income tax department has started waiving eligible old tax demand. However a maximum ceiling limit per taxpayer/assessee has been set and no outstanding tax demand entries above this ceiling limit would be extinguished.
Income Tax dept is calculating your advance tax liability by tracking these financial transactions: Here's how to check on compliance portal
The Income Tax Department said, "The Income Tax Department receives information of specified financial transactions of taxpayers from various sources. This information is reflected in the Annual Information Statement (AIS) module and is available to the persons/entities for viewing. The value of ‘Significant Transactions’ in the AIS has been used for carrying out this analysis." Read here to know what are these 'specified financial transactions'.
Today March 15 is advance tax deadline: Has CBDT fixed inflated income data in AIS Compliance portal?
Advance tax due date: March 15, 2024 is the due date for payment of advance tax for FY 2023-24. However recently the tax department made in error by reporting highly inflated transaction data in taxpayer's annual information statement (AIS). As of March 15, 2024 4pm. Read here to know more about which data(s) were fixed by the Central Board of Direct Taxes (CBDT).
Have you checked your advance tax liability? Pay by this date to avoid penalties
Advance tax: If your estimated tax liability for any given financial year after subtracting tax deducted at source (TDS) exceeds Rs 10,000 then advance tax needs to be paid following a specified schedule. However eligible senior citizens and other prescribed individuals need not pay advance tax. Read here to know more about advance tax.
No penal interest on TDS for crypto investors who failed to file the TDS return by May 31, 2023: CBDT
Virtual digital assets tax: Purchaser of virtual digital assets (VDA) like Bitcoin (BTC), Ethereum (ETH), Solana (Sol), Algorand (Algo), Shiba Inu (SHIB) etc should deduct TDS before making payment to any resident. Such TDS deducted must be reported using Form 26QE within a specified deadline. Failure to report it will attract penalties.
Pending income tax refunds relating to AY 2021-22 would be processed by this date; check email for confirmation
Income tax refund: The Central Board of Direct Taxes (CBDT) has said that individuals who are still waiting to get their tax refund for FY 2020-21 (AY 2021-22) may get it by April 30, 2024. If you are eligible for receiving this tax refund a email from the tax department would come intimating the amount of refund. Check your inbox now.
ICICI Bank branch manager forged signatures, siphoned off 'Rs 11.95 crore' by transfer and cash, alleges the customer; case in EOW's net
ICICI Bank branch manager commits fraud: A branch manager of ICICI Bank has forged the signature of a customer with the intention to commit fraud. It is being alleged that the bank's branch manager managed to siphon off about Rs 12 crore and supplied the customer with fake fixed deposit receipt.
Tax demand waiver: Income tax dept can waive off demand above Rs 1 lakh in these cases
Income tax demand waiver: The Central Board of Direct Taxes (CBDT) has stated in a circular dated February 13, 2024 that the tax department would waive off all eligible tax demands up to an aggregate limit of Rs 1 lakh per taxpayer. Experts opine that if the tax dept waives off both tax demand and interest on such demand, the quantum of demand waived can be much more than Rs 1 lakh.
Wait for unprocessed income tax refund to get longer; deadline extended by 3 months
Income tax refund: Individuals who have pending income tax refund due to the fact that their income tax return (ITR) was not processed by the income tax department would now get their income tax refund by April 30, 2024. However not all individuals would get tax refund, read here to know who gets and who does not.
Budget 2024 should allow past year's TDS credit to be claimed online, current method difficult: Industry
Various experts have varied views about Form-71 which is used by individual taxpayers to claim TDS credit if it was not deducted in the year when the income was generated. At present a duly filled up Form 71 is submitted online and then the AO checks the claim and either grants or rejects the TDS credit.
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