Leave Travel Allowance (LTA) is a tax-saving benefit provided to salaried employees, allowing them to claim exemptions on travel expenses incurred during leave. It helps reduce taxable income under certain…
All the taxpayers in the new tax regime have some reason to celebrate, irrespective of income levels. By Parizad SirwallaBudget 2025 income tax: In the run up to the Budget…
Latest income tax slabs: The slab rates are easy to remember, slab changes with every block of 4 lakh and corresponding tax rates changes 5% up to six blocks By…
GST reforms: The primary objective will be to restructure the tax slabs to ensure meaningful outcomes. More tax relief coming soon? The Narendra Modi government, having provided substantial relief in…
Budget 2025 income tax expectations: The new income tax regime was introduced as an optional tax regime from FY 2020-21. Budget 2025 income tax expectations: Ever since Finance Minister Nirmala…
MUMBAI: Verification of 'high-risk' refund claims in Income-tax (I-T) returns for assessment year 2024-25 (financial year ending March 31, 2024) will be conducted systematically, following a standard operating procedure (SOP).…
In a landmark judgment, Supreme Court ruled in favour of the income-tax (I-T) department, upholding the validity of nearly 90,000 reassessment notices issued after April 1, 2021, under the old…
Employees may be concerned that the relaxation in TDS compliance granted to companies. (AI image) New TDS Deposit Rules: The government has eased the regulations surrounding the time frame within…
NEW DELHI: The income tax department will deny tax deducted at source (TDS) credit and flag your income tax return (ITR) if it detects any discrepancies between the TDS information…
NEW DELHI: Having restated its accounts and reported losses in four of the five years, scam-tainted IL&FS has opened up the issue of refund of income tax paid earlier."The management…