Income-tax (Sixth Amendment) Rules, 2023
The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes has issued a notification on May 29, 2023. This notification introduces amendments to the Income-tax Rules, 1962.
INCOME TAX NEWS
Latest Income tax news regarding Income Tax Rates, Income Tax Exemptions and ITR filing Last date
Tax exemption on leave encashment of non-govt salaried employees
Regarding press release announcing an increase in the tax exemption limit for leave encashment for non-government salaried employees
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CBDT – Cash Limit raised for Leave salary in Income tax act
Regarding the maximum amount receivable by its employees as cash equivalent of leave salary in respect of the period of earned leave at their credit at the time of their retirement and this amendment, effective from April 1, 2023
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Finmin – Clarification regarding deduction of TDS
Circular No. 04 of 2023, issued by the Central Board of Direct Taxes in India, provides clarification regarding the deduction of tax deducted at source (TDS) on salary income under section 192 of the Income-tax Act, 1961
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Regularization of Income Tax for FY 2023-2024
Regarding assessment and regularization of Income Tax for the Financial Year 2023-2024 (Assessment Year 2024-2025)
Income Tax on GPF accumulation
The Office of CGDA has issued a circular regarding the deduction of income tax on the interest earned on GPF subscriptions exceeding Rs. 5 lakhs during the financial year 2021-22.
Income Tax Act Amendments for Salaried Employees
The Indian government has increased the standard deduction for tax calculation available on the gross salary of salaried employees from Rs. 40,000 to Rs. 50,000 in 2019 as per the provisions of the Income-tax Act, 1961.
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The e-Verification Scheme 2021 with FAQ
The e-Verification Scheme, 2021 is an initiative by the Income Tax Department aimed at improving accuracy in data reporting and promoting voluntary compliance.
Claiming any tax exemption on or before 31st Mar 2023
claiming any exemption under the provisions contained in Section 54 to 54 GB of the Act, for which the last date of such compliance falls between 01st April, 2021 to 28th February, 2022 (both days inclusive), may be completed on or before 31st March 2023
Claiming any tax exemption on or before 31st Mar 2023 Read More »
Mismatch of Tax credit for FY 2020-21 – IT Notice
Regarding Income Tax Demand Notice under section 143(1) due to mismatch of Tax credit for the Financial Year 2020-21 (AY 2021-22)
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Income tax Deduction from Salaries during FY 2022-23
Income-tax deduction from salaries during the financial year 2022-23 under section 192 of the income-tax act, 1961.
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