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On September 13th, 2022, the CBIC issued a circular regarding the removal of difficulties in Section 194R, which casts an obligation on the person responsible for providing any benefit or perquisite to a resident to deduct tax at source at 10 percent before providing such benefit or perquisite. The benefit or perquisite may or may...

The Income Tax Act, under section 80C, allows taxpayers to invest up to INR 1.5 lakh in particular securities and claim it as a deduction from their taxable income. Among all the options, the three most popular ones are PPF, ELSS and a Tax Saving FDR. For an effective tax-saving investment option, read the detailed...

While processing Income Tax Returns filed on or before July 31, the Income Tax department is using Artificial Intelligence Software to find out the correctness of various deductions/exemptions claimed by the taxpayers. The notices are being issued in mostly those cases where TDS was deducted and a claim for refund has been filed in the...

The Central Board of Direct Taxes (CBDT) has announced via a notification issued on July 29, 2022 that the time limit for verification of income tax return (ITR) has been reduced to 30 days (from 120 days) of transmitting the ITR data electronically. This notification will come into effect from August 1, 2022. It has...

A fee of Rs 1,000 would be required, if the PAN-Aadhaar link is completed on or after July 1, 2022. If you link your PAN to your Aadhaar on or before June 30, 2022, you will be charged Rs 500. Further, if the PAN is not linked with Aadhaar by March 31, 2023, then next...