The Income Tax Department has released JSON Schema for ITR 1 and ITR 4 for the Assessment Year 2023-24 (corresponding to the Financial Year 2022-23).
A person is said to be non-resident individual if satisfies any of the following conditions
All the income earned through winnings from lottery, crossword puzzle, gambling, betting, horse racing and any similar nature were taxed under section 194B of t...
Benefits for Senior Citizens under Income Tax Act 1961
10 Income Tax Amendments that are applicable from April 2023
Self Assessment Tax & Additional Income Tax
A new section 140B has been proposed in the Union Budget,2022. If an assessee opts for filing the return under newly proposed section 139(8A), an additional tax is required to be paid under Section 140B.
Section 73 talks about the determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized for any reason other than fraud or any willful-misstatement or suppression of facts.
The Finance Ministry has set up a group to review the pension system for government workers. The committee will be led by Finance Secretary T V Somanathan and will suggest ways to improve pension benefits for government employees.
The Central Board of Direct Taxes (CBDT) has issued a circular on April 5, 2023, which explains how employers will deduct tax on salaries for the current financial year 2023-24
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