Curated By: Business Desk Last Updated: September 07, 2023, 12:28 IST The Income Tax Department has provisions for offering tax exemptions on gifts. It’s worth noting that the Rs 50,000 exemption limit doesn’t offset the total if the gift amount exceeds this threshold. Every parent aspires to offer their children quality education. For those with…
Curated By: Business Desk Last Updated: August 28, 2023, 11:54 IST PAN serves as a universal identifier for financial transactions. Given the significant role of PAN in regulating financial activities, individuals often worry about salary-related matters when PAN and Aadhaar are not linked The deadline to link your Permanent Account Number (PAN) with your Aadhaar…
Curated By: Business Desk Last Updated: August 23, 2023, 18:35 IST Nearly 5.5 crore individuals opted for this option. It is reported that individuals filing ITRs before the end of July did not incur any penalties or charges. Finance Minister Nirmala Sitharaman announced income tax relief, especially for those with salaried incomes in the 2023-24…
Curated By: Business Desk Last Updated: August 18, 2023, 17:22 IST The Central Board of Direct Taxes (CBDT) has stepped in with new rules for calculating income proceeds from life insurance policies with annual premiums exceeding Rs 5 lakh. The new rules were announced this Wednesday. CBDT has rolled out the Income Tax Amendment (Sixteenth…
Curated By: Business Desk Last Updated: August 17, 2023, 13:53 IST In a remarkable development, individuals with an income surpassing Rs 1 crore have driven a 48.4% surge in income tax returns (ITRs) filed during the financial year 2022-23, even though they constitute a mere 0.2% of the total. Maharashtra, Uttar Pradesh, Gujarat, Rajasthan, and…
As per the tax return data filed in assessment year (AY) 2022-23, 1,69,890 individuals have shown total income of above Rs 1 crore. (Representative image) During AY 2022-23, over 2.69 lakh entities, including individuals, companies, firms and trusts, have shown total income of above Rs 1 crore. Income Tax Return: Individuals reporting annual total income…