2023-10-02 14:08:00 The Income Tax Department’s e-filing portal received more than 30 lakh audit reports (TAR) up till September 30, the tax authority of India reported on Monday. In a release, the Income-tax Department expressed its gratitude to taxpayers and tax experts for timely compliance. The tax audit report had to be submitted by September … Read more
2023-09-19 09:10:29 The Income Tax Department has extended the income tax return filing deadline for charitable trusts, religious institutions and professional bodies by one month till November 30. Also, the due date for furnishing audit reports for 2022-23 by a fund, trust, institution or any university or educational institution or medical institution in Form 10B/10BB … Read more
2023-09-13 18:50:59 The national government published this Wednesday the decree that makes official the increase in the Income Tax floor announced by Minister Sergio Massa. The text has some new features compared to the previous updates to the minimum for employees and retirees that occurred in May and August of this year. All the news … Read more
2023-07-28 09:03:52 The Income Tax department is exploring usage of artificial intelligence (AI) to build regression models to identify deviations and errors in tax filing and separate those deviations for further assessment, according to a senior tax official. “We are creating a regression model. We had discussion with Prof V Kamakoti, Director of IIT Madras … Read more
2023-06-06 18:47:46 O Income tax used to keep Brazilians awake at night. At this time of year, it is necessary to report to the government on the income obtained and pay the taxes due. However, this process is not always as simple as it seems. The term known as “fine mesh” often causes apprehension in … Read more
2023-05-22 18:01:55 Central Board of Direct Taxes has come out with a mechanism to prescribe the manner of computation of net winning from online gaming. Experts feel such a mechanism will help capture data in real-time. This mechanism is in response to the budget announcement about removing the minimum threshold of ₹10,000 for TDS (Tax … Read more
Lok Sabha has passed the finance bill with several amendments. Here are the key amendments made to the finance bill and its material impact. Debt funds lose long-term capital gains benefitNo long-term capital gains benefit for debt funds with less than 35% in equities What it means Income from debt funds to be taxed at … Read more
Amid a cascade of numbers in Budget 2023-24, two stand out clearly — 10 and 7. They could well be Indian economy’s lucky numbers. Though luck doesn’t count when a number of complex global as well as domestic challenges are rocking the economy, these numbers can prove lucky for just the fact that they come … Read more