Income Tax Update: As per Explanation 2 to Section 139(1) of the I-T Act, taxpayers in the following categories submit their returns by 31st October 2024. Read More The CBDT finds that over 34.84 lakh audit reports had been filed on the e-filing portal for AY 2024-25 by 7 October...
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An individual below 60 years of age, who has a total income of Rs 2.5 lakhs or more in a financial year isliableto file an income tax return. For a senior citizen (aged 60 years or more) and for a very senior citizen (aged 80 years or more) this income limit gets increased to Rs...
Excess tax refund claims rejected on time limit, High Court allows explanation for delay. November 6, 2024 Case Laws VAT / Sales Tax Partial GST refund allowed; remaining claim remanded for fresh adjudication on unjust enrichment. ...
LIMIT APPLICABLE FOR INCOME TAX AUDIT (U/S 44AB) IN INDIA RJA 09 Jul, 2018 Objective if Tax Audit:- The objective of the tax audit is to report the requirements of Form Nos. 3CA/3CB and 3CD. Other than the reporting requirements of Form Nos. 3CA/3CB and 3CD a proper tax aud...
Section 44AB of the income-tax Act, 1961, which provides for tax audit of certain taxpayers, has been amended in the recent past in order to relax the compliance burden on small taxpayers. However, while these amendments are well-i...
INCOME TAX FY 2020 – 21 Income Tax Slabs: There isNO separate tax slab for men and women. Earlier women used to have slight benefit over men in terms of lower taxes! The tax slabs are determined on age of person. As of today there are 3 slab rates...
Total income is more than the basic exemption limit and, The taxpayer has opted out of the presumptive taxation scheme in any of the previous 5 financial years What has changed after the new guidance note issued by ICAI? The conditions for Tax Audit remain the same. However, what has chang...