I-T Act

NEW DELHI: The Central Board of Direct Taxes (CBDT) has notified income-tax return (ITR) forms for assessment year (AY) 2023-24 to ensure a smooth filing process.These ITR forms will come into effect from April 1, 2023 and have been…

About 48 crore individual Permanent Account Numbers (PANs), out of the total 61 crore issued till now, have been linked with Aadhaar till date and those who do not link it by the declared deadline of March 31 will not get benefits while…

<!-- -->Compounding allows the person to accept his offence and pay specified charges to avoid prosecution.New Delhi: The income tax department on Saturday said it has relaxed various norms relating to compounding of offences under…

Softer interest rates for home loans have led to an uptick in residential property registrations across India. The icing on the cake is that repayment of principal and the interest amount provide various tax breaks, which help reduce a…

MUMBAI: Income-tax (I-T) is a progressive tax mechanism, the more you earn the more you pay. Understandably, the very rich, having a taxable income of over Rs. 5 crore pay tax at the rate of 42.74%, whereas those having a taxable income of…