Income Tax

Life Insurance Policy Bonus received are Taxable Now

A major update for everyone as The Income Tax Department has notified a new income tax liability. As per the latest notification, you have to pay taxes on any sum received under a life insurance policy when the yearly premium exceeds Rs 5 lakh. Let’s learn all about the latest update of Life insurance policy … Read more

How many types of Income Tax Notices

How many types of Income Tax Notices

An income tax notice is a written communication from the Tax Department to a taxpayer indicating an issue with their tax account. It may be sent for various reasons such as unfiled returns, assessment, or requesting specific information. When received, the taxpayer must address it within the specified timeframe. Otherwise, you may have to face … Read more

How do I File 10E in the New Income Tax Portal?

10E in the New Income Tax Portal

The process to file 10E in the New Income Tax Portal is discussed in this article. Along with the steps, you can see the specific photos of each step to file 10E in the new income tax portal. Step 1: Log in to your Account in the New Income Portal Visit the Income Tax Department … Read more

How to check income tax jurisdictions online?

How to check income tax jurisdictions online

In order to do ITR Filing, taxpayers must have knowledge of their Income Tax ward and Income Tax circle. The Income Tax Ward or Circle is also known as Income Tax Jurisdiction. Thus, understanding this jurisdictional information is advantageous as it plays a crucial role in any communication from the Income Tax Department. So, let’s … Read more

Rights of a Daughter to Ancestral Property

Rights of a Daughter to Ancestral Property

Over the years, there is significant progress in India regarding women’s rights to inherit and own property. As a result, Indian women are now more confident and vocal about their involvement in wealth planning and management. This shift in attitude is because of  advancements made in Indian succession laws. Let’s get an overview of the … Read more

Income Tax App launch to view AIS details

Income Tax App launch to view AIS details

The I-T department has recently released a mobile application called “AIS for Taxpayer ”. It allows taxpayers to access their information available in the Annual Information Statement (AIS). Let’s learn all about the Income Tax App Launch to view AIS Details. Income Tax Department Launches ‘AIS for Taxpayer’ Mobile App The Income Tax Department has … Read more

New Tax Calculator | Old vs New Regime Comparison

New Tax Calculator Old vs New Regime Comparison

This blog aims to guide you about the New Tax Calculator which was recently launched on the income tax portal. As a taxpayer, it is important for you to calculate your taxes in the right way. A wrong calculation can lead to pain of Income Tax Return Filing once again. It may also lead to … Read more

CBDT Implements Stricter Audit Norms for Charitable Trusts

CBDT Implements Stricter Audit Norms for Charitable Trusts

Charitable trusts are now subject to stricter reporting regulations by the income tax authorities, requiring additional information in audit reports and placing greater responsibility on auditors. Thus, the Central Board of Direct Taxes (CBDT) has introduced changes to the audit reports for charitable trusts. Let’s understand the latest updates for Charitable trusts through this article. … Read more

Union Budget 2023 – Tax & Finance updates

Union Budget 2023 - Tax & Finance updates

Finance Minister Smt. Nirmala Sitharaman’s announcement of significant revisions to tax slabs under the new tax regime and a significant increase in expenditure for railroads and capital spending along with incentives to key sectors was good news for taxpayers and the economy. The Union Budget 2023, the fifth budget under Modi 2.0, was delivered by … Read more

ITR filing due date further extended for AY 2022-23

ITR filing due date further extended for AY 2022-23

The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns (ITRs) for companies and individuals whose accounts are subject to audit. The previous ITR Filing due date was October 31, 2022 for these assessees. Let us understand the latest updates on ITR Filing Due Date further extended for AY … Read more