IT Updates

Claim Tax Refund Without PAN ? – Filing ITR Guide

Filing income tax returns (ITR) is crucial for obtaining tax refunds when excess tax is deducted at source. In cases where an individual does not have a Permanent Account Number (PAN), certain challenges arise. This article explores whether your mother can claim a tax refund if her tax has been deducted without a PAN, particularly when it involves interest income

India’s Fiscal Deficit for FY25: Key Highlights & Outlook

India’s fiscal performance for the first half of FY25 (H1FY25) reflects a balanced approach to economic pressures and spending priorities. The country’s fiscal deficit for April through September 2024 was recorded at ₹4.7 trillion, equating to 29.4% of the full-year target of ₹16.16 trillion, according to data from the Controller General of Accounts (CGA). This outcome indicates a notable improvement

Income Tax Department Releases Updated Form 3CA-3CD & 3CB-3CD Utility

The Income Tax Department has once again made life easier for taxpayers and auditors by launching version 1.3.3 of its Common Offline Utility for Form 3CA-3CD and 3CB-3CD. This critical update, rolled out on October 15, 2024, brings enhanced performance, improved accuracy, and new features that streamline the filing of audit reports under Section 44AB of the Income-tax Act, 1961.

ITR-3 Utility: Updated Excel Tool for Tax Filing Released

The Income Tax Department has launched version 1.5 of its Excel-based utility for filing ITR-3, marking a significant upgrade for individuals and Hindu Undivided Families (HUFs) earning income from business or profession. The release, available from October 18, 2024, replaces the previous version rolled out on May 9, 2024, and comes with improved features designed to streamline the filing process.

Income Tax Department’s Handbook on Judicial Matters

The Income Tax Department recently unveiled its updated Handbook on Judicial Matters, a crucial resource meticulously crafted by the Office of the Principal Commissioner of Income Tax (Judicial). This handbook is designed specifically for internal use, providing a structured and comprehensive guide for tax professionals and officers. It covers essential procedures for filing appeals and managing cases across various judicial

Income Tax Exemption for Senior Citizens in 2024: Key Benefits

Income Tax Exemption for Senior Citizens: Benefits You Shouldn’t Miss in 2024 As India’s senior citizen population continues to grow, the government has introduced several measures to ease the financial burden on this group, especially through income tax exemptions. These benefits are aimed at reducing the tax liability for those who have retired or are nearing retirement. It is essential

CBDT Extends Form 10B/10BB Deadline to November 2024

CBDT Extends Form 10B/10BB Filing Deadline to November 10, 2024 In a significant and much-needed relief for organizations, the Central Board of Direct Taxes (CBDT) has extended the deadline for filing Form 10B and 10BB to November 10, 2024. This move comes as a response to concerns raised by trusts, institutions, and funds that were unable to meet the original

CBDT Review Income Tax Act | Public Input via e-Filing Portal

The Indian Income Tax Act, 1961, is one of the most significant and complex pieces of legislation governing taxation in India. Over the years, this Act has undergone multiple amendments, making it quite intricate. To simplify and modernize it, the Central Board of Direct Taxes (CBDT) has formed a committee aimed at conducting a comprehensive review. As part of this

Income Tax Assessment Types: Impact on Business Filings Explained

How the Different Types of Assessment in Income Tax Affect Your Business Filing For businesses, income tax filing isn’t just a legal obligation—it’s also essential for financial health and compliance. Understanding the different types of assessments in income tax is key to ensuring that your filings are accurate, compliant, and legally sound. The Income Tax Act, 1961, offers various methods

Section 194F: The Tax Rule Shaping Mutual Fund Investments in India

How Section 194F Impacts Mutual Fund Investment Process in India Mutual funds are one of the most popular investment vehicles in India, providing opportunities for higher returns with professional management. However, like other investment options, mutual funds are subject to specific tax regulations that can influence investor returns. One such regulation is Section 194F of the Income Tax Act, which

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