It is expected that in the upcoming budget session on February 1, a new Income Tax Act may be proposed. The government may introduce the certain changes in the Income Tax Act in the Union Budget ...

Subsequently, the assessee filed a revised return admitting total income at Rs. l,54,57,78,798/- with a tax liability of Rs. 35,26,36,341/- and accordingly claimed refund of Rs. 19,09,070/-. Original ...

The tribunal reviewed legal precedents, including rulings by the Orissa, Telangana, and Bombay High Courts, which consistently held that procedural delays in filing Form-10B should be condoned if ...

Tax Rebate under Section 87A is given to reduce your taxable income to nil. It is a better option to give tax relief through the tax rebate than changing the tax slabs. This is because to get this tax ...

Rs 1 lakh TDS threshold for senior citizens on fixed deposit interest reduces procedural hassles but doesn't exempt them from ...

Here are the four things crypto investors need to look for - 1. Mandatory Reporting ... has introduced a new Section-285BAA under the Income Tax Act of 1961, which makes it mandatory for investors ...

We spoke with several chartered accountants who file thousands of ITRs of their clients and here’s what issues they highlighted: Simplification of Income tax portal’s logic ... “When a notice under ...

The Union Budget for 2025-26 will be presented on February 1, 2025. Simplify the language and provisions of the current Income Tax Act. Reduce litigation and disputes by increasing clarity and ...

KINGSTON, Jamaica-The House of Representatives on Tuesday (January 14) passed amendments to the Income Tax Act, codifying the ... which moved from $1.5 million to $1.7 million.

The Income Tax Act of 1961, despite numerous amendments, had become overly complex, leading to confusion and frequent litigation. The DTC seeks to address these issues by: 1. Simplifying Tax Laws ...

The Tax Cuts and Jobs Act (TCJA) was a major overhaul of ... compared to just 8% of the highest-earning 0.1%. Change in after-tax income by income percentile The Joint Committee on Taxation ...