A taxpayer can switch to the old income tax regime while filing the Income Tax Return (ITR), subject to certain conditions and procedural requirements laid down under the Income Tax Act, 1961. Under ...

In the case of capital gains, the short-term capital gains tax rate for listed shares and securities has been revised from 15% to 20%, while the long-term capital gains tax rate has increased from 10% ...

An elderly daily wage worker in Uttar Pradesh has been left shell-shocked after receiving a notice from the Income Tax department demanding she file a return on an alleged income of Rs 4.88 crore for ...

Food and grocery delivery platform Swiggy has received an an assessment order for the April 2021 to March 2022 period, amounting to Rs 7.59 crore from the Office of the Profession Tax Officer, Pune.

The Income Tax Department has imposed a ₹944.2 crore penalty on IndiGo for the 2021-22 assessment year, the airline said on Sunday, attributing the order to an “erroneous understanding”. The airline ...

Tax notice: The Income Tax Department has identified the list of persons relating to AY 2019-20, 2020- 21 and 2021-22 who did not file Income Tax Return despite having substantial income. These ...

Finance Minister Nirmala Sitharaman announces over 85% of taxpayers will pay zero income tax under the new regime, ... Sample this — as per the last available data from Assessment Year 2021-22, 6.33 ...

This trend is consistent with data from the preceding three years, where the effective tax rate on gross income stood at 9.55% for AY 2021–22, 9.66% for AY 2020–21, and 9.58% for AY 2019–20.

Learn how to claim income tax rebates under Section 87A. Understand eligibility, benefits, and the step-by-step process to save on taxes at India Infoline (IIFL) ...

Interest under Section 234A, 234B and 234C of the IT Act deals with interest levied for delay in filing the return of income, non-payment or short payment of advance tax and non-payment or short ...

Income tax refund: The Central Board of Direct Taxes (CBDT) has said that individuals who are still waiting to get their tax refund for FY 2020-21 (AY 2021-22) may get it by April 30, 2024. If you are ...