New tax slabs, no tax on income up to Rs 7 lakh in new tax regime, 13 changes in 2023 that will impact you in 2024

Many changes were announced in the Budget 2023 as well as during the year in 2023 by the Central Board of Direct Taxes (CBDT). These changes not only impacted your 2023 but will also impact your 2024 especially at the time of filing income tax return. Read on to know more about it.

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What is the last date to file GST annual return and who should file it?

Goods and Services Tax (GST) annual return has to be filed by every GST registered individual whose annual turnover is over a specified limit. However for filing GST annual return, taxpayers have to file their monthly or quarterly GST return first. GST annual return has to be filed using GSTR 9 and GSTR9C if required.

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How old income tax regime can help save Rs 52,000 tax

As a first step, you should inform his company that he wants to opt for the old tax regime. Several deductions available to you will not be considered under the new regime. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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ITR-1,4 for income tax return filing FY2023-24 notified by CBDT; last date to file July 31, 2024

The Central Board of Direct Taxes (CBDT) has notified the income tax return forms for current financial year i.e. FY 2023-24 (AY 2024-25). The ITR forms have been issued more than three months before the current financial year ends. The last date to file ITR for FY 2023-24 is July 31, 2024.

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GST Amnesty Scheme: Who can apply, last date to apply, how to apply

If an individual has received an Goods and Services (GST) demand order on or before March 31, 2023 then an appeal against that order can be filed under the GST Amnesty Scheme. Know here what is the process, conditions to fulfil before applying and what GST form is to be used for filing an appeal.

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Got an income tax notice for an old incorrect tax demand? Call this new helpline of tax dept for free help

Income tax department has launched a facility called 'Demand Facilitation Centre' (DFC) for helping people solve their pending tax outstanding demand issues faster. The DFC agents would help the individuals understand the reason behind the tax notice and suggest ways to solve it. Further DFC agents may connect you with the assessing officer (AO) directly too in some cases.

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HRA tax exemption: Are both rent receipts and rent agreement a must as income tax proofs?

To claim HRA from their employers, many salaried employees usually use either rent receipts or rent agreement as proof of the rent paid in a financial year. However, tax experts point out that assessing officer of the income tax department can reject HRA tax exemption claim if any one of the documentary evidence is missing.

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How to save Rs 60,000 income tax with home loan, NPS, other perks

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. You should also seek the NPS benefit under Section 80CCD(2), wherein up to 10% of the basic salary put in the NPS on behalf of the employee is tax-free.

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Missed ITR filing deadline of July 31 for FY 2022-23? Don’t forget to file belated ITR by Dec 31

If you have missed the income tax return (ITR) filing deadline of July 31, 2023, then you have time till December 31, 2023 to file a belated ITR. Also, if there is a mistake in the belated or original ITR, then also you can file revised ITR. The last date to file belated and/or revised ITR is December 31, 2023.

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‘Non-deposit of LTCG cannot lead to denial’

Under section 54 of the Income-Tax (I-T) Act, long-term capital gains (LTCGs) arising to an individual from sale of a residential property are exempt to the extent that such gains are invested towards purchase or construction of a new residential house, within the specified time frame.

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How to use NPS, salary perks to save more than Rs 90,000 in tax

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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What are the incomes on which advance tax can be paid in the next quarter without penal interest

Income tax rules say that if an individual's estimated tax liability for the financial year after subtracting tax deducted at source (TDS) is over Rs 10,000 then advance tax has to be paid. If this is not done then penalty under section 234C is levied. However there exists certain incomes where this penalty is not applicable.

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These individual taxpayers will get old income tax refund by January 31, 2024

Income tax department has passed an order stating that individuals who had filed ITRs for AY 2018-19 (FY 2017-18), AY 2019-20 (FY 2018-19) and AY 2020-21 (FY 2019-20) and still not received their income tax refund yet, would now get so by January 31, 2023. However if an individual has got an tax demand at the time of ITR filing or after processing of ITR, this relaxation would not be applicable.

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I have an EPF corpus of Rs 85 lakh; is it tax efficient to transfer it to NPS tier 1 account after retirement?

Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.

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What is professional tax: These employees might have to pay it if working from home

Even if an employee is working from his/her home they need to pay professional tax if their office is registered in a state where professional tax is levied. There could even be situations where an employee is working from home in a state which does not levy professional tax, yet the employee has to pay professional tax. There could be other such situations also. Read here to find out.

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How NPS and other perks can cut tax by 54%

Under Section 80CCD(2), up to 10% of the basic salary put in the NPS on behalf of the employee is tax-free. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.

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