ITR filing: Online ITR2 form for FY2022-23 (AY 2023-24) available on income tax department’s e-filing portal

Unlike in online, the Excel utility (offline) requires the taxpayer to download the form, fill it out with the necessary information, and then upload it to the website for electronic filing.

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ITR filing for FY 2022-23: Which income tax return form applies to you

Contrary to the norms, the Central Board of Direct Taxes (CBDT) notified the income tax return forms for FY 2022-23 (AY 2023-24) in February 2023, instead of April usually. While filing ITR for AY 2023-24, one needs to ensure that they have picked the correct ITR forms depending on the sources of their income. Else their ITR will be termed as defective.

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TDS on online games winnings: How companies will deduct tax as per CBDT guidelines

The Central Board of Direct Taxes (CBDT) has issued guidelines on how online gaming companies will deduct tax from winnings they have earned. The guidelines have come after government removed the threshold of Rs 10,000 for deducting tax from the winnings in Budget 2023. The new rules have come into effect from April 1, 2023.

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Tax exemption limit on leave encashment increased to Rs 25 lakh for non-government salaried employees

The finance ministry announced the maximum limit for encashment of earned leave that is exempt from income tax in accordance with the budget 2023 proposal.

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If you don't reply to income tax dept's queries, ITR likely to be picked for full scrutiny: CBDT

The Central Board of Direct Taxes (CBDT) has issued guidelines of the income tax officials regarding parameters to be followed to pick up tax returns for complete scrutiny. The guidelines have been issued via order dated May 24, 2023.

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Debt mutual funds still have tax benefits over bank FDs despite no LTCG indexation benefit

The government has changed the taxation of debt mutual funds from April 1, 2023. The government has taken away the indexation benefit available on the debt mutual funds. The indexation benefit was available in case of long-term capital gains. However, the debt mutual funds are still offering certain tax benefits over bank fixed deposits. Read on to know more.

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Muthoot Finance likely to grow its loan book by 10-15% in FY24

The consolidated loan AUM stood at Rs. 71,497 crores, up by 10% Q-o-Q and the consolidated Profit after Tax (PAT) stood at Rs. 1,009 crores for Q4FY23, up by 8% Q-o-Q. The standalone loan AUM stood at Rs. 63,210 crores, up by 9% Q-o-Q and the standalone PAT stood at Rs. 903 crores for Q4FY23.

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CEA asks finance industry to observe self-restraint, not to indulge in predatory practices

Chief Economic Advisor V Anantha Nageswaran on Wednesday asked the finance industry to observe self-restraint and stop predatory practices, misselling of products and data misuse. The academic-turned-advisor said regulations can only work to an extent to stop robberies, but crime can be curtailed only when the robber chooses to reform.

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AIC to launch insurance products for livestock, aquaculture and sericulture: CMD

Agriculture Insurance Company of India (AIC) has obtained a licence from IRDAI and will introduce products for the sericulture, aquaculture and livestock sectors, according to company officials. AIC already holds 50% share of the crop insurance market under the PMFBY scheme, run by Centre and state authorities.

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Irdai to hold open house for insurtech, fintech on 15th of every month

The open house would be held at the Head Office of Irdai in Hyderabad from 11.00 AM to 1.00 PM on 15th of every month, it said, adding that if 15th happens to be a holiday, the open house will be held on the next working day. Further, the regulator said Irdai's Chairperson (in his/her absence, the senior most Whole-time Member) along with senior officials will be present at the open house.

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Withdrawal of Rs 2000 to have favourable impact on deposits, interest rates: SBI study

The 131-day window to exchange junked 2000 rupee currency notes opened on Tuesday with a mixed bag of small queues and confusion at some banks over the requirement of officially valid identity cards like PAN or Aadhaar, and official forms. Unlike November 2016, when old 500 and 1000 rupee notes - constituting some 86 per cent of the currency in circulation - were banned overnight, resulting in sarpantine ques outside bank branches across the country, this time no crowding is being witnessed.

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PAN is mandatory to deposit Rs 2000 notes above this amount in bank account

The income tax rules have made quoting of PAN number mandatory. These include opening of bank account, demat account, FD deposit, depositing cash above the specified threshold.

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Paytm launches UPI SDK to enable customers pay directly within the merchant app

Paytm's UPI SDK is part of the existing UPI acquiring arrangement between Paytm Payments Services Ltd. and Paytm Payments Bank, under which Paytm Payments Services Ltd provides UPI acquisition service to merchants. This UPI SDK is an add-on feature under the same arrangement.

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