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Stricter disclosures by trusts likely, govt mulls changes in I-T Act

Stricter disclosures by trusts likely, govt mulls changes in I-T Act
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Karanjot singh khuranaLakshmikumaran sridharanRitika nayyarSinghania coIncome tax departmentFinancial action taskIncome tax actFinancial action task forceIncome tax

Real estate deals, credit card transactions: 6 times one can get Income Tax notice

It is to be noted that the Central Board of Direct Taxes (CBDT) requires banks to mandatorily report any instances in which an individual deposits a total of Rs 10 lakh or more during a financial year.

Ritika nayyarIncome tax departmentIt departmentSinghania coCentral boardDirect taxes

LTA exemption: What is Leave Travel Allowance and can you claim it at the time of filing your income tax return? | Business

Financial Literacy News: Salaried individuals typically need to give proof of their expenses and investments to get tax deductions under the Income-tax Act. One common tax exemption available to salaried individuals is the Leave Travel Allowance or LTA. Leave Travel Allowance (LTA), often included in your salary, pays for your vacation travel expenses. It also covers travel costs for family members such as spouses, children (up to two if born on or after October 1, 1998), dependent parents, and dependent siblings.

Aalok agrawalKuldip kumarAbhishek soniShalini jainRitika nayyarPartner at mainstay tax advisorsPartner at singhania coLeave travel allowanceTravel allowanceTax partnerIncome tax actDeloitte indiaMainstay tax advisorsIncome tax rulesTravel expensesTax saving proofs

LTA exemption: Submit tax-saving proofs to employer by March 31 deadline as claiming LTA in ITR is a hassle

LTA, usually a component of your salary, covers the expenses of your travel during vacation. The cost incurred for family members who travel with an employees is also allowed as exemption. To claim LTA, the employee typically needs to submit documentary evidence of the incurred travel expenditure to the employers within specific deadlines.

Kuldip kumarRitika nayyarNeeraj agarwalaAbhishek soniSujit bangarShalini jainAalok agrawalSinghania coMainstay tax advisorsLeave travel allowanceTax partnerIncome tax actIncome tax rulesNangia andersen indiaLta exemptionCurrent lta block

Budget 2024 LIVE Updates Income Tax: Will Budget 2024 allow more deductions under new income tax regime? All eyes on FM

Income Tax Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman will present the interim budget for fiscal year 2024-25 on February 1, 2024. By definition, it will be a Vote on Account ahead of the Lok Sabha Elections scheduled later in April-May this year. Traditionally, the central government does not announce any significant reforms in the Votes on Account. "In Votes on Account, the tax structures and rates are generally not revised and significant changes to taxation are usually proposed in the subsequent full budget presented by the newly elected government," says Dr. Suresh Surana, Founder, RSM India. However, hopes are high from Sitharaman s last budget as middle-class taxpayers are eagerly waiting for some much-needed relief. More deductions in the new income tax regime, a hike in the standard deduction limit, and simplification of the capital gain tax regime are some of the demands of Indian income taxpayers from Budget 2024. 1) Tax deduction for contributin

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