This has come after the Income Tax Department for the first time launched the return filing utilities on its portal from the first day of the assessment year, that is, April 1, 2024.
For the first time in many years, the IT Department has opened return filing utilities on the first day of the new financial year. Some 23,000 taxpayers filed their ITRs between April1 and April 3. But tax experts suggest waiting until updated AIS and Form 26AS are available.
Financial Literacy News: Tax Deducted at Source (TDS) plays an important role in the Indian tax system, ensuring that taxes are collected at the source of income itself. It's important to not only deduct TDS at the specified rate but also to ensure the accurate deduction based on one's PAN-Aadhaar linking status. Failing to do so can lead to higher TDS rates if the PAN is inoperative or inactive due to non-linkage with Aadhaar.
Indian Parliamentarian Raises Concerns over 1 Percent TDS on Digital Assets : Rashtra News #Indian #Parliamentarian #Raises #Concerns #Percent #TDS #Digital #Assets As India's tax policies near the enforcement date of April 1, a member of parliament from the Bahujan Samaj Party (BSP), Ritesh Pandey, has expressed concerns in the Lok Sabha. Pandey has said
Financial Literacy News: Many employees have the provision for House Rent Allowance (HRA) as a part of their salary structure. To lower their tax burden, many claim HRA exemption if they live in rented accommodation. Recently, the Income Tax Department discovered HRA fraud involving illegal use of Permanent Account Numbers (PAN). They found thousands of high-value cases, some exceeding Rs 10 lakh.