You can claim certain income tax deductions under different heads and therefore reduce your overall income tax liability. Section 80C of the Income-tax Act, 1961 is one of the most widely used deductions that offers a deduction of up to Rs 1.5 lakh in each financial year. But, there are others deductions as well that you can claim and lower your income tax outgo. Check what are the deductions that you can claim in FY2023-24.
Income Tax News Latest: India, with a population of approximately 140 crore, faces a striking paradox in its income tax landscape. Recent statistics reveal that merely 6.65 crore individuals, constituting a mere 4.8% of the total population and 6.3% of the adult population, contribute to the country s personal income tax collection. This situation raises concerns as a mere 5% of taxpayers shoulder a significant 76% of the total income tax revenue generated by the government.
As per the guidelines, tax officers will have to send a notice under section 143(2) of the I-T Act by June 30 to the assessee regarding discrepancies in income