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Lower effective tax rate of 39% instead of 42.74% in top bracket of new tax regime; here's how marginal relief works

Surcharge on income: Individuals having income(s) above Rs 50 lakh have to pay an additional tax known as surcharge . Budget 2023 made Surcharge rate applicable on the highest income slab to 25% from 37%. Abhishek Soni from Tax2Win says, "This move brought down the effective tax rate from 42.74% to 39%." ....

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Have you checked your advance tax liability? Pay by this date to avoid penalties

Advance tax: If your estimated tax liability for any given financial year after subtracting tax deducted at source (TDS) exceeds Rs 10,000 then advance tax needs to be paid following a specified schedule. However eligible senior citizens and other prescribed individuals need not pay advance tax. Read here to know more about advance tax. ....

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ITR portal shows inflated income to some taxpayers; Rs 450 showed as Rs 45000. Here's what to do if you face similar issue

The Income-tax department said on X said that they have "identified certain inconsistencies in the data of the securities market (SFT-17) provided by one of the Reporting Entities." It appears that due to this the Income-tax department s Compliance Portal showed highly inflated transaction values for some taxpayers in their annual information statement (AIS). Some taxpayers say that their sale consideration of Rs 4 lakh got inflated to Rs 17 crore. There are many taxpayers who complained on X about the Compliance Portal showing inflated transaction values in their AIS. ....

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You may get waiver above Rs 1 lakh on your income tax demand notice in these cases

Income tax demand waiver: The Central Board of Direct Taxes (CBDT) has stated in a circular dated February 13, 2024 that the tax department would waive off all eligible tax demands up to an aggregate limit of Rs 1 lakh per taxpayer. Experts opine that if the tax dept waives off both tax demand and interest on such demand, the quantum of demand waived can be much more than Rs 1 lakh. ....

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Taxpayers, check ITR portal NOW: Pending tax demand up to Rs 1 lakh per individual waived by govt

Income tax outstanding demand: The Central Board of Direct Taxes (CBDT) has stated via a order that the income tax department has started waiving eligible old tax demand. However a maximum ceiling limit per taxpayer/assessee has been set and no outstanding tax demand entries above this ceiling limit would be extinguished. ....

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