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I-T dept flags financial reporting error after sending advance tax notices; asks tax-payers to wait for updates

The Income Tax department has clarified that due to a data reporting error by a yet-unnamed entity, taxpayers have received notices for paying higher advance tax for financial year 2023-24. The I-T department has now asked such taxpayers to wait for updated data. ....

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I-T dept finds discrepancies in SFT reports filed by certain banks

I-T dept finds discrepancies in SFT reports filed by certain banks
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Here are the tax risks of being a joint holder

It has been well settled under tax laws that even if investments are held in joint names along with a spouse, the investment and the income therefrom would be regarded as belonging to the first named holder. ....

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