If you disagree with the notice, be ready to explain.
If you have not yet filed an ITR for the 2022-2023 financial year, you can file a belated return.
Employees who benefit from rent-free accommodation should pay heed to these new regulations, especially if they are in the higher salary brackets.
Through a revised return, you can make changes to your ITR and even end up paying lower tax.
Missing the deadline for filing Income Tax returns can lead to consequences.
Failure to disclose any income can lead to penalties and legal issues.
Non-compliance can also result in legal complications and disputes with the tax authorities.
It is important to have the necessary documents on hand to verify the information in the form.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
'Don't wait until the last minute. Instead, cultivate the habit of monitoring your Form 26AS throughout the year.'
If you have any grievances or disputes regarding the demand stated in the notice, consider seeking professional help.
Only a small percentage of passengers who traveled on the trains involved in the June 2, 2023 accident in Odisha had availed of travel accident insurance while booking their tickets online on the IRCTC portal.
'If something unfortunate happens to an earning member, the family loses the crucial income which would have gone towards paying off debts, meeting the cost of children's higher education, or towards the upkeep of elderly parents.'
Employees should review the accuracy and completeness of the information provided in Form 16. They should confirm that all the tax deducted has been credited correctly.
Begin by creating a household budget. Involve all family members in the exercise and cut costs wherever possible.
Keep sufficient funds in your bank account until the cheque is cleared.
If your flight is cancelled or delayed or you miss one, a travel insurance policy can cover the costs at such times and help you book a new one.
'Individuals can consider dividing ownership of properties between related persons to ensure that the sale transactions are below the Rs 50 lakh limit and therefore not subject to TDS.'
The Income-Tax (I-T) department has issued around 8,000 notices to salaried employees, self-employed individuals, and companies who made significant donations to charitable trusts. The department suspects potential tax evasion, as records of these donations do not correspond with the income and expenses of those making them. Sandeep Bajaj, managing partner, PSL Advocates & Solicitors, says, "Notices were issued for donations made during the assessment years of 2017-18 through 2020-21."
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