Diabytes
Income-tax Act News
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The I-T department recently launched the 'e-Pay Tax' feature which aims to simplify tax-related procedures for taxpayers.
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On April 23, 2024, CBDT extended date for linking of PAN and Aadhaar May for the taxpayers (for the transactions entered into upto March 2024) to avoid higher TDS/ TCS as per the income tax act.
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During the course of the survey operation, evidence of tax evasion has been gathered regarding wrongful claims of deduction u/s 80JJAA of Income-tax Act, 1961.
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This would enable both the countries to exchange CbC Reports filed by the ultimate parent entities of International Groups in the respective jurisdictions.
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Looking into the data of the last five years, ELSS returned over 19 percent.
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Prime Minister Narendra Modi, during the annual conference of tax officers in September, had observed that the Income-tax Act, 1961 was drafted more than 50 years ago and it needs to be redrafted.
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Seeking to allay concerns of taxpayers, CBDT has asked them not to get terrorised by threats of their cases being wilfully chosen for "scrutiny" by the taxman as the procedure is fully electronic and devoid of any human intervention.
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Seeking to boost household savings, the Finance Ministry is considering doubling the exemption limit for investments by individuals in financial instruments to Rs 2 lakh.
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