These cash transactions may attract up to 100% penalty by Income Tax department
Any violation of the above limit attracts heavy penalty. “The penal consequences of violating the mandate above is imposition ...
Run-up to Budget 2025: Need for some deduction-related relief in new regime
India's Budget 2025 may potentially abolish the old tax regime. The new tax regime, default since 2020-21, offers simplified, ...
Wait until I-T portal glitch is resolved before revising returns, CAs tell tax-payers
At present, small tax-payers with special rate income such as short-term capital gains are unable to claim the rebate under section 87A, even if their income is below the basic exemption limit, as the ...
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Throwing light on income tax rebate under Section 87A
The quantum of maximum rebate under Section 87A is ₹12,500. So, in case the total tax before cess is less than ₹12,500 for an ...