NEW DELHI: Finance minister Nirmala Sitharaman on Wednesday urged the income tax department to follow a faceless, fair and friendly regime and ensure that communication was in simple language that did not frighten taxpayers.While thanking honest taxpayers at the 165th Income Tax Day celebrations, FM stated there were almost 59 lakh first time tax filers…
Budget 2024 indexation relief: The government has provided a significant relief to taxpayers by introducing an amendment that allows them to choose between a 12.5% long-term capital gains (LTCG) rate without indexation or a 20% rate with indexation for properties acquired before July 23, 2024. This development was included in the list of amendments to…
PAN, Aadhaar Card not linked? The income tax department has provided relief to those dealing with taxpayers who failed to link their PAN and Aadhaar by the June 30, 2023 deadline. The department has relaxed the deadline for imposing penalties on such cases.Individuals whose PAN became inoperative due to non-linkage faced higher tax deduction at…
IT extends penalty deadline for those who haven't linked PAN & Aadhaar Source link
Income Tax notice coming your way? The income tax department is set to send notices to individuals who have not filed tax returns, despite having tax deducted at source on their incomes, according to Central Board of Direct Taxes (CBDT) chairman Nitin Gupta. In an interview with ET, Gupta stated that there are approximately 15…
