Tax Professional Blogs

It's easy to comprehend senior citizenship in India. The law defines a senior citizen in India as any citizen who is 60 years of age or older; this definition replaces the previous one, which was 65 years. Various age requirements used to apply for different things, such as airline and train tickets, but they are now all fixed at 60 years old. A person who is 60 years of age or older on the last day of the fiscal year is considered a senior citizen, as defined by the Income Tax Act.

The Income Tax Act prescribes penalties for different assessee defaults, such as non-payment of Self Assessment Tax, failure to pay taxes, and failure to file income returns. There are also penalties for underreporting and misreporting income. Underreporting occurs when someone declares less income on their tax return than they actually earned.

This is an easy way to figure out how long an Income Tax Return takes to process. Furthermore, this post lists the many kinds of notifications that are issued following successful processing steps. There is a simple method available to understand the ITR processing time. Additionally, Here are provides a variety of alerts that are sent out via this blog post after processing is successful. July 31st was the deadline for filing the ITR (Income Tax Return) for the fiscal year 2022–2023 (assessment year 2023–2024). However, not many income tax returns have been processed by the income tax department yet. Furthermore, several social media users have been venting their frustration about the protracted processing times. An incorrectly filed ITR will prevent the ITR filer's income tax refund from being credited to their bank account.

Find out the IT (Income-tax) liability on marriage gifts for newly married couples. Also, we have showcased tax liability for divorced couples. The tax treatment of gifts accepted during ceremonies, the tax liability associated with gifts given to the life partner, the tax liability of minors, and the taxation liability of alimony.

A thorough explanation of how to use a typical portal function to rapidly fix problems in the income tax challan. We also display the specifics of the status. The income tax department has implemented an online challan rectification option on the ITR portal to facilitate of IT (Income Tax) payments and resolve any inaccuracies in the income tax challans. The same functionality has been made in order to improve the accuracy and efficiency of the income tax payment process.

The facts regarding income tax forms 60 and 61 for reporting income have been briefly covered here. Its drawbacks and advantages have also been discussed. In financial transactions, Income Tax forms 60 and 61 in India have specialized functions. When someone does certain transactions that require a Permanent Account Number (PAN) but does not have one, they must use Form 60. As a confirmation of place and identity, it serves this purpose.

For all individuals' help, in this article post, we have described conditions about cash transaction limit such as per income tax act. Section 269ST of income tax was introduced in 2017, which people should obtain the amount of Rs 2 Lakh or exceeding beneath the mentioned of this conditions such as in aggregate from a person a day, toward the single transaction and, etc.