Page 4 - Latest Updates on Income tax
New rules from April 1: Zero tax on income up to Rs 12L, see all changes
Salaried individuals with an income of up to Rs 12.75 lakh will have no tax liability after accounting for a Rs 75,000 standard deduction
 "New rules from April 1: Zero tax on income up to Rs 12L, see all changes")
New financial year set to bring key tax, pension, and MSME reforms
The new income tax slabs under the new tax regime have been modified to increase the basic exemption limit from ₹3 lakh to ₹4 lakh
 "New financial year set to bring key tax, pension, and MSME reforms")
Missed advance tax deadline? Salaried person can still avoid interest
Failing to pay advance tax or adjust TDS in time may attract interest under Section 234C for delays and 234B if 90% of the total tax remains unpaid by March 31
 "Missed advance tax deadline? Salaried person can still avoid interest")
Taxmen to assess only undisclosed income in search cases: Finance Bill
The amendment, which was approved by the Lok Sabha on Tuesday, will be made effective retrospectively from September 1, 2024
Old and new tax regimes: How to choose the best option for saving money
Each regime has its own tax slabs, deductions, and exemptions
Financial transactions within family: Maintain record to avoid IT notice
Banks are required to report cash deposits exceeding ~10 lakh in savings accounts or ~50 lakh in current accounts, which may trigger scrutiny
 "Financial transactions within family: Maintain record to avoid IT notice")
Should you continue investing in PPF, SSY, NPS under the new regime?
Salaried taxpayers having non-business income will have the option to choose between the new and old tax regimes every year
 "Should you continue investing in PPF, SSY, NPS under the new regime?")
Income Tax Bill 2025: Centre seeks public input on bill, launches eportal
The new income tax bill seeks to modernise the tax system by simplifying it and ensuring greater transparency
 "Income Tax Bill 2025: Centre seeks public input on bill, launches eportal")
FAQs on revised guidelines for compounding of offences under I-Tax act
Following the issuance of the guidelines, queries were received from stakeholders seeking clarifications on various provisions
Govt likely to bring back single tax return system for search cases
Single return may cover six years plus part-year when investigation is done
 "Govt likely to bring back single tax return system for search cases")
March 15 is deadline for last advance tax installment: Know if you must pay
Individuals with a total liability of more than Rs 10,000 for the year must pay advance tax
Income Tax Bill: Lok Sabha panel weighs expanding 'accountant' definition
The Institute of Chartered Accountants of India (ICAI), which briefed the panel at its first meeting on March 6, has opposed any changes to the definition
 "Income Tax Bill: Lok Sabha panel weighs expanding 'accountant' definition")
I-T Bill may not impact revenue collection: MoS finance Pankaj Chaudhary
The Bill retains existing technological reforms, including initiatives such as pre-filled income tax returns (ITRs), the Annual Information Statement, and faceless proceedings
 "I-T Bill may not impact revenue collection: MoS finance Pankaj Chaudhary")
March 31 deadline: Invest in tax saving instruments to claim deduction
If you have chosen the old tax regime, ensure that your tax-saving investments under Sections 80C, 80D, 80G, and others are made before March 31 to maximise tax benefits
 "March 31 deadline: Invest in tax saving instruments to claim deduction")
Social media accounts accessed only in search, survey ops: I-T official
The official rejected claims made in some reports and opinion pieces that the tax authorities have been granted additional powers to breach the passwords of electronic records, including email
 "Social media accounts accessed only in search, survey ops: I-T official")
Over 30k taxpayers declare foreign assets worth ₹29k cr in CBDT's campaign
24,678 taxpayers reviewed their ITRs and 5,483 taxpayers filed belated returns for AY 2024-25, declaring foreign assets worth Rs 29,208 crore and additional foreign income of Rs 1,089.88 crore
 "Over 30k taxpayers declare foreign assets worth ₹29k cr in CBDT's campaign")
I-T notices: High-value expenses must sync with bank withdrawals, e-txn
Tax experts say that when declared income is high but bank withdrawals are minimal, it raises concerns about unreported cash transactions
 "I-T notices: High-value expenses must sync with bank withdrawals, e-txn")
How many times a taxpayer is allowed to switch between old & new tax regime
Salaried taxpayers with non-business income can switch between tax regimes yearly. Those with business income who opt out of the new regime cannot re-enter later
Govt may ease norms to allow 2-month window for ITC on credit notes
Move would give taxpayers flexibility and preclude a financial burden
 "Govt may ease norms to allow 2-month window for ITC on credit notes")
CBDT amends norms, mandates detailed income disclosures for business trusts
For tax purposes, business trusts such as REITs, InvITs, and certain AIFs get pass-through status and are not taxed on the income earned by them
 "CBDT amends norms, mandates detailed income disclosures for business trusts")
