The High Court has strongly criticized officials from the Income Tax Department for conducting raids on an advocate’s premises without a warrant. The officials seized both digital and physical files of a client and barred the advocate from court for three days.
In a bid to combat tax evasion and promote transparency in financial transactions, banks in India have been directed to notify the income tax department about significant cash deposits involving ₹2,000 currency notes above a specified threshold. This reporting requirement falls under the statement of financial transactions (SFT) that banks are mandated to submit annually.
Tax season can be a daunting time for many individuals, particularly those who are not well-versed in tax laws and regulations. With the constant changes in tax laws and the complicated nature of tax filing, it can be a real challenge to navigate the process on your own. This is where a tax consultant for individuals comes in handy
Form 26AS is a crucial document that outlines the specifics of any sum that has been deducted from a taxpayer’s income as TDS or TCS from a variety of sources. Additionally, it provides information on the amount of advance tax or self-assessment tax that has been paid, as well as any high-value transactions that the […]
TDS or Tax Deducted at Source is a direct tax mechanism introduced with the aim of collecting tax from the very source of income. The government uses TDS to minimize tax evasion by taxing the income partially or wholly at the time it is generated rather than at a later date.
Section 80C of the Income Tax Act, 1961, provides various tax-saving options to individuals. One can save up to Rs. 1.5 lakh per year through investments under Section 80C. These investments not only help in saving taxes but also aid in wealth creation. Let’s look at some of the top investments under Section 80C.