The Indian tax system allows salaried individuals to file their Income Tax Return (ITR) using either the old tax regime or the new tax regime. Each option has different tax rates, deductions, and exemptions, so picking the right one can significantly affect your tax bill.This article will explain both systems to help you figure out which one is best for your … [Read more...] about Old vs. New Tax Regime: Which One Is Best for Employees?
Income Tax
What is an Income Tax Notice under section 143(2) and how to respond?
The Income Tax notice under section 143(2) is sent to make sure that taxpayers haven't reported less income, claimed too many losses, or paid too little tax.To start an assessment under section 143(3), the tax officer must send this notice according to the rules of section 143(2). This assessment is more detailed and thorough. Importantly, a notice under section 143(2) can … [Read more...] about What is an Income Tax Notice under section 143(2) and how to respond?
Income Tax Notices u/s 245: Offsetting Demands with Your Refund
A notice under section 245 is sent by the Income Tax Department to ask taxpayers if they want to use their current year’s tax refund to cover any tax they owe. This notice gives taxpayers a chance to agree or disagree with the tax demand. This article will look at the details of section 245 of the Income Tax Act.What is Intimation Under Section 245?Intimation under … [Read more...] about Income Tax Notices u/s 245: Offsetting Demands with Your Refund
Income Tax Notice for Demand Under Section 156: What It Is & How to Respond
A notice for demand under Section 156 of the Income Tax Act is a formal letter sent by the income tax department to a taxpayer. It is issued when the department believes that the taxpayer owes money in taxes. The notice informs the taxpayer about the amount they need to pay and provides details on how to do so. Essentially, it’s a request for payment of taxes that are … [Read more...] about Income Tax Notice for Demand Under Section 156: What It Is & How to Respond
Income Tax Collection in India: Trends and Insights (2000-2024)
The Income Tax Department's data from the financial year 2000-01 to 2023-24 provides an in-depth analysis of India's tax revenue generation trends, specifically from direct taxes. This collection includes figures for corporate taxes, personal income taxes, and other direct taxes, showcasing how the country’s tax landscape has evolved. Here, we look at various aspects … [Read more...] about Income Tax Collection in India: Trends and Insights (2000-2024)