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The new 20% TCS rule on international travel is coming into effect on October 1st, 2023. Here's what you need to know about how it will impact your travel plans and how you can save money.

International Travel To Get More Expensive From October: Everything You Need To Know

The deadline to verify income tax returns is today, August 30. Take a look at what data is used by the Income Tax Department to assess a taxpayer’s income.

ITR: How does the income tax department assess your income?

August 30 is the last date to verify ITR. Verification of ITR is a crucial step in the filing process and failure to complete it can lead to levy of a penalty and a notice from the tax authorities.

ITR Filing: Why August 30 is an important date for income tax payers who have not e-verified their ITR

Tax On Gifts: There are some rules of income tax in case of gifts, about which people are not aware. Know here which people's gifts are not taxed and whose gifts are taxed.


Money Guru: Will gifts received from parents attract tax?

In some cases, the refund may not have been deposited due to certain lapses on the taxpayer’s end. If prompt steps are not taken to address the mistake, the tax refund will not be deposited in the individual’s bank account.

ITR: Possible mistakes due to which you haven't received your income tax refund

The Income Tax Department has also started notifying taxpayers, reminding them to verify their tax returns before the due date.

ITR: Late fee that you have to pay if you fail to verify income tax return before August 31

The Income Tax Department may make errors in processing ITR, which could lead to excess refund being deposited in a taxpayer's account. Tax payers may also get a notice from the I-T Department for recovery of excess amount along with interest.

ITR: Got excess income tax refund? Know possible reasons and what you should do

In case there are any mismatches in the details or total tax liability, an 'outstanding tax demand' notice is issued by the department to taxpayers. A demand notice is issued under Section 156 of the I-T Act if any demand arises for interest, penalty, fine or any other sum.&nbsp;&nbsp;

ITR: What is a Tax Demand Notice? How to reply to it?

&nbsp;Employees enjoying rent-free accommodation would see rationalisation of perquisite value leading to a reduction in taxable salary, increasing the net take-home pay.

CBDT notifies rules for valuing rent-free accommodation perquisite provided by employers

Employees receive HRA as part of their total salary. It can be claimed by employees to cover the cost of renting a house. HRA is fully taxable if the employee is living in his own house or if he is not required to pay any rent.&nbsp; &nbsp;

From LTA, food coupons to reimbursements, why government gives employees tax exemption on these things

Updated return or ITR-U allows for the filing of an updated Income Tax Return by any person irrespective of the fact they have already filed an original, revised or belated return for the relevant financial year.

ITR Filing: Know the conditions when you cannot file an updated Income Tax Return

Restructuring salary may not maximise the take-home amount for an employee but it will help minimise the taxable amount by increasing your savings. You can claim exemptions for using cabs to office or work related commuting, phone bill reimbursement and meal reimbursement, among others to increase deductions.

Income Tax: How can I restructure my salary to claim maximum deductions?

Income tax notices can be sent if your return has been selected for scrutiny or if there is a need for additional information against the ITR you have filed. Even if you have filed your ITR on time, you may receive a notice from the Income Tax Department due to any discrepancies in return.&nbsp;&nbsp;

ITR: If you get notice from Income Tax Department; here's what you should do

Nearly 10 per cent of taxpayers took no advantage of the Section 80C deductions. Only 55 per cent of taxpayers fully utilised the Rs 1.5 lakh deduction limit, with another 10 per cent claiming the deductions between Rs 1 to Rs 1.5 lakh.

ITR Filing Trend Report: 85% taxpayers opted for old tax regime and other key details

BCCI paid Rs 1,159 crore income tax in 2021-22 — 37% higher than last year 

&nbsp;Responding promptly and accurately to these communications ensures a seamless interaction with the income tax system.

How to check notice in the income tax portal

If you have claimed substantial losses in return without the necessary supporting documents, this might trigger an investigation by the tax department, So it's important to submit all necessary documents on losses and deductions claimed in ITR filing.

7 reasons you can get an income tax notice; how to deal with it

While the process of receiving your income tax refund is governed by certain procedures, there are several proactive steps you can take to expedite the refund. The Income Tax Department will initiate the refund after processing of your ITR.

Income Tax Refund: These tips will help you get income tax refund quicker

The Income Tax Department allows rectifying the errors in ITR Filing through submission of a "Rectification Request". A revised return can also be filed under Section 139(5) of the Income Tax Act, 1961, for more significant changes like claiming missed tax deductions.

Revised Return: I made some mistakes when filing ITR; how can I rectify them?

GST frauds are a serious revenue leakage, but there are steps you can take to protect yourself. In this video, we'll show you how to verify GSTINs, check compliance history, and spot red flags that indicate a fake GST registration. By following these tips, you can minimise the risk of falling victim to a scam.

GST Fraud: How to protect your business from fake GST registration scams

income-tax

Income Tax Department data shows that the government's net direct tax collections -- including income tax and corporate tax -- have risen 9.4 per cent so far this year, as of February 10.  

Income tax boost? Net direct tax collections rise 9% YTD as refunds fall 19% to Rs 3.34 lakh crore—10 things to know

Draft new income tax rules -- set to replace the income tax rules of 2025 -- are set to take effect from April 1, 2026. A number of changes are expected as soon as the incoming norms take effect. 

Draft Income Tax Rules 2026: Major changes likely in car perks, child education-linked allowances?

CBDT Chairman Ravi Agrawal stated, "You see in this budget, some very substantial significant proposals are there which aim at reducing litigation going forward because this has been an area of concern."

Budget measures are to ease compliance and reduce litigation: CBDT Chairman

Budget 2026 Reaction: Following the Budget announcements, reactions have been mixed. Here's how industry experts are reacting to the Finance Minister's announcements:

Budget 2026 Reaction: How India Inc is reading major announcements

India’s direct tax collections in FY 2025–2026 have risen 8.82 per cent so far, supported by steady corporate profits, higher personal income tax inflows and a sharp decline in refunds. With net collections touching Rs 18.38 lakh crore by January 11, the government enters the Budget season with stronger-than-expected revenue visibility.

Direct tax collections jump 8.8% in FY 2025–2026 so far; lower refunds lift government revenues

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Income Tax

International Travel To Get More Expensive From October: Everything You Need To Know

ITR: How does the income tax department assess your income?

ITR Filing: Why August 30 is an important date for income tax payers who have not e-verified their ITR

Money Guru: Will gifts received from parents attract tax?

ITR: Possible mistakes due to which you haven't received your income tax refund

ITR: Late fee that you have to pay if you fail to verify income tax return before August 31

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