# tax regulations
9 posts in `tax regulations` tag
Taxation On Gifts Under Section 56(2)(x)(b) Income Tax Act 1961
First of all, before receiving any gift from anyone, just ensure that the gift is from a real or genuine person or source. It must not be related to proceeds of crime, black money, or scammers.
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By Krishna
Updated Income tax regulations tax benefits employees accommodation free rent
High-earning employees who receive rent-free accommodation from their employers are set to enjoy increased savings and a larger take-home salary. The income tax department has updated its valuation guidelines for such accommodations.
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By Krishna
Consequences of Late Income Tax Return Filing: Understanding the Implications
To avoid such penalties and fees, it's advisable to file your returns promptly, preferably before the July 31 deadline. Once all your data is ready, don't delay in filing. Understanding the costs and consequences of late tax return filing is essential to maintain compliance and financial well-being.
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By Krishna
ITR Filing 2023: Exemption for Senior Citizens from Income Tax Return Filing - All the Details
Under the provisions of Section 194P of the Income Tax Act, senior citizens are exempted from filing income tax returns (ITR) if they fulfill specific conditions. These conditions include being a resident of India and reaching the age of 75 years or above by the end of the financial year 2022-23.
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By Krishna
Revenue Secretary Confirms: No Extension for Filing Income Tax Returns Deadline
Sanjay Malhotra-Revenue Secretary: Advised taxpayers not to wait for the extension ITR filing deadline which is 31st July 2023. Ensure to file your tax returns as early as possible.
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By Krishna
CBDT Clarifies Tax Implications of Offshore Investments through Alternative Investment Fund: Key Insights
The definition of 'investment fund' in the Income-tax Act, of 1961 underwent an amendment through the Finance Act of 2023.
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By Krishna
Incorrect Deductions and Exemptions in ITR: Understanding the Consequences and Avoiding Serious Penalties
It is essential to exercise utmost care and accuracy when reporting income and claiming deductions in your ITR. Misrepresentation or wrongful claims can result in severe penalties and legal implications. Compliance with tax regulations is of paramount importance to ensure a fair and transparent tax system.
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By Krishna
Income Tax Department Conducts Verification of Reporting Entities: Insights and Implications
The obtained information is then presented to taxpayers in the form of the Annual Information Statement (AIS) through their e-filing accounts. This significant measure aims to simplify the process of accurately filing income tax returns for individuals.
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By Krishna
CBDT proposes changes to Rule 11UA
To bring the consideration received from non-residents for the issuance of shares under the purview of section 56(2)(viib) of the Income-tax Act, 1961 (the Act), which states that if the consideration for the issuance of shares exceeds the Fair Market Value (FMV) of the shares, it shall be chargeable to income-tax under the head “Income from other sources,” an amendment has been made to the Finance Act, 2023.
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By Krishna