Blog tagged as Income Tax

CBDT Notifies New Form 10IEA for Opting & withdrawing from New Tax regime for FY 23-24

By Nandhakumar & Sundaran

CBDT issued Notification No. 43/2023-Income Tax dated 21st June 2023 and notified New Form 10IEA for Opting & withdrawing from New Tax regime for FY 23-24. This notification introduces new rules to amend the Income-tax Rules, 1962. Here are the key provisions:

Rule 2BB: An employee who has exerci...
23.06.2023 09:50:10 AM - Comment(s)
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The Income Tax Department has released JSON Schema ITR 1 and ITR 4 for AY 2023-24 (FY 2022-23)

By Nandhakumar & Sundaran

ITR 1: For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand.

ITR 4: For Individuals, HUFs and Firms (other than LLP) being a...
12.04.2023 10:00:00 AM - Comment(s)
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CBDT notifies Cost Inflation Index for Financial Year 2023-24

By Nandhakumar & Sundaran

The Cost Inflation Index for Financial Year 2023-24 at 348 vide Notification No. 21/2023-Income Tax Dated: 10th April, 2023. Cost inflation Index for Financial Year 2022-23 was 331 so Increase in Cost Inflation Index for FY 2023-24 is mere 5.14%.

11.04.2023 10:00:00 AM - Comment(s)
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Some of new income tax rules w.e.f 1st April 2023 for taxpayers

By Nandhakumar & Sundaran

  • New income tax regime to be default regime
  • Tax rebate limit raised to Rs 7 lakh
  • Standard deduction of Rs 50000 provided to employees under old tax regime extended to new tax regime
  • Changes in Income Tax slabs
     The new tax rates are
     0-3 lakh - nil
     ...
30.03.2023 05:15:09 PM - Comment(s)
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Non-resident taxpayers without PAN can file Form 10F manually till 30th September

By Nandhakumar & Sundaran

The income Tax Department has provided a partial relaxation provided to Non-residents not having PAN and not required to have it under the provisions of the Income-tax Act, 1961 to file Form 10F manually till 31st March 2023. The same has been further extended till 30th September 2023.

Reference is i...
30.03.2023 04:59:51 PM - Comment(s)
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