by AIP Online Bureau | Aug 17, 2024 | Health, Indian News, Policy, Wealth Management/ Philanthropy
Senior IT officials told that transactions over Rs 2 lakh in cash were required to be reported through a statement of financial transaction (SFT) by financial institutions but that was not happening. The department identified some of the businesses, such as hotels,...
by AIP Online Bureau | Mar 10, 2024 | Eco/Invest/Demography, Indian News, Policy, Technology
“On the basis of analysis of the taxes paid so far during the current financial year, the Department has identified suchpersons/entities where payment of taxes for F.Y. 2023-24(A.Y. 2024-25) is not commensurate with the financial transactions made by the...
by AIP Online Bureau | Sep 5, 2023 | Data, Eco/Invest/Demography, Policy
More than 2.45 crore refunds have already been issued, it noted, adding it was committed to processing the remaining Income Tax returns in a speedy and efficient manner New Delhi: The Income Tax Department has so far processed more than 6 crore tax returns for the...
by AIP Online Bureau | Aug 17, 2023 | Eco/Invest/Demography, Indian News, Life, Policy, Wealth Management/ Philanthropy
According to the change, for policies issued on or after April 1, 2023, the tax exemption on maturity benefits under Section 10(10D) will only be applicable if the aggregate premium paid by an individual is up to Rs 5 lakh a year New Delhi: The Income Tax department...
by AIP Online Bureau | Feb 6, 2023 | Data, Eco/Invest/Demography, Technology
The government has made the linkage of the two databases mandatory and declared that those individual PANs that are not attached to the Aadhaar by the end of this financial year (March 31, 2023) will be rendered inoperative. New Delhi: About 48 crore individual...
