INCOME TAX BLOGS

compliled by LALAN ASSOCIATES

23rd May 2025 compilation

Summarize and edit all provisionsIt took me 2.5 Hrs to summarize and edit all provisions. Notes: Presumptive Taxation: Choose ITR-4 if using 44AD/44ADA/44AE. Capital Gains: Use ITR-2 or

Updated ITR U Notified by Income Tax Dept Now ITR U can be filed for 4 previous yearsUpdated ITR U Notified by IncomeTaxIndia Now ITR U can be filed for 4 previous years Now filing for 4 Assessment Years have been notified in the form.

ARTICLE ON LIMIT ON HOLDING OF GOLD AS PER INCOME TAX ACT 1961LIMIT ON HOLDING OF GOLD AS PER INCOME TAX ACT 1961 (Prudent Requirements under Income Tax Act on holding of Jewellery more than the limit

Income Tax Department Announces ITR Forms for 2025-26Income Tax dept notifies all 7 ITR forms for assessment year 2025-26 The income tax department has notified all seven income tax return forms for

કરદાતાઓ માટે મોટા ખુશખબર; 2 નહીં હવે 4 વર્ષ સુધી કરી શકાશે આ કામ, થઈ ગઈ મોટી જાહેરાતIncome Tax Return: ITR-U નો હેતુ કરદાતાઓને જૂના ટેક્સ ફાઇલિંગમાં થયેલી કોઈપણ ભૂલોને સુધારવાની તક આપવાનો છે. આ નિયમ કર નિયમોનું પાલન સરળ બનાવવામાં અને ભૂલો સુધારવામાં મદદ કરશે.

How To Check Income Tax Refund Status For FY 2024-25 AY 2025-26Income tax refund arises when the tax you paid to government is more than what you are supposed to pay. Government collects taxes through TDS, advance tax

Digital Form 16 Update 2025Latest Update The updated Form 16 now provides more detailed information than before. While the old version only had basic details, the new one includes

TDS/TCS Due Dates for F.Y.2025-26(Payment, Statement, Return, Certificate)TDS/TCS Due Dates for F.Y.2025-26(Payment, Statement, Return, Certificate) #follow TaxationUpdates

Changes in ITR filings for AY 2025-26Changes in ITR filings for AY 2025-26 KCP_IT Provisions_AY2025-26Download By CA Avinash Rawani

09th May 2025 compilation

Donated Excess 5,00,000 to political party under Income Tax Department ScanTaxpayers who have donated more than Rs. 5,00,000/- to political parties under strict Income Tax surveillance This scrutiny by the Income Tax authorities

Big Update for CBDT notifies ITR-Form 6 for AY 2025-26 vide Notification No. 44/2025Kind attention Taxpayers! CBDT notifies ITR-Form 6 for AY 2025-26 vide Notification No. 44/2025 dated 06.05.2025. Key updates: Schedule-Capital

ITR-3 for AY 2025-26 has been notified via Notification No. 41/2025 effective from 1st April 2025Kind attention, taxpayers! ITR-3 for AY 2025-26 has been notified via Notification No. 41/2025 dated 30.04.2025, effective from 1st April 2025. Here

Section 37 of the Income Tax ActGovernment provides several tax deductions to companies in order to boost business growth. However, they are applicable for a specific list of expenses

Income Tax and GST Compliance Calendar: May 2025Income Tax and GST Compliance Calendar - May 2025 Here's a combined chart summarizing the key Income Tax and GST compliance deadlines in India for May

Tax Changes Section 87A Rebate and Capital GainsAs MF investor, are my gains excluded from the Section 87A rebate calculation under New Tax Regime in FY2025–26? The Central Board of Direct Taxes (CBDT)

New CBDT Guidelines for ITR-1 and ITR-4 Filing Notification No. 40/2025Kind attention Taxpayers!CBDT notifies ITR-1 (Sahaj) & ITR-4 (Sugam) for AY 2025-26 via Notification No. 40/2025 dated 29.04.2025. Key updates: File

Income Tax Marginal Relief & Surcharge Rate Latest UpdateDo you come under one of the higher income tax brackets i.e. 30%? – If yes, you maybe liable to pay an additional surcharge on your Income Tax liability

Income Tax Department’s Big Announcement on Income Tax Returns ITR-V FormsCentral Board of Direct Taxes (CBDT), under the Ministry of Finance, has notified the Income-tax (Seventeenth Amendment) Rules, 2025 via Notification

NO need to File Form 10-IEA for opting out of new rax regime and then opt in for the new tax regime in subsequent year in ITR 1 & ITR 2NO need to File Form 10-IEA for opting out of new rax regime and then opt in for the new tax regime in subsequent year in ITR 1 & ITR 2 Form 10-IEA

Kind attention Taxpayers! CBDT notifies ITR-Form 2 for AY 2025-26 vide Notification No. 43/2025 dated 05.05.2025Kind attention Taxpayers! CBDT notifies ITR-Form 2 for AY 2025-26 vide Notification No. 43/2025 dated 03.05.2025. Key updates: Schedule-Capital Gain

ITR-1 (Sahaj) One mistake can make your return invalid. Check this eligibility table before you fileKind attention, taxpayers!ITR-1 (SAHAJ) for AY 2025-26 has been notified via Notification No. 40/2025 dated 29.04.2025, effective from 1st April

Big Updates in ITR for AY 2025-26: Changes in Tax Reporting and Capital GainsThe Central Board of Direct Taxes (CBDT) has notified Income Tax Return Form 3 (ITR-3) for Assessment Year 2025-26, applicable for

Income Tax Returns: Timeline for Refunds in 2025 updateFiling ITR This Month? Here's How Long The Refund Will Take The new financial year began on Apr. 1, and it's time for the taxpayers to gather all

Major Change in ITR Forms for A.Y. 2025-26, Now Capital Gain can be shown in ITR-1Major Change in ITR Forms for A.Y. 2025-26, Now Capital Gain can be shown in ITR-1Read the full update

ITR-1 and ITR-4 Eligibility for AY 2025-26 ExplainedThe Central Board of Direct Taxes (CBDT) has notified ITR-1 (Sahaj) and ITR-4. These forms will be applicable for Income Tax Return filing for Financial

22nd April 2025 compilation

UPI Transaction Limit in Bank Account as Per Income Tax 2025Income Tax Implications of UPI Transactions and E-Wallets In the modern era of digital payments, the introduction of Unified Payments Interface (UPI) in

Short Term Capital Gains Tax STCG Tax in 2025Budget 2025 has introduced key changes to Short Term Capital Gains tax (STCG), impacting investors across various asset classes. The intent behind these

Paying rent above Rs 50,000? Deduct TDS or face income tax default noticeThe Income Tax Department has issued a new brochure detailing Section 194-IB, which outlines a tenant’s responsibility to cut Tax Deducted at Source (TDS)

Income Tax: When Will ITR Filing Start for AY 2025–26? How Long Will It Take to Get a Refund?Taxpayers across India are preparing to submit their Income Tax Returns (ITRs) for the Assessment Year (AY) 2025–26 with the commencement of the new

01st April 2025 compilation

TDS Rates and Limit Changed from today 1st April 2025TDS Rates and Limit Changed from today 1st April 2025 Yes, there are changes in TDS rates and limits effective from today, April 1, 2025, as announced in

Tax Audit Reporting with Form 3CD Changes Effective April 1, 2025Central Board of Direct Taxes (CBDT) has issued key amendments to Form 3CD by notifying the Income-tax (Eighth Amendment) Rules, 2025,

INCOME TAX BREAKING: CBDT notifies changes in Form 26Q to incorporate Section 194TINCOME TAX BREAKING: CBDT notifies changes in Form 26Q to incorporate Section 194T: TDS on Payment of salary, remuneration, commission, bonus or interest

Tax department releases new Excel utility for ITR-2 filing, know big changedIncome Tax Return (ITR) filing season is here! From April 1, 2025, tax returns can be filed for the assessment year 2025-26 (financial year 2024-25). Like

Attention Employees! Changes in Income Tax Effective from April 1With the beginning of the new financial year on April 1, many important changes in the Income Tax rules will come into effect, providing relief to

40% TAX to watch an IPL game. This is a joke to the taxpayersWhile it's possible that in some instances the total tax on an IPL game ticket might approach 40% due to the combination of Goods and Services Tax (GST)

Income Tax Return 2025: Essential Guide to ITR Filing Dates, Forms, and Online SubmissionImportant Information on Filing Income Tax Returns for AY 2025-26 With the financial year 2024-25 about to end, the filing of income tax returns (ITRs)

26th March 2025 compilation

Finance Bill 2025 Big UpdateThe Income-Tax Bill, 2025 has been introduced in the Lok Sabha today.The Bill aims to simplify the tax system for all and is built on these core "SIMPLE"

Last Chance! Income Tax Dept Warning Message ITR for AY 2023-24 Before March 31, 2025 – Avoid Higher Taxes and Interest!Kind Attention Taxpayers!Please file Updated ITR for AY 2023-2024 by March 31st, 2025 to avail lower additional tax of 25% and Interest.Don’t delay, file

TDS/TCS Related changes applicable from 1st April 2025The recent amendments propose several changes to the Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) provisions under the Income Tax Act.

TDS Rate Chart for FY 2025-26 AY 2026-27TDS rates applicable to resident and non-resident payments as well as TDS rates on domestic and foreign companies in India. Any person paying income is

Big Relief for Senior Citizens: Tax-Free Limit on FD Interest HikedUnion Budget 2025 has brought in significant changes to the Tax Deducted at Source (TDS) rules, offering much-needed financial relief to taxpayers across

Understanding Tax Deductions: New vs Old SchemesIn this article, we will examine the differences between the new and old tax schemes, focusing on the various benefits and deductions available under

ATM cash withdrawals rules changes from May 1If you're someone who frequently stops by the ATM for cash, your wallet might feel a little lighter starting May 1, 2025. The Reserve Bank of India has

Filing ITR for Previous Yearbelated return is a return filed after the deadline i.e. 31st July of the next financial year but before 31st December of the next financial

NEW TAX RULES FOR HOMEOWNERS IMPACTING YOU FROM APRIL 2025The Indian tax landscape is set to undergo significant changes from April 1, 2025, particularly impacting homeowners. These revisions, aimed at providing

CAs' Handbook on Drafting Partnership DeedsCAs' Handbook on Drafting Partnership Deeds Chapter 1 Introduction What is Partnership? A partnership is an agreement between persons to share the profits

Major Crackdown on Suspicious Political Donations by Income Tax DepartmentMajor Crackdown on Suspicious Political Donations by Income Tax Department The Income Tax (IT) department has launched a substantial crackdown on

Capital Gains Tax on Sale of Property 2025Capital Gain Tax on Sale of Property?If you are planning to sell your property, you'll have to pay capital gain tax on the profit earned after considering

03rd March 2025 compilation

Income Tax Updated Return Deadline Nears, File Before March 31Taxpayers who need to rectify errors or omissions in their income tax returns for the current assessment year have a critical deadline approaching. The

Income tax return filing update for AY 2025-26ITR filing: Income tax return filing for AY 2025-26 starts from April 1, 2025, July 31 deadline for salaried taxpayers ITR filing 2025: The filing of

Tax Regime Switching How Many Times Can you changeThe ability to switch between income tax regimes in India depends on whether you have income from business or profession or if you are a salaried

New TDS, TCS Rules from 1 April, 2025: What You Need to KnowThe Finance Bill 2025 has proposed several changes to the rules related to tax deducted at source (TDS) and tax collected at source (TCS). These rules,

28th February 2025 compilation

Income Tax Department Sending Demand NoticesIncome Tax Claimed 87A tax rebate for capital gains? Income-Tax Dept sending demand notices. Tax rebate under Section 87A helps taxpayers lower their tax

CBDT Launches Self-Help Tool for Instant Answers on Income Tax Bill 2025The Income Tax Department has launched an online self-help tool to assist taxpayers in navigating the proposed changes in the Income Tax Bill 2025. This

Tax Changes for Virtual Digital Assets in India 2025Proposed Changes to Taxation of Virtual Digital Assets in India In an effort to further rein in the misuse of cryptocurrency, the Indian government has

40000 Taxpayers on the radar of Income Tax DepartmentTaxpayers take note! Crack down against 40,000 TDS/TCS defaulters planned by Income Tax department. Income Tax Department Cracks Down On TDS, TCS

Income Tax Slab for FY 2024-25 (AY 2025-26) - New & Old Regime Tax RatesIncome tax is a direct tax which follows a progressive slab rate, where the rate of tax increases as the taxpayer's income rises. The Income-tax Act,

5 Crucial Income Tax Changes Every Taxpayer Needs to Be Aware OfThe Income Tax Bill 2025 introduces five key changes that every taxpayer should be aware of. These adjustments aim to streamline the tax process and

Income Tax Benefits Announced For Senior CitizensIn the Union Budget 2025-26, several tax benefits have been introduced to support senior citizens in India. Key highlights include: 1. Increased Basic

Tax-saving deductions under Section 80C now covered by Clause 123According to the Income Tax Bill 2025, tax-saving deductions under Section 80C of the Income Tax Act, 1961 have been moved to Clause 123. This change is

Big Change: Income Tax Bill 2025 to Tax Farming & Dairy Earnings!The Income Tax Bill 2025 has introduced a significant shift in India’s tax policy, aiming to bring farming and dairy earnings under the tax net. For

New Tax Regulations: NRIs Earning Above Rs 15 Lakh to Be Designated as 'Residents'Insights on the Upcoming Income Tax Bill for NRIs The new Income Tax Bill is poised to bring significant changes, particularly regarding the taxability of

Deductions and Exemptions Allowed in New Income Tax RegimeWhile the new tax regime trims down the deductions and exemptions available to taxpayers, it still offers several strategic benefits that can lighten the

Income-Tax Bill 2025 ITR Filing Deadlines Remain StableAmidst significant overhauls proposed in the Income-Tax Bill 2025, one aspect remains unchanged: the deadlines for filing Income Tax Returns (ITR).

Many assessees have now received Intimation Orders on 24.02.2025 for demandsDear Income Tax Department Please tell us clearly what is your stand regarding Section 87A rebate for AY 2024-2025 ITRs. Many assessees have now received

Latest Changes to Income Tax Form No. 49C ExplainedUpdated Income Tax Form The Income Tax Department regularly updates its forms to ensure compliance with the latest regulations. Among these, Form No. 49C

New Income Rules After Income Tax Bill 2025 Changes for taxpayersThe central government has introduced the Income Tax Bill, 2025, a landmark legislative proposal aimed at overhauling the decades-old Income Tax Act of

Understanding Capital Gains Exclusions for the Rs 12 Lakh Income Tax Rebate: Insights from CBDTUnderstanding the Income Tax Changes in Budget 2025 In her Budget Speech for 2025, Finance Minister Nirmala Sitharaman made a notable announcement

Avoid These 5 Habits to Stay Off the Income Tax Department RadarAs a taxpayer to be on an income tax radar is the last thing that I expect in my life :). It is not the case that I am not paying my taxes honestly or has

Tax Refunds: Big Update for IRS Tax Refund DelaysWhere's My Refund? Impact of IRS Layoffs on Tax Return Processing Time and How to Check Status If you're hoping to find some extra cash or pay off debts,

Old Income Tax Act 1961 vs New Income Tax Bill 2025: Clear all confusionsFinance Minister Nirmala Sitharaman tabled the Income-Tax Bill 2025 in the Parliament on Thursday (February 13, 2025). The new bill is proposed to come

Key Highlights of the Income Tax Bill 2025The New Income-tax Bill, 2025 has been tabled in Parliament.The Bill aims to simplify the language of the existing law as amended to date.

Zero Tax on Business Turnover of up to Rs. 2 CroresBudget 2025 has introduced various modifications to direct taxation, including a new tax rate slab, an increased basic exemption limit, and a higher tax

27th January 2025 compilation

FILE UPDATED TAX RETURNS ON OR BEFORE 31ST MARCH, 2025Taxpayers have a limited window to file updated income tax returns for the past two years. The deadline for filing these updated returns is approaching on

Income Tax Slab for FY 2024-25 & AY 2025-26 (New & Old Regime Tax Rates)Income Tax applies to individuals based on a slab system, where different tax rates are assigned to different income ranges. As the person's income

Income Tax: Raise Income Tax Slab to Rs 18 Lakh, Increasing the 30% Income Tax Slab- here's whyBudget 2025 Income Tax: Suggestions for Increasing the 30% Income Tax Slab and Introducing Flat 30% Deductions With Union Budget 2025 on the horizon,

TDS on Property Transactions As Per Income Tax Act Section 194IASection 194IA When a buyer buys immovable property (i.e. a building or part of a building or any land other than agricultural land) costing more than Rs

Big Update on Structural Changes in Capital Gains TaxThe government is not considering any structural changes to capital gains tax for individual investors and HNI communities, ET Now reported on Wednesday,

TAX DEDUCTIONS AVAILABLE UNDER OLD TAX REGIME FOR FY25The Indian Income Tax Act provides for various deductions under the Old Tax Regime that can significantly reduce your tax liability. These deductions are

Will Budget 2025 lay the roadmap for a simplified income-tax system?The government should consider making the filing process simpler for non-resident Indians who do not have Aadhaar by allowing them to use a PIN or electronic verification code to e-verify their returns

A tax proposal to save Rs 1 lakh for every salaried tax payer without abandoning fiscal prudenceData shows 88 percent of salaried tax payers earn less than Rs 15 lakh a year and contribute a mere 20 percent of tax collections. Lifting the tax threshold to Rs 15 lakh and levying a tax of 25 percent and 30 percent on the next two slabs can release up to Rs 2.4 lakh crore into the hands of salaried taxpayers. A lot of this tax relief will be recouped by the government in the form of GST accruing from higher consumption. It’s a win-win idea.

Foreign Investment and India’s Economy: Role of tax policies in Budget 2025India's tax policies play a crucial role in attracting foreign investment, which drives economic growth. Budget 2025 offers an opportunity to simplify tax regulations, reduce capital gains tax, and introduce sector-specific incentives to enhance India's global investment appeal

ભાગીદારી પેઢીએ ભાગીદારોને ચૂકવવામાં આવતા વ્યાજ અને મહેનતાણા ઉપર TDS ની સમજૂતી - Tax TodayReading Time: 3 minutesSpread the love By Prashant Makwana (Tax Consultant) તારીખ : 25/01/2025 પ્રસ્તાવના...

NEW INCOME TAX BILL SOON - BUDGET 2025The Indian government is poised to introduce a new Income Tax Bill during the upcoming Budget session of Parliament, a move that promises to revolutionize

INCOME TAX UPDATE: CBDT ISSUED REVISED TDS RATE CHART FOR AY 2025-26The following tables list the various TDS rates applicable to resident and non-resident payments as well as TDS rates on domestic and foreign companies in

New income tax slab, tax-free ₹10 lakh for salaried expectedBudget 2025 Income Tax Slab Change Expectation Budget 2025 income tax slab change expectation: As the Union Budget 2025 approaches, many people,

Reduce Tax On FD Gains, Adjust Income Tax Exemption Limit With Inflation, Says CBDT Ex-ChairAhead of Budget 2025, the government should focus on reduction in tax on gains on bank deposits, adjusting income tax exemption limits and raising fixed

Income Tax Surcharge and Marginal ReliefWhat is Surcharge on Income Tax? How to Calculate Your Marginal Relief? Income tax act, paying tax is a responsibility of individuals as well as

GST Department using 26AS, AIS & ITR for Verifying Income Tax DataThe GST Department utilizes various sources of information, including Form 26AS, Annual Information Statement (AIS), and Income Tax Returns (ITR), to

Reconciling Discrepancies Between TDS Statements and Form 26ASResolving Discrepancies Between TDS Statements and Form 26AS: You are likely acquainted with Form 16, which your employer provides prior to tax filing for

Alimony and Income Tax: Is ex-wife liable to pay income tax on settlement amount received from husband in a divorce case?Alimony and Income Tax: Is ex-wife liable to pay income tax on settlement amount received from husband in a divorce case?

09th January 2025 compilation

Wait until I-T portal glitch is resolved before revising returns, CAs tell tax-payersAt present, small tax-payers with special rate income such as short-term capital gains are unable to claim the rebate under section 87A, even if their income is below the basic exemption limit, as the updated utilities are not calculating the amount automatically.

Budget 2025-26: Taxpayers want higher deductions on savings, fixed deposit interest incomeUnion Budget 2025: Individual tax-payers, especially senior citizens, are hoping for increased tax deductions under Sections 80TTA and 80TTB in Union Budget 2025 in the face of rising inflation and healthcare costs

Yuzvendra Chahal: From Cricketing Stardom to Income Tax OfficerYuzvendra Chahal works Income Tax officer, know about cricketer's salary Yuzvendra Chahal has picked up over 200 international wickets for India Yuzvendra

Income Tax Department Launches 24x7 Control Room to Monitor Unaccounted Cash and Valuables AheadIncome Tax Department Launches 24x7 Control Room to Monitor Unaccounted Cash and Valuables Ahead of Delhi Assembly Elections 2025!

Budget 2025 relief: Will FM Sitharaman raise tax-free income, tax exempt income threshold to Rs 10 lakhThe Union Budget for the year 2025 is scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, 2025. The middle class is

Employees must submit investment proofs to employers to avoid higher tax deductionsMany employers are now sending emails to their employees asking them to submit tax-saving investment and/or expenditure proofs to them in case the

Budget 2025 Wishlist: Individual taxpayers want tax relief, deductions, slab relaxation on February 1Income tax payers have a long wishlist, featuring a 30 percent tax slab only for those with incomes over Rs 20 lakh, inclusion of 80C and housing benefits under the new tax regime, and a special deduction for upskilling programmes.

07th January 2025 compilation

Tax rebate denied in July 2024? Revise your return by Jan 15 to claim the sameEven if your return has been processed and you have received a refund or paid any additional tax that may have been demanded, you can revise your return.

ઇન્કમ ટેક્સ રિટર્ન ભરવાની મુદત 31 ડિસેમ્બર 2024 થી 15 જાન્યુઆરી સુધી વધારવામાં આવી - Tax TodayReading Time: < 1 minuteSpread the loveસર્ક્યુલર 21/2024, તા 31 ડિસેમ્બર 2024 ના રોજ બહાર પાડી, ઇન્કમ ટેક્સ રિટર્ન...

Budget Snapshot: STT collections to take a beating, thanks to SEBI curbsWhile current STT collections may exceed budget forecasts for this fiscal year, a steep decline in revenue from STT for the next fiscal year is likely due to reduced trading volumes

Top five changes in income tax rules in 2024Income tax rules: Here’s how a raft of Union Budget announcements in July 2024 such as revised new regime of I-T slabs, major changes in capital gains tax structure, higher standard deduction under the new tax regime and increase in tax deduction limit for employers' contribution to NPS have impacted individuals’ tax payable.

Money changes in January 2025: RBI’s new FD rules, quicker credit data updation, deadlines for tax-saver investment proofs, and moreJanuary 2025 Money Changes: The New Year is set to bring in significant changes, from RBI’s revised rules for fixed deposits to modification in certain card-issuers’ credit card features. It is also the month when most employers ask their employees to submit proofs of tax-saver investments during the financial year.

ICAI bats for concessional tax regime for partnership firmsThe Institute of Chartered Accountants of India has proposed a special tax regime for partnership firms in light of the 2024 Budget review of the Income-tax Act. They also recommend simplifying tax laws, reducing litigation, and various other tax reforms. They aim to foster economic growth, environmental sustainability, and tax simplification.

Pani puri wala makes 40L per year and gets an tax noticePani puri wala makes 40L per year and gets an income tax notice

Income Tax Notices for Salaried EmployeesThe purpose of the notice is to alert the taxpayer about a particular issue or discrepancy that the tax authorities have identified. The notice may ask

Standard deduction is increased to Rs.75,000 relief in New & Old Tax RegimeWith effect from FY 2024-25, under the new tax regime, the standard deduction is increased to Rs.75,000. There has been no change to the old tax

Section 80RRB of Income Tax Act, 1961Section 80RRB was introduced to ensure that someone who has done exceptional work gets their reward. In order to encourage individuals to keep producing

No Section 87A tax rebate despite ITR filing forms being updated recently:How to claim Section 87A tax rebate with deadline ending on January 15, 2025The Income Tax Department updated the income tax return forms for ITR-2 and ITR-3 on January 4, 2025. The ITR forms have been updated to allow the

Taxpayers Alert! Income tax proof submission for 2024-25The deadline for submitting income tax investment proofs for the fiscal year 2024-25 is typically March 31st, although this may vary depending on the

Good news for taxpayers: ITR forms updated to allow 87A tax rebate claims, but there's a catchIncome tax rebate u/s 87A: Eligible taxpayers who have income up to Rs 5 lakh/7 lakh can claim tax rebate under section 87A up to Rs 12,500/25,000. The Income Tax Department has now updated the excel utility to allow 87A tax rebate claims. "The updated excel utilities for ITR Forms 2 and 3 to exercise the option to update rebate u/s 87A for AY 2024-25 are now available."

Important things in the new tax regime that taxpayers must know for filing ITR in 2025Income tax slab: things in the new tax regime every taxpayer must know before filing ITR 2025 1) Income tax slab rates The income tax slabs have been

Investment declaration to employers: Five tax-saving hacks that can reduce your outgo in 2025Top tax-saving tips: Tax planning must start in April, at the beginning of the financial year. Yet, many leave the job for the last minute, when they have to submit the proof of investment in January or February.

Looking to book profits in bitcoin? Here’s how taxation on crypto assets workTaxation On Cryptocurrency: Given the complexity over certain aspects of crypto taxation, investors would be better off taking a chartered accountant or tax portal’s help in filing their taxes

Latest PPF interest rate in 2025: What is the Public Provident Fund interest rate for January – March 2025?PPF interest rate in 2025: One of the popular schemes under small savings schemes is Public Provident Fund (PPF) which is a long-term savings instrument that encourages customers to save while providing them tax benefits. The government has kept the small savings schemes interest rates unchanged.

Four charts explain how the 1991 Budget by Manmohan Singh transformed Indian economyIndia’s compounded annual growth rate hasn’t dipped below 4 percent since 1991 reforms

Budget 2025: Tax Relief for Middle ClassThe anticipation surrounding Budget 2025 is palpable, especially among India's middle class. Many are hopeful for tax relief measures that could ease

India has world's best taxation system, says Lok Sabha Speaker Om BirlaDue to these policies and laws, companies and people from around the world are eager to invest in India, he asserted.

Budget 2025: Dividend Distribution Tax - What it was & how it's taxed nowDividend taxation in India underwent a significant change starting in FY21. Previously, companies paid a dividend distribution tax, exempting individual investors earning up to ₹10 lakh in dividends annually. Now, dividends are fully taxable for investors, with companies deducting a 10% TDS if dividend income exceeds ₹5,000 in a financial year.

Allow joint income-tax return filing by married couples: Budget 2025 expectationsBudget 2025 expectations: Allow joint income-tax return filing by married couples, says ICAI: Budget 2025 may allow married couples to jointly file their

22nd November 2024 compilation

Looking to book profits in bitcoin? Here’s how taxation on crypto assets workTaxation On Cryptocurrency: Given the complexity over certain aspects of crypto taxation, investors would be better off taking a chartered accountant or tax portal’s help in filing their taxes

Gold taxation: Income tax laws for capital gains on gold have changed, know the new rulesNew gold taxation rules: Capital gains tax rules on gold have changed from July 23, 2024. However, the new rules are applicable to physical gold and gold jewellery and not to gold mutual funds and gold ETFs. Know the new income tax rules for taxation of gold before buying or investing this Diwali.

Income Tax Department's Scanner; Notices Issued To 400 ResidentsThe Income Tax Department has issued notices to at least 400 individuals who have not disclosed their foreign assets held mainly in UAE, Singapore and UK,

NPS Partial & Complete Withdrawal Rules 2024The Pension Fund Regulatory and Development Authority (PFRDA) regulates all frameworks with regard to NPS, including legalities, investment process, and

Income Tax Slabs and Benefit for Senior and Super Senior Citizens AY 2024-25Income Tax Slab for Senior & Super Senior Citizen AY 2024-25 Income Tax Slab for Senior Citizens The tax slabs for senior citizens for FY 2023–24

Standard Deduction for Salaried Taxpayers 2024The standard deduction is a fixed deduction available to salaried individuals for calculating income under head salaries. As per Section 16 (ia) of the

Top Mistakes Attract to Income Tax Notices and How to Avoid ThemReceiving an income tax notice from the Income Tax office is a situation that most taxpayers dread. Even if you have diligently filed your tax return,

Income Tax Department closely monitors cash transactions across various sales and purchasesThe Income Tax Department closely monitors cash transactions across various sales and purchases. This oversight includes the sale of property, financial

CBDT Mandates e-Filing for Forms 42, 43 and 44 The Ministry of Finance through the Central Board of Direct Taxes CBDT has announced the issuance of Notification No 06 2024 dated 19th November 2024 specifying

CII pitches for further reform in taxation system, sustaining capex in FY25 BudgetThe Confederation of Indian Industry (CII) has recommended a 25% increase in capital expenditure for the 2025-26 budget, focusing on rural infrastructure, agriculture, and social sectors. They emphasized the need for tax reforms, including simplification and broadening the tax base, to enhance India's global competitiveness.

Delayed Income Tax Refunds: Top Reasons and SolutionsEvery taxpayer in India eagerly awaits their tax refund, which is issued by the government after filing tax returns. According to IRS norms, refunds are

Section 194T - TDS on Payments by Partnership Firms to Partners (effective from 1st April 2025)Budget 2024 inserted a new provision in the Act stating that certain payments made to a partner by a firm shall be liable for TDS deduction in accordance

Section 44AA/ 44AB/ 44AD/ 44ADA of Income Tax Act, 1961-2023 for AY 2024-25 Applicability and RequirementSections 44AA, 44AB, 44AD, and 44ADA of the Income Tax Act 1961-2023 for AY 2024-25: Applicability and Requirements Section 44AA/44AB/44AD/44ADA of Income

Latest TDS Rate Chart for FY 2024-25 (AY 2025-26)The following tables list the various TDS rates applicable to resident and non-resident payments as well as TDS rates on domestic and foreign companies in

Income Tax Notices for Salaried Individuals: Dos and Don’ts to Stay CompliantSalaried individuals, we diligently file our income tax returns every year, claiming deductions and exemptions as per the provisions of the tax laws.

Claiming TDS Refunds on Fixed Deposits: A Step-by-Step GuideClaiming TDS Refund on a Fixed Deposit: The interest you earn from the fixed deposit is added to your annual taxable income and is taxed as per

UPI Transaction Limit in Bank Account as Per Income Tax 2024Income Tax Implications of UPI Transactions and E-Wallets In the modern era of digital payments, the introduction of Unified Payments Interface (UPI) in

How to Calculate and Pay TDS on PropertyTax Deduction at Source (TDS) is one of the most commonly used economic terminologies. Whether you are an employee or you own a business, these deductions

CBDT Allows Condonation of Delay for Filing Forms 10-IC and 10-ID for AYs 2020-21 to 2022-23In a significant relief to taxpayers the Central Board of Direct Taxes CBDT has issued Circular No 17 2024 dated November 17 2024 permitting the condonation of

29th October 2024 compilation

Karnataka and Tamil Nadu Rank Among Top 5 States in Direct Tax CollectionsIn a recent report by the State Bank of India SBI Karnataka and Tamil Nadu have emerged as key contributors to India s direct tax collections ranking second and

Cash Transaction Limit - Section 269ST Under Income Tax ActNew Section 269ST was inserted in the Income Tax Act. As the Section 269ST imposed restrictions on a transaction, the cash transaction limit per day is

28th October 2024 compilation

TDS Rate Chart 2024-2025 As Per Income Tax ActTDS stands for Tax Deducted at Source. It is an indirect way of collecting income tax at source by the government of India. The person on whom the

TDS on Cash Withdrawal in Excess of Rs 1 Crore from the bank account a financial yearSection 194N is applicable on more than Rs 1 crore cash withdrawals from the bank account, co-operative society or post office during a

26th October 2024 compilation

CBDT Extends Due Date for Audited IT Returns for AY 2024-25 to 15th Nov 2024On October 26 2024 the Central Board of Direct Taxes CBDT announced an extension for filing the Return of Income for the Assessment Year AY 2024 25 This signifi

Time-limit for issue of notice during 2024-25 under section 148Time-limit for issue of notice during 2024-25 under section 148

Time limit for issuing different income-tax notices and completion of the assessmenttime limits for different income-tax notices and the completion of assessments is crucial for taxpayers. The following table breaks down the essential

Income Tax Department Releases Updated Common Offline Utility for Filing ITR 1 to ITR 4 for AY 2024-25The Income Tax Department has launched the latest version 1 1 7 of the Common Offline Utility for filing Income tax Returns ITR 1 to ITR 4 for Assessment Year 2

Section 142(1): Inquiry Before AssessmentPurpose of Notice under section 142(1) of Income Tax Act Notice u/s 142(1) can be issued by the Income Tax Department for the following reasons: 1. To ask

Income Tax Department Releases Updated ITR-3 Utility Excel-Based ToolThe Income Tax Department has released an updated version 1 5 of the Excel based utility for filing ITR 3 catering to individuals and Hindu Undivided Families H

Income Tax Department Releases Updated Utilities and Schema for ITR-7 FilingThe Income Tax Department has released the latest version of utilities and schema for filing ITR 7 applicable to persons including companies required to furnish

23rd October 2024 compilation

As FM Sitharaman pushes for action on tax refund delays, CAs call for better I-T dept communicationChartered accountants say that while the majority of their clients have received their tax refund credit faster than usual, others have seen their refund issuances stuck.

TDS PORTAL UPDATE DATE 12, OCTOBER 2024- After downloading CSI file while filing of TDS Return, earlier it was showing name as xxxxx. - So, while validating the txt file, all taxpayers were

States shouldn’t shy away from taxing agricultureStates’ deficit indicators are set to worsen as spending spigots open up in a competitive political environment. To compensate they need to find an additional source of revenue. Agriculture income tax, which comes under the control of states, holds the potential of being an important revenue source if a beginning is made now

CBDT Releases Circular on Delay Condonation for ITR Refunds and Loss Carry ForwardNew Guidelines on Condoning Delays in Filing Income Tax Returns The Central Board of Direct Taxes (CBDT) has taken a significant step forward by issuing

Time limit for re-assessment under Income Tax Act will be extended: SCIn a relief to the Revenue Department, the Supreme Court on Thursday ruled that the Income Tax Act must be interpreted with the amended provisions

Income Tax on Gold - Digital, Physical including jewellery, gold biscuits, ornaments, coinsBuying or selling physical gold entails all forms, including jewellery, gold biscuits, ornaments, coins, etc., and has historically remained a popular

Saving Capital Gains Tax on Property SalesHow to Save on Capital Gains Tax for Properties: Capital gains tax (CGT) is a tax levied on profit from selling a capital asset, such as real estate,

Income Tax News: Crores of taxpayers will get relief! Income Tax Department changed the rulesThe Central Board of Direct Taxes (CBDT) has notified some changes in the rules related to income tax to provide relief to taxpayers. This will make it

Are you facing a liquidity crunch on paying TCS? Your employer can helpIf eligible, taxpayers can claim a refund on the TCS being withheld at the time of filing I-T returns, as per the government's new notification that was issued on October 17.

Centre releases Rs 1.78 lakh cr tax devolution to states, including advance instalment for festive seasonThe Union Government has doubled the release to help states manage their finances more effectively during the festive period.

How much tax is deducted from your salary: A comprehensive guideUnderstanding how much tax is deducted from your salary can seem confusing at first, but it’s an important part of managing your finances. Whether you’re starting a new job or just trying to get a better handle on your pay slip, knowing how much tax you’ll pay can help you plan better.

Notice Section 142(1) of Income Tax ActNotice under Section 142(1) of Income Tax Act is generally served to taxpayers in order to call upon certain documents and details or to particularly

Form 16, 16A, and 16BForm 16 is an official document in India that is issued by an employer to its employee. It contains details about the employee's income earned during a

Big Relief for Taxpayers: Latest Revised guidelines by Income Tax DepartmentIncome Tax Department has revised its guidelines for compounding offences under the Income Tax Act, 1961. Compounding of offences allows individuals who

How to reply the intimation received from income tax department for adjustment of refund against outstanding demand?The Income Tax Department might send you an intimation under Section 245 of the Income Tax Act, 1961 if you have an outstanding tax demand and are due a

Good news for crores of taxpayers, ITR will be filed in a jiffy and refund will come instantlyThere is going to be a big change in the e-filing ITR portal for filing income tax returns. It will be more convenient for taxpayers. According to the

2nd October 2024 compilation

New rules for NSS, PPF, credit cards, insurance, share buyback tax structure and other financial changes that you must watch out for in OctoberSeveral new financial rules will come into force from October 1. They include tax dispute resolution scheme, share buyback tax, HDFC Bank’s restrictions on its high-end Infinia credit card reward pointss, small saving account rules, and revised norms for existing insurance products, among others.

Big Update on Income Tax PortalDTVSV 2024 - Form 1 is now available! Form 1 under the Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV 2024) is now live for taxpayers. This scheme allows

Income Tax, Govt schemes to debit, credit cards: rules change from todayMajor changes in the area of personal finance. From today (October 1, 2024) Here's a quick look at the new rules: 1. Income Tax rules In the Union Budget

big income tax rules introduced in Budget 2024 to be effective from October 1. Check listHere are the details one needs to know in terms of these changes effective from October 1. 1. Direct Tax Vivad Se Vishwas Scheme 2024 The Vivad se Vishwas

Many clients have started receiving Intimation Orders with Demands in the last 4-5 days!Many clients have started receiving Intimation Orders with Demands in the last 4-5 days! At time of filing of ITR, 87A Rebate was allowed to assessees in

Income Tax Department closely monitors high-value transactions on credit cards ITR Filing 2024: Are you a frequent credit card user making high-value purchases on a regular basis? You might be unaware but your credit card

CBDT notifies Rules and Forms for Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024The Scheme to come into force with effect from 1st Oct. 2024DTVSV Scheme provides for lesser settlement amounts for a ‘new appellant’ in comparison to an

કરદાતાઓ માટે ઇન્કમ ટેક્સ હેઠળ બહાર પાડવામાં આવી છે વિવાદ નિવારણ યોજના!! - Tax TodayReading Time: 4 minutes Spread the loveજૂની ડિમાન્ડ સંદર્ભે અપીલ કરેલી હોય તેવા કરદાતા માટે આ યોજના અંગે જાણવું...

આ અધિકારીઓને કોક બદામ ખવડાવો! 10000 કમાનારને બે કરોડની IT નોટિસ, આ ભૂલ તમે તો નથી કરી'ને!રાજીવ કુમારે જણાવ્યું હતું કે તેમણે 22 જાન્યુઆરી 2015ના રોજ કોર્પોરેશન બેંકની ગયા બ્રાંચમાંથી 2 લાખ રૂપિયાની એફડી કરી હતી. પરંતુ તેમણે 16 ઓગસ્ટ, 2016ના રોજ સમય પૂરો થાય તે પહેલા ઉપાડી લીધી હતી.

Ask a senior citizen from Chennai how one can minimise capital gains tax on sale of inherited property?I bought a house in May 2008 for Rs 35 lakhs. The land on which the flat was built is undivided land, registered for Rs 12 lakhs and the construction

Income Tax and GST Compliance Tracker – October, 2024Tax Compliance Tracker – October, 2024 Compliance requirement under Income Tax act, 1961 Sl.Compliance ParticularsDue Dates 1Due date for deposit

Income Tax Big Announcements: Extension of timelines Income Tax audit for the A.Y. 2024-25Income Tax Audit Due Date Extended by 7 days to 07-October-2024 Extension of timelines for filing of various reports of audit for the Assessment Year

How much money can you deposit in a savings account in a year to stay outside the taxman’s radarIn a bid to meet their banking needs, people from all walks of life — including the salaried persons — are required to have at least one savings account,

Big Announcements for Tax Settlement Benefits Under Income Tax SchemeLesser Settlement Amounts for Tax Filers Before December 31 The Income Tax Department announced the launch of the Vivad Se Vishwas Scheme 2.0, which

Govt of India working on New Income Tax Act The Finance Ministry’s Revenue Department is expediting a comprehensive review of the Income Tax Act of 1961 to simplify and condense it by removing up to

ઇન્કમ ટેક્સ ઓડિટ રિપોર્ટ ઓનલાઈન રજૂ કરવાની તારીખ 7 ઓક્ટોબર સુધી વધારવામાં આવી - Tax TodayReading Time: < 1 minute Spread the loveટેક્સ પ્રોફેશનલ્સ માટે આ વધારો સુ:ખદ આશ્ચર્ય સમાન!!! તા. 30.09.2024: ઇન્કમ ટેક્સ કાયદા...

Income Tax Department Announces Special Drive to Address Taxpayers' Grievances in OctoberThe Income Tax Department in Srinagar has announced a special drive to address taxpayer grievances in Jammu Kashmir scheduled for the first week of October 2024

16th September 2024 compilation

How new tax rules are chipping away at real estate's investment appealFrom capping the exemption limit under Section 54F to limiting exemptions on reinvestment in real estate for tax savings, the government’s moves over the years appear to have made real estate less speculative and more favourable to genuine homebuyers

Shah Rukh Khan tops the list of highest tax-paying Indian celebrities with Rs 92 crore contribution in 2024, Thalapathy Vijay ranks second with Rs 80 croreBollywood superstar Shah Rukh Khan has claimed the top spot as the highest tax-paying Indian celebrity, contributing an impressive Rs 92 crore for the financial year 2024. After delivering massive box office hits that grossed over Rs 2,000 crore globally, SRK leads the list of top 10 highest tax-paying celebrities, according to a report by Fortune India.

Gold Jewellery At Home Ownership Limits Penalty and Taxation As Per Income Tax ActHave you ever seen how many people flaunt themselves by wearing kilos of gold on their bodies? You must have seen them and wondered whether it is allowed

Notice u/s 143(2) for Income tax scrutiny assessmentReceiving a notice from the income tax department, particularly under Section 143(2) of the Income Tax Act, 1961 can be unsettling for any taxpayer. This

Simplified Capital Gains Tax Regime under Finance Act 2024Simplification of Income Tax Law and the Finance Act, 2024 Simplification of the income tax law has been at the forefront of the government’s agenda. The

Cash Deposit Limit in Saving Account as Per Income Tax Act (2024)In the world of banking and finance, understanding the various limits imposed by income tax regulations is crucial to avoid unexpected legal

Reasons for Delayed Income Tax RefundsReasons for Delayed Income Tax Refunds Income tax refunds are often eagerly anticipated, especially when they represent a significant financial boost.

શું તમે ટેક્સથી બચવા પત્નીના એકાઉન્ટમાં રૂપિયા ટ્રાન્સફર કરો છો? એક્સપર્ટનો મોટો ખુલાસોIncome Tax Saving Tips: ટેક્સથી બચવા માટે અનેક લોકો પત્નીના બેંક એકાઉન્ટમાં રૂપિયા ટ્રાન્સફર કરે છે, આવું કરવાથી શું ફાયદો થાય અને શું નુકસાન થાયે તેની તજજ્ઞોએ માહિતી આપી

How India can escape the middle income trapAt India’s current per capita levels of $2,540, even upper middle-income status is some years away. What is required now is the infusion of new, modern technologies and business models along with investment. For graduating to high-income, additionally, innovation will be needed

I-T dept’s e-Dispute Resolution Scheme: Will the process become simpler and quicker?Central Board of Direct Taxes’ new dispute resolution scheme has set a timeline of six months to pass orders involving taxpayers whose total income is less than Rs 50 lakh and the disputed amount does not exceed Rs 10 lakh.

Taxation for listed equity shares: 5 things to knowA securities transaction tax of 0.025% is levied on the sell side for equity intraday transactions.

Keeping two PAN cards can be costly! Know what is the penalty and ways to avoid itIssues with Holding Multiple PAN Cards PAN card is an important document for everything from opening a bank account to taking a loan or filing income tax

Many employees Get tax demand notices for payments of Rs 50,000- Rs 1.5 lakh amid TDS issuesMany employees of Tata Consultancy Services (TCS), India’s largest IT services firm, have recently received demand notices from the income-tax department

Top Common Reasons for Delay in Your Income Tax RefundThe tax filing season is officially over, however many taxpayers are still facing delays in receiving their income tax refunds. The process of filing

Rationalisation of TDS rates from 1st October 2024Rationalisation of TDS rates from 1st October 2024!A very important change that will affect your TDS compliance from next month!

New Tax Rule: Share Buyback Proceeds Taxed as Dividends from October 1, 2024New Tax Rule for Buyback Proceeds From October 1, 2024, buyback proceeds will be taxed as dividends, shifting the tax burden from companies to

18th April 2024 compilation

Filing proposed investment declarations in April? Choose your income tax regime wiselyYou must declare to your employer this month which tax regime you wish to adopt, and accordingly, TDS will be deducted from your monthly salary. If you do not specify the regime you wish to choose, your employer will compute taxes as per the new regime rates, as it is the default regime 2023-24 onwards.

Income Tax rules applicable from April 1, 2024The Minstry of Finance has clarified that no there is no new change in the tax regime from April 1, 2024. # The new tax regime under section 115BAC(1A)

Deposited over Rs 10 lakh in cash in your account? You can get I-T noticeCash deposits or withdrawals exceeding Rs 10 lakh (1 million) in a year in a savings account (except current accounts and fixed deposits) require

CBDT Sets 30-Day Verification Deadline for Income Tax Returns from 1st April 2024The Central Board of Direct Taxes CBDT has issued a significant notification No 2 of 2024 dated March 31 2024 pertaining to the time limit for verifying income

Filing Form 10IE for AY 2024-25: Important Update for TaxpayersThe Income Tax Department has enabled Form 10IE for AY 2024-25 for filing on the income tax e-filing portal. Please note: All taxpayers who opt for the

CBDT to reopen cases linked to false HRA claimsCBDT to reopen cases linked to false HRA claims? Income tax body issues clarification, says ‘any apprehensions about…’ Rejecting media reports suggesting

Section 206AB – Higher Rate of TDS for Non-filers of income-tax return (ITR)Section 206AB – Higher Rate of TDS for Non-filers of income-tax return (ITR) Section 206AA – Higher TDS for Non-furnishing of PAN Section 206AA v. Section

Income Tax Department Targets 1.52 Crore Non-Filers for Tax Return ComplianceThe Income Tax Department has embarked on a vigorous drive targeting individuals and entities obligated to file their Income Tax Returns ITR but have yet to do

6th March 2024 compilation

Coming soon: March 15 is last deadline to pay advance taxIf you are anticipating a tax liability of Rs 10,000 or more in a year, get ready to pay advance tax. Failure to do so will attract 1 percent penal interest per month. But if you miss the March 15 deadline, you can still pay your advance tax by March 31, albeit with one month’s interest. So, don't wait until July 31 to do this.

27th February 2024 compilation

Tax saving: Five tips to get the best from your ELSS Mutual FundYour money in an ELSS is locked in for three years, even if you invest in excess of Rs 1.5 lakh. But mind the lock-in when you put your money through SIPs. Each SIP instalment gets locked in for three years.

Attention Taxpayers and Professionals! Regarding the due date to opt for the Old Tax RegimeAttention Taxpayers and Professionals! Tax season is upon us, and it's essential to stay informed about the latest updates. One crucial matter to take

વેચનાર તરીકે ઇન્કમ ટેક્સની નવી જોગવાઈથી બચવા શું મારે “Udhyam Aadhar” રદ્દ કરી નાંખવું જોઈએ? - Tax TodayReading Time: 3 minutes Spread the loveતા. 27.02.2024 ઘણા નાના ધંધાર્થીને હાલ વેચાણમાં ઇન્કમ ટેક્સની નવી જોગવાઈના કારણે થઈ...

Income Tax rules for cash deposit and withdrawalIndividuals depositing Rs 10 lakh or more in a savings account during a financial year will have the transaction reported to the income tax authorities by

Income Tax: 5 high-value cash transactions may attract I-T noticeThe misconception that cashless transactions are less traceable by the Income Tax Department has arisen due to the increasing prevalence of such

New e-Verification Scheme-2021 Rolled Out by Income Tax Department to Address Mismatches in Taxpayer ReturnsImplementation of e Verification Scheme 2021 Income Tax Department has identified certain mismatches between third party information on interest and dividend in

23rd May 2023 compilation

Income Tax Return ફાઈલ કરવા હવે ફરજિયાત જોઈશે આ દસ્તાવેજ, નહીં તો નહીં થાય કામIncome Tax Return ફાઈલ કરવા માટે લોકો પાસે પાન કાર્ડ (PAN Card) હોવું ખૂબ જ જરૂરી છે. પાન કાર્ડ વગરના લોકો આવકવેરા રિટર્ન ફાઇલ કરી શકશે નહીં. કાયમી એકાઉન્ટ નંબરને સંક્ષિપ્તમાં PAN કહેવામાં આવે છે. તે એક અનન્ય 10-અંકનો આલ્ફાન્યૂમેરિક નંબર છે જે આવકવેરા વિભાગ દ્વારા ભારતીય કરદાતાઓને સોંપવામાં આવે છે.

Mumbai-based TV Producers face 3 months jail term for income tax delayA metropolitan magistrate court has convicted a television production company and its directors Yash Patnaik and Mamta Patnaik for not submitting 8 37 crore inc

Tax Savings On Home Loan: લોન પર ઘર ખરીદશો તો ફાયદામાં રહેશો, આ રીતે બચાવી શકો છો ટેક્સhow to save tax on home loan: સૌથી પહેલાં એ જાણી લો કે ઘર ખરીદવું કે ભાડા પર લેવું... આ ચર્ચાનું શું ઔચિત્ય છે. ઘર ખરીદવું ખાસ કરીને પહેલું ઘર ખરીદવું રોકણથી વધારે ભાવનાત્મક નિર્ણય હોય છે.

Income Tax Rule: ઘરમાં વધુમાં વધુ કેટલી રાખી શકો છો કેશ? શું છે ઇનકમ ટેક્સનો નિયમ, જાણોCash Limit At Home: હજુ પણ ઘણા લોકો રોકડમાં વ્યવહાર કરવાનું પસંદ કરે છે. આ માટે લોકો એક જ વારમાં બેંક અથવા એટીએમમાંથી વધુ રોકડ ઉપાડી લે છે. પરંતુ શું તમે જાણો છો કે ઘરમાં કેટલી રોકડ રાખી શકાય છે? રોકડ અંગે આવકવેરાના નિયમો શું છે?

10th May 2023 compilation

Caveat Emptor: Deduct TDS on property purchases, or else…If the property value exceeds Rs 50 lakh, the buyer is required to deduct TDS at a rate of 1 percent of the total value and deposit it with the government.

Nine Personal Finance Rules we all should better know1) Rule of 72 (Double Your Money)2) Rule of 70 (Inflation)3) 4% Withdrawal Rule4) 100 Minus Age Rule5) 10, 5, 3 Rule6) 50-30-20 Rule7) 3X Emergency Rule8)

Missed filing your ITR for last 2 years, Chance to file your Income Tax ReturnMissed filing your Income Tax Return for last 2 years, Here is your chance to file your Income Tax Return. In the Union Budget 2022, the government

ઇન્કમ ટેક્સ રિટર્ન ભરવા ક્યારેક ફરજિયાત ક્યારેક ફાયદાકારક!! - Tax TodayReading Time: 4 minutes Spread the loveBy Bhavya Popat તા. 08.05.2023 મારી પાસે PAN કાર્ડ છે તો શું મારે...

TDS ON CASH WITHDRAWLS – SECTION 194 NINTRODUCTION: The purpose of introducing Section 194 N is To discourage cash transactions in the country and promote the digital economy, 'Section 194N –

Cash Transactions: Here Are The Limits And Penalties Under The Income Tax New RulesNew Section 269ST has been added to the Income Tax Act as a result of the measures taken by the Finance Act 2017 to curb black money. A cash

Income Tax, Aadhaar, PAN rules on cash transactions: You can't buy item worth Rs 2 lakh in cash without THESE documentsHow much cash can a person keep inside his/her house? What are the income tax rules about keeping cash? What will happen if the income tax officials catch

Income Tax ને લઈ સરકારનું એલાન, રીટર્ન ફાઈલ કરતી વખતે ખોટી જાણકારી આપી તો આવી બનશેIncome Tax Return: ટેક્સ ફાઈલ કરતી વખતે ઘણીવાર કરદાતાઓ તેમની આવક કમાયેલી વાસ્તવિક આવક કરતાં ઓછી દર્શાવતા હોય છે. આ સ્થિતિમાં તેઓ આવકના ખોટા પુરાવા પણ આપે છે. આ સ્થિતિમાં તેમના માટે દંડની જોગવાઈ છે.

Income Tax: જો સાત લાખની ઉપર એક રૂપિયો પણ કમાણી વધી તો ભરવો પડશે અધધધ ટેક્સ... જાણો કઈ રીતેએસેસમેન્ટ યર 2023-24 માટે આવકવેરા રિટર્ન (ITR) ફાઈલ કરવાની ડેડલાઈન 31 જુલાઈ 2023 છે. દેશમાં આવકવેરા રિટર્ન ભરવા માટે કરદાતા પાસે બે વિકલ્પ છે. ઓલ્ટ ટેક્સ રિજિમ (Old Tax Regime) અને ન્યૂ ટેક્સ રિજિમ (New Tax Regime). ટેક્સપેયર્સ પોતાની સુવિધા મુજબ બંનેમાંથી કોઈ પણ પસંદ કરી શકે છે.

2nd May 2023 compilation

New tax regime vs old tax regime - deductions and exemptions allowed under both the regimesYou can claim deduction for home loan interest, but only on a rented property, and not as much as under the old regime. Gratuity is tax-exempt up to Rs 20 lakh and leave encashment up to Rs 25 lakh for non-government employees under the new and the old tax regimes.

Beware of new Income-tax SMS scamOnline bank scams are not new and have been reported in the past few years. Scammers trick people through fake messages related to KYC, credit card or

More chances of scrutiny for ITRs filed after the due dateFiling Income Tax Returns (ITR) on time has many benefits as you can then carry forward losses of a particular year to the subsequent year and

Submit Form 15G/H on WhatsApp for TDS exemption! Check bank name and numberForm 15G/H submission on WhatsApp: Union Bank of India has enabled its customers to submit their Form 15G/H through WhatsApp to claim TDS exemption. In a

ITR document checklist for FY 2022-23 (AY 2023-24)ITR-1 (Sahaj) ITR-1 is applicable for resident individuals whose total income is less than or equal to ₹50 lakh. The applicable sources of income include

Income Tax બચાવવા શું તમે પણ આપો છો નકલી ભાડા રસીદ? ભરાસો તો ભૂલી જશો ખો!ઘણાં લોકો ઈનકમ ટેક્સથી બચવા માટે નવા નવા ગતકડા કરતા હોય છે. એમાં કેટલાંક લોકો નકલી ભાડા રસીદો પકડાવીને ઈનકમ ટેક્સ વિભાગ સાથે બનાવટ કરવાની કોશિશ કરે છે. શું તમે પણ આવું કરો છો? તો જાણી લો આ નિયમો...

નાના ધંધાર્થીઓ માટે આશીર્વાદરૂપ છે ઇન્કમ ટેક્સની અંદાજિત આવક યોજના - Tax TodayReading Time: 4 minutes Spread the loveતા. 26.04.2023: ઇન્કમ ટેક્સ કાયદા હેઠળ નાના ધંધાર્થીઑ માટે ખાસ જોગવાઈ કરવામાં આવી...

Dream 11 Fantasy Sports, Rummy 11, or Online Gaming: How your winnings will be taxed - Tax on Online GamingFinance Bill 2023 has introduced Sections 194BA and 115BBJ to tax income that users earn by winningon gaming platforms. Tax on Online Gaming

STEPS TO CHECK TDS, DIVIDEND INCOME AND INCOME TAX REFUND THROUGH THE AIS FOR TAXPAYERS APPApplication is called 'AIS for Taxpayers' app and it helps users to find out details like dividend income, income tax refunds, TDS (tax deducted

Income tax: Here's why you can get notice from I-T department in the new financial yearReceiving a notice from the income tax department can be a daunting and unpleasant experience, leaving many wondering what to do next. There can be

Income Tax Benefits: Senior and very senior citizens get these benefits in income tax, know detailsIn India, a person above the age of 60 is called a Senior Citizen and a person of 80 or more is called a Super Senior Citizen . Tax exemption is given by

Income Tax: કેટલાક લોકોને 20 તો કેટલાક લોકોને 30% ટેક્સ, આ સરકારી આદેશ બધાને જાણવો જરૂરીIncome Tax Slab: ઇનકમ ટેક્સ સ્લેબમાં નવી ઇનકમ ટેક્સ વ્યવસ્થાના અમલીકરણ સાથે નોંધપાત્ર ફેરફારો થયા છે. આ દરમિયાન મૂળ છૂટ મર્યાદા વધીને 3 લાખ રૂપિયા થઈ ગઈ છે, જ્યારે પગારદાર વ્યક્તિઓ અને કરદાતાઓ માટે કર મુક્તિ અગાઉની 5 લાખ રૂપિયાની મર્યાદાથી વધીને 7 લાખ રૂપિયા થઈ ગઈ છે.

6th April 2023 compilation

Financial year just ended; Now, where do I throw these tax documents?You shouldn’t. In fact, you should keep them. Tax proofs for expenses incurred or investments made must be saved for a few more years after you file your income-tax returns. If your case is reopened, the tax man could ask for document proof. If you fail to submit them, it can spell trouble.

Income Tax refunds in seven days ?Income Tax (I-T) department has been given an internal target of issuing refunds within a period of seven days. This came up during the process

10 big income tax rule changes from 1 April 2023 for taxpayersmajor changes effective from 1 April 2023. 1) New income tax regime to be default regime Starting, 1 April 2023, the new income tax regime will

જમીન-મકાન ખરીદો કે વેચાણ કરો છો??? આર્થિક નુકસાનીથી બચવા આ બાબતો ધ્યાને લેવી છે ખૂબ જરૂરી!! - Tax TodayReading Time: 3 minutes Spread the loveBy Bhavya Popat 15 એપ્રિલ 2023 થી ગુજરાત રાજ્યની સ્થાવર મિલ્કતની જંત્રીમાં થઈ...

No Income Tax: આ રાજ્યના લોકોએ ઇન્કમટેક્સ ભરવો પડતો નથી! જાણો શું છે કારણNo Income Tax: આપણા દેશમાં નવા ટેક્સ સ્લેબ હેઠળ દરેક વ્યક્તિ કે જેની વાર્ષિક આવક ત્રણ લાખથી વધુ છે તેણે ટેક્સ ચૂકવવો ફરજિયાત છે. બીજી તરફ, આવકવેરા કાયદાની કલમ 234F મુજબ, જો કોઈ વ્યક્તિ નિર્ધારિત સમય મર્યાદા પછી ITR ફાઇલ કરે છે, તો તેણે દંડ પણ ભરવો પડશે.

Income Tax Return ફાઇલ કરવાનો આવી ગયો સમય, આ ડોક્યુમેન્ટ રાખજો તૈયાર, જરૂર પડશે જ આમનીIncome Tax Return 2023: ભારતમાં ટેક્સ રિટર્ન ફાઇલ કરવા માટે થોડી તૈયારીની જરૂર છે. આ માટે તમારે ઘણા પ્રકારના દસ્તાવેજો સબમિટ કરાવવાના હોય છે. ઘણા પ્રકારના પુરાવા એકઠા કરવા પડશે. જ્યારે તમે ITR ફાઇલ કરવા જશો ત્યારે તમને કઈ વસ્તુઓની જરૂર પડશે તે એડવાન્સમાં જ જાણી લો.

Clarification regarding TDS under section 192 read with sub-section (1A) of section 115BAC of the Income-tax Act, 1961 - reg.Clarification regarding deduction of TDS under section 192 read with sub-section (1A) of section 115BAC of the Income-tax Act, 1961 - reg. Circular

Internet search engine demand increasing for CA and Income Tax consultantsJustdial, an internet search engine for hyperlocal trade, has reported a surge in demand for chartered accountants and Income Tax consultants in FY23. The

Income tax calculator FY 2023-24Income tax calculator: After ushering in new financial year from 1st April 2023, new income tax regime has become a by default tax regime for

Direct Tax Collection: Tax Payers ને સરકારે આપી ખુશખબરી, સરકારી ખજાનાને લઇને પહેલીવાર બન્યો આ રેકોર્ડTax Collection: ટેક્સ કલેક્શન શરૂઆતી બજેટ અનુમાન કરતાં 16.97 ટકા વધુ અને સુધારેલા અંદાજ કરતાં 0.69 ટકા વધુ હતી. નાણાકીય વર્ષ 2021-22ની સરખામણીમાં નેટ ટેક્સ કલેક્શનમાં 17.63 ટકાનો વધારો થયો છે.

ઓલ્ડ રિઝિમ અથવા કે ન્યૂ રીઝિમ કરશો પસંદ? ક્યાં છે ફાયદો અને નુક્સાન, જાણી લો A TO Zઈન્કમટેક્સ (Income Tax) કે અન્ય કોઈ નાણાકીય કામ માટે નવું વર્ષ (New Year)શરૂ થઈ ગયું છે. આ સાથે કરદાતાઓએ તપાસ પણ શરૂ કરી દીધી છે. આ પૂછપરછ ઈન્કમટેક્સ રિજિમ (Income Tax Regime) વિશે હશે. કચેરીએ પૂછવાનું શરૂ કર્યું છે કે કરદાતા કયા શાસન હેઠળ રહેવા માંગે છે, નવા કે જૂના?

31st March 2023 compilation

Ten Income Tax changes that will come into effect from April 1, 2023On April 1, 2023, the new financial year will begin, bringing many changes that can impact your money and taxes. Let's look at ten income tax changes that will come into effect from that date.

24th December 2022 compilation

How India’s complicated capital gains tax regime can be simplifiedThe changes made to capital gains tax laws over the years have resulted in a maze of complex provisions that have made the rationale incomprehensible in some cases

Importance of Filing Income Tax ReturnsFor the following reasons, you must register your income tax returns in any given outline: If value or offer market speculation has been your highest contributing plan, then, at that point, a convenient recording of ITR will end up being very compensating for you. In the event that you all out yearly compensation is not … Importance of Filing Income Tax Returns Read More »

Alert! ITR verification timeline ends this month, Know easy wayIncome tax department has reduced the timeline for verification of income tax return (ITR) filing from 120 days to 30 days. This means those who have filed ITR but couldn’t verify it should do it by this month.

Buying or selling House/Property? Check TDS compliancesThe buyer of a property which is worth more than Rs 50 lakh, must deduct 1 per cent as TDS on the transaction value or stamp duty value, whichever is higher.

Unfavourable tax regime may impact growth of virtual digital assets in IndiaThe legal status of transacting in or settling dues through VDAs is unclear. Instead of clarifying its stance, the government has come up with a new tax regime governing taxation of gains from sale of VDAs

High Value Transactions- List of Transactions Attracting Notice from Income Tax DepartmentThe taxpayer must report transactions on the income tax return in case the transactions are made in higher amounts or exceed a threshold. The department collaborates with various government agencies to gather the financial information of taxpayers who engage in high-value transactions but are not reported when filing the ITR. Take a look on a list of transactions … High Value Transactions- List of Transactions Attracting Notice from Income Tax Department Read More »

Last date for filing belated income-tax return u/s 139(4) and revised return u/s 139(5) for AY 22-23 is 31st December 2022Under income tax laws, an individual who has missed the last date to file an original income tax return can file a belated ITR. So a person who has not filed the income tax return on or before July 31, 2022, for FY 2021-22 (AY 2022-23) has a chance to file a belated ITR on or before December 31, 2022.

17th December 2022 compilation

Assocham wants I-T limit exemption raised to ₹5 lakh per annum in Budget"At one point, Indian government had tried to get Indian companies to list overseas. That did not happen. We should also allow the reverse, overseas companies to list in India," he said, adding, "While the Indian Depository Receipts (IDRs) process is there, no companies have come in because it is a little restrictive."

6 Transactions That Can Attract An Income Tax Noticehere are the instances that could attract an income tax notice- 1. Credit Card 2. Purchase Of Goods/Services In Cash 3. Bank Transactions 4. Shares/Mutual Funds Transaction 5. Forex Transactions 7. Property Transactions

Income Tax Payment New Options1. INTERNET BANKING Taxpayers having bank account with an Authorised Bank can use this mode for payment. No transaction charge/fee is applicable for making tax payment through this mode. Canara Bank ICICI Bank Indian Bank Karur Vysya Bank Indian Overseas Bank Federal Bank Kotak Mahindra Bank Bank Of India Central Bank Of India Punjab National […]

Income Tax Raid: Record of 24 crore cash transactions seizedIncome Tax Raid in Indore: The Income Tax Investigation Wing teams started the investigation from Tuesday morning at 25 locations of Sky Earth and Highlink Buildcon Group. Till Wednesday evening, the officials of the Income Tax Department have got the account of suspicious transactions worth 29 crores. This includes cash of Rs 5 crore. Eight … Income Tax Raid: Record of 24 crore cash transactions seized Read More »

SC: IT department cannot initiate reassessment proceedings during pendency of rectification proceedingsThe Supreme Court has held that the income tax department cannot initiate the reassessment proceedings during the pendency of the rectification proceedings The

14th December 2022 compilation

Gifts by firms over Rs 20,000 now under TDS net, cos fret about compliance burdenFrom free airline tickets to a music system to free dining vouchers, any gift above Rs 20,000 by companies to individuals will now be liable for TDS.

Budget 2023 may take up GIFT City AIFs' tax snagsThe Reserve Bank of India (RBI) allowed domestic investment in a GIFT City fund using the Liberalised Remittance Scheme (LRS), under which a resident Indian can invest up to $250,000 a year in stocks and properties abroad. But administrators of category 3 AIFs receiving such LRS money may have a tough time dealing with the taxman.

'Increase section 80C limit to Rs 2.5 lakh, raise PPF investment limit to Rs 3 lakh'deduction limit under section 80C of the Income-tax Act, 1961, should be increased from the existing Rs 1.5 lakh to Rs 2.5 lakh in Budget 2023, the Institute of Chartered Accountants of India (ICAI) suggested in its Pre-Budget Memorandum 2023. A hike in the deduction limit of section 80C would “provide savings opportunities to the public … ‘Increase section 80C limit to Rs 2.5 lakh, raise PPF investment limit to Rs 3 lakh’ Read More »

Taxpayers Alert! Time limit for verification of ITR has been reduced to just 30 daysAfter submitting his/her Income Tax Return (ITR) online earlier, a taxpayer used to get 120 days’ time to verify the return and complete the process of the filing of return of income. However, the Income Tax Department has reduced the time limit drastically to just 30 days for the ITRs filed online after July 31, … Taxpayers Alert! Time limit for verification of ITR has been reduced to just 30 days Read More »

66.92% higher refunds issued upto 30th Nov., 2022Income Tax Department has issued Income Tax Refund of about Rs 2.15 lakh crore between April 1, 2022 and November 30, 2022. According to a new tweet by the Income Tax Department, this is about 66.92 per cent higher than the refunds during the same period last year.

Budget 2023: One year into crypto income tax, but confusion prevails. Will FM provide clarification?Budget 2023: Tax experts feel many retail investors believe that crypto-to-crypto transfers are non-taxable, while there’s ambiguity over TDS deduction on foreign exchanges.

Senior and Super Senior Citizens may choose the Old Tax Regime or the New Tax Regime, i.e., under Tax Slabs for AY 2022-23income tax purposes, a resident is deemed to be a senior citizen if they had been 60 or older but under 80, whereas an individual resident who was 80 years of age or older at any point in the previous financial year is referred to as a super senior citizen. Senior and Super Senior Citizens … Senior and Super Senior Citizens may choose the Old Tax Regime or the New Tax Regime, i.e., under Tax Slabs for AY 2022-23 Read More »

Preparation for change in income tax slab, those earning up to five lakhs will not have to pay tax!At present, there is no income tax on income up to Rs 2.5 lakh per annum. The government is considering increasing this limit to five lakh rupees. That is, if your annual income is up to five lakh rupees, then you will not have to pay income tax. It can be announced in the upcoming … Preparation for change in income tax slab, those earning up to five lakhs will not have to pay tax! Read More »

Number of Income Tax Returns filed crossed 7 crore markNumber of Income Tax Returns filed crossed 7 crore mark

Govt may increase income tax free slab to Rs 5 lakh in Budget 2023Officials of North Block, headquarters of the Union finance ministry, are exploring the possibility of increasing the tax-free slab to Rs 5 lakh in the two-year-old alternative personal income tax regime. It is important to mention in this context that as per the current tax laws, an individual is required to pay tax in case his taxable … Govt may increase income tax free slab to Rs 5 lakh in Budget 2023 Read More »

10th December 2022 compilation

With EMI burden rising, will Budget 2023 give more sops to home buyers?Real estate experts say that tax deduction benefits to repay principal and interest amounts haven’t been raised in many years. Interest rate hikes and increased demand through the Covid pandemic should nudge the government to give sops to home-buyers, they add.

Family Pension Taxable as “Income from other sources”, TDS section 192 of Income Tax Act Not ApplicableFamily Pension is chargeable to tax under the head “Income from other sources” and not under the head “Salaries”. Therefore, provisions of section 192 of the Act are not applicable. Hence, DDOs are not required to deduct TDS on family pension paid to person.

All about TDS on Salary for Financial Year 2022-23 / Assessment Year 2023-24DEDUCTION OF TAX AT SOURCE- INCOME-TAX DEDUCTION FROM SALARIES UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961 DURING FINANCIAL YEAR 2022-23

7th December 2022 compilation

Automakers, South Korea urge US to tap commercial EV tax creditThe $430 billion U.S. Inflation Reduction Act (IRA) passed in August ended $7,500 consumer tax credits for electric vehicles assembled outside North America, sparking anger from South Korea, the European Union, Japan and others.

All About Leave EncashmentLeave Encashment Leave encashment is the amount of money which is received in exchange of period of leave NOT availed by the employee. There are many types of leaves in an organisation such as: -Privilege leave/Earned leave/ Annual leave -Loss of pay leave -Bereavement leave -Maternity leave -Sick leave -Casual leave -Paternity leave -Compensatory leave […]

Income Tax Saving Tips: You will not have to pay even ₹ 1 tax on a salary of 10 lakhs, not 12 lakhs, understand the calculation hereYou can invest the tax saving money for the future of your family or child. From mutual funds to FDs, all investment options are available in the market today. Today we talk about your salary and tax. Even if your salary is Rs 12 lakh, you do not need to pay Rs 1 tax.

ITR of deceased can be considered computing annual income for grant of motor accident compensationThe Supreme Court on Tuesday 6th Dec 2022 ruled that while calculating annual income for grant of motor accident compensation the courts can consider the Income

Budget 2023: Will long-term capital gains exemption limit go up?The exemption allowed for long-term capital gains on equity investments need to be further enhanced to account for inflation, rising income levels and to encourage more investors into equity markets, say analysts.

Revised Income Tax Slab Rates and changes in Budget 2023- Expectationsexpecting tax relief for individuals in higher tax slabs. “Per the current income tax provisions, an individual is required to pay taxes based on slab rates. The highest slab rate (after including surcharge and cess) for income exceeding INR 5 crore in India is at present 42.744 per cent,” said Tapati Ghose, Partner, Deloitte in her Budget expectations.

If you have missed the July 31 deadline to file your income tax return, To Save Yourself From Scrutiny, NoticeIf you have missed the July 31 deadline to file your income tax return, then make sure you file it by December 31, unless you want to get served with a notice from the income tax department

6th December 2022 compilation

Foreign tax credit cannot be denied for mere delay in filing Form No. 67ITAT Mumbai held that mere delay in filing Form No. 67 as per the provisions of Rule 128(9) will not preclude the assesses from claiming the benefit of foreign tax credit in respect of tax paid outside India.

5th December 2022 compilation

Argentina is pressing US for exception to tap EV tax bonanzaDesigned to end China’s overwhelming dominance of the critical metals sector and passed in August, Biden’s signature Inflation Reduction Act has been welcomed as a landmark climate law that will boost EV manufacture and uptake in the US.

Analysis of Concept of ‘Place of Effective Management’ In IndiaSection 6 of Income Tax Act of India principally deals with conditions in which a business or an individual's residence is determined if concerned has a domicile in India.

Higher tax deductions, more power to NPS: MF distributors’ wish list for Budget 2023Given that some state governments have been clamouring for a return to the old pension system, some mutual fund distributors say it’s time to give higher tax deduction limits for the National Pension Scheme. Section 80C tax deductions should be linked to inflation, other distributors say.

4th December 2022 compilation

Tax department reduces time for taxmen to decide on refund adjustmentThe time limit of 30 days made available to the assessing officers stands reduced to 21 days, the Directorate of Income Tax (Systems) said.

DTAAs with special reference to DTAA between India and SingaporeThese treaties are based on the general principles laid down in the model draft of the Organization for Economic Cooperation and Development (OECD) with suitable modifications as agreed to by the other contracting countries.

Due Date Compliance Calendar December 2022Article compiles due dates of compliance related to GST, Income Tax, ESI, PF Acts which includes compliance related to GSTR-1, GSTR-3B, ITC-04, GSTR-5 & 5A, GSTR-6, GSTR-7, GSTR-8, RFD-10, Due dates for payment of TDS/TCS, Dues date for Payment of Advance Tax, Due date for Issue of TDS/TCS Certificates, Due date for linking of Aadhaar […]

IT department moves to resolve tax refund issues quicklyThe income tax department has issued instructions to ensure taxpayer grievances about adjustment of tax dues against pending refunds are resolved quickly to che

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