Last Updated:November 23, 2024, 17:53 IST For a Rs 10 lakh income, the new tax regime saves Rs 25,900 in taxes. However, the old regime benefits more if deductions are maximised Taxpayers should make the right choice based on their income, expenses and investment plans. (Representative/Shutterstock) In the budget for the financial year 2024-25, the … Read more
The South African Revenue Service (SARS) has warned the public not to fall for imposters pretending to be SARS and sending threatening messages about spaza shop registration. For the latest SARS news, bookmark The South African website’s dedicated section for free-to-read content Always verify the authenticity of such messages on the Scams & Phishing webpage. Protect yourself at all … Read more
In a big win for the tax department, the Supreme Court ruled on Thursday that the Income Tax Act must be interpreted with the amended provisions effective after April 1, 2021. This decision will impact approximately 90,000 reassessment notices, as clarified by the court. The ruling stems from the case involving Ashish Agarwal and confirms … Read more
A flurry of income tax (I-T) notices loom over the next one month amid fears that many could slip through the tax net.Revenue officials have alerted the central authorities that it would be virtually impossible to reopen old tax returns for some of the past years before September 1, 2024, when the new law on … Read more
Canadians can begin filing their income tax returns online as of Monday, with several changes in store for the 2024 tax filing season. Those filing by paper should have received their income tax package in the mail by now, according to the Canada Revenue Agency (CRA). Most Canadians must file their tax return by April … Read more
The Income Tax Department has sent notices to a number of taxpayers who made donations to political parties that are registered, but not recognised by the Election Commission. The notices sent to individuals and corporates are for donations made in FY21 and FY22, to find out whether such payments to lesser-known political parties were used … Read more
NEW DELHI: The Jharkhand High Court has ruled that the Directorate General of Goods and Services Tax Intelligence (DGGI) does not enjoy any special power or privilege compared to the officers of the state GST authorities, if they are investigating the same taxpayer for the same offence. Justices Rongon Mukhopadhyay and Deepak Roshan came down … Read more
New tax measures, and changes to existing ones, will begin affecting Canadians in 2024. But tax experts say the effects on most individuals are likely to be minor, unless they’re high-income earners. GST/HST exemptions, the elimination of deductions for some short term rentals, new alternative minimum tax rates and changes to Canada Pension Plan (CPP) … Read more
