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The Income Tax Department has allowed tax officials to either waive or reduce interest payable by a taxpayer, subject to specified conditions.
Under the Income Tax Act Section 220 (2A), if a taxpayer fails to pay the tax amount specified in any demand notice, he/she is liable to pay interest at 1% per month for the period of delay in making the payment.
Read more at: The Hindu
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Public sector Indian Bank has received a notice of demand from the assessment unit of the Income tax department for Rs. 873 crore.
When it comes to claiming House Rent Allowance (HRA) exemption, salaried individuals often find themselves confused. If you’re paying rent for your accommodation and receive HRA as part of your salary, you can claim an exemption that reduces your taxable income. But how exactly can you claim the full HRA exemption?
Income Tax Department portal glitches have allegedly cost a Delhi-based chartered accountant’s client Rs 29.10 lakh, as the person failed to meet the second instalment of advance tax payment due date of September 15, 2025 for AY 2026-27, despite making several payment attempts before the due date.