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The Income Tax Department has recently issued an important update addressed to deductors, emphasizing the need to verify the PAN status of the deductee. It is crucial to be vigilant as deductees with an ‘Inoperative’ PAN status may be subjected to higher TDS/TCS rates.
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Here’s a look at some of the changes in tax rules that will be effective from April 1.
The new financial year has already started on April 1 and if you are getting ready to file your Income Tax Return (ITR) for the year gone by, there’s something important you need to know. The Income Tax Department is expected to soon release the updated filing forms for the financial year 2024-25, or Assessment Year 2025-26.
Income tax is a tax paid on the income and profits people and entities earn, and filing the Income Tax Return (ITR) is a crucial annual task for taxpayers in India.