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Every year, salaried employees, business owners, and freelancers across India face an important tax decision: old vs new tax regime, which one should you choose? The difference between the old and new tax regimes goes beyond simply comparing tax rates. It also depends on how your income, investments, deductions, and exemptions affect your overall tax […]
Income Tax Authorities are government officers and bodies responsible for administering and enforcing the Income-tax Act, 1961 in India. Their functions include processing tax returns, assessing taxable income, collecting and recovering tax, issuing notices, conducting inquiries and searches where legally authorized, and taking action against non-compliance. With the ever-evolving tax landscape under the Income Tax […]
Section 269ST of the Income Tax Act restricts anyone from receiving ₹2 lakh or more in cash from the same person. The limit applies if the amount is received in a single day, in a single transaction, or across related transactions for the same event or occasion. Introduced by the Finance Act, 2017, this rule […]