Synopsis Income tax refund: No tax refund for identified taxpayers because their income tax return (ITR) has been identified by the ‘Risk Management System (RMS) of the Income tax department. If your ITR is among the identified ITRs then no refund will be issued, unless you confirm it or file a revised ITR to fix…

(Special thanks to Taxmann) ~Navneet Shukla

This came into light when the women filed rape case. Now to secure pre-arrest bail (Anticipatory Bail) in a rape case filed by his partner in Mumbai, This 46-year-old man has produces a “live-in relationship agreement” that he claims states that they would not file any case of sexual harassment against each other. The sessions…

The Direct Tax Code (DTC) is proposed legislation aimed at modernizing, simplifying, and consolidating India’s tax laws into a single, efficient, and transparent code. On August 21, 2024, Finance Minister Nirmala Sitharaman introduced the forthcoming Direct Tax Code (DTC) to mark the 165th anniversary of Income Tax in India. The DTC is intended to replace…

A move aimed at simplifying the tax filing process Now Individual Taxpayers having Tax Audit don’t require a Digital Signature Certificate (DSC) to Approve Tax Audits. Up to FY 2022-23, i.e., AY 2023-24, every Individual or HUF was required to sign the Income-tax return by Digital Signature Certificate (DSC), in case his accounts were required…

~Navneet Shukla

Union Minister Ashwini Vaishnav said that a total of 23 lakh government employees will benefit from the UPS scheme. If the state government also implements this scheme, then the number of beneficiary employees will increase to 90 lakh. The central government has decided to replace the New Pension Scheme (NPS) with the Unified Pension Scheme.…