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The tax department is monitoring high-value cash transactions. At the same time, it is also monitoring digital transactions. It uses modern techniques to find out the relationship between income and expenses.   Income tax What types of transactions are monitored? Apart from bank statements, it also examines many data including real estate transactions and travel documents. When expenses are not matched with income, it sends notices and conducts investigations. The Income Tax Department can look at important cash transactions that may attract attention. Savings Account: The Income Tax Department takes note of depositing large amounts of cash in bank savings accounts. If you deposit more than Rs 10 lakh in a savings account in a total year, the Income Tax Department may investigate. Action will be taken if there is no proper evidence. Deposit Funds: You should be careful while investing cash in banks. If you deposit more than Rs 10 lakh in cash in a total year, the Income Tax Depart...

New Delhi, Nov. 30- EPFO ​​plans to provide the facility of withdrawing money from the Provident Fund (PF) account through ATM. PF, Money Just as the Income Tax Department is planning to increase The electronic facilities for Permanent Account Number under the name 'PAN 2.0', it is planned to provide additional facilities to the Provident Fund account of the workers under the name 'PF 3.0'. While the workers and the management are currently contributing 12 percent of the monthly salary equally to the PF account, it is planned to remove only the upper limit on the amount to be contributed by the workers. That is, this will allow the workers to save more if they want, while the PF amount, which is safe and earns reasonable interest in the financial market. Deadline ends today Today is the last day to link PF, UAN and Aadhaar to avail the benefits of ELI, a job-linked incentive. Therefore, those who have not linked Aadhaar with their PF account must do so today...

Shares of pharmaceuticals maker Alkem Labs tumbled 14 percent to Rs 4,653 in intra-hour trade yesterday on the Mumbai Stock Exchange amid allegations of tax evasion. Tax complaint In this regard, informed sources said This is the lowest price of the company's stock in the last three months. However, the stock price rose to Rs 5,013 by the end of trading hours. The company's share price fell following reports that the Income Tax department had found the company involved in tax evasion of over Rs 1,000 crore. The Income Tax department has found that more than Rs 1,000 crore of false income tax deductions have been claimed for the company's manufacturing plants in Sikkim. Also, it has been discovered that various special sections under the Income Tax Act have been misused to avail such exemptions. Also, the Income Tax Department's probe found that Alkem ​​Labs paid doctors and medical students to prescribe their company's drugs to patients. At the end ...

A new facility introduced on the Income Tax platform provides the facility to cancel an already filed Income Tax return and file a new one with amendments. This facility will come into effect from assessment year 2023-24. Income Tax Department Using this facility, the income tax payer can correct any errors or incorrect information in the income tax return already filed and file a new one. This facility is expected to provide additional convenience to the income tax payers. To avail this facility, you have to use the "Cancel" feature on the Income Tax Department website. To use this feature, income tax payers need to enter their ITR number, password, and mobile number. Then, they have to select the income tax return number they want to file. Once the income tax return is cancelled, the i...

Stricter rules come into force A few new rules for cash-related, financial transactions come into effect from December 1. Here's a look at which rules have changed. New rule India December 2023 New rules related to finance implemented in December 2023 New Timeline for IPOs SEBI has introduced a new IPO timeline. According to the new timeline, companies filing for an IPO will have to sell shares within 30 days. Earlier, companies registering an IPO had to sell shares within 60 days. Credit Card Launch Access HDFC Bank has introduced a new offer on Regalya Credit Card. Those who spend more than Rs 1 lakh in a quarter can get two launch accesses for free. Earlier, spenders above Rs 1 lakh could get only one launch access for free. Aadhaar Card Update The deadline for free transfer of details in Aadhaar card has been extended till 31 December 2023. Before this, Aadhaar card details can be changed free of charge ti...

Income Tax: How is it possible to not pay tax even if you have an income of Rs.10 lakh? It is possible to not pay tax even if you have an income of Rs. 10 lakh by claiming deductions and exemptions under the Income Tax Act. Some of the common deductions and exemptions that can be claimed include, Income tax  How to avoid tax for 10 lakhs Standard deduction: A standard deduction of Rs. 50,000 can be claimed by salaried individuals. Deduction under section 80C: A deduction of up to Rs. 1,50,000 can be claimed for investments made in various saving schemes, such as EPF, PPF, ELSS, and NSC. Deduction under section 80D: A deduction of up to Rs. 25,000 (Rs. 50,000 for senior citizens) can be claimed for health insurance premiums. Deduction under section 80TTA: A deduction of up to Rs. 10,000 can be claimed for interest paid on home loans. In addition to these deductions, there are also a number of other exemptions that can be claimed, such as the exemption for income from hou...