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It is important to note that if a taxpayer chooses the new tax regime, they will not be able to claim deductions such as Section 80C, Section 80D, and others.

In these circumstances, one has the choice to submit an updated tax return (ITR U).

Rejected paddy could be used for industrial purposes like cattle feed production and manure production

With the beginning of October, a new financial quarter, Q3, will begin. This means that several rules will be changed with the onset of the month.

ITR Refund AY 2022-23: Those who have filed their ITR for AY 2022-23 on time will now wait for their income tax refunds, which is issued to taxpayers when they pay higher taxes than the actual liabilities.

Nirmala Sitharaman clarified doubts on the GST rule on certain items, as she said there is no GST on chequebooks for bank customers or cash withdrawals.

Taxpayers who may not be able to file their IT returns by July 31 can still file them till December 31 as belated return, but will be liable to pay penalties

The items, which include mostly those needed daily including rice, milk, pulses, etc, are at the moment falling under the ambit of the Goods and Service Tax, and a 5% GST is levied on them.

GST Council Meeting June 28-29: From rationalising rates of a handful of items to discussing compensation of states — a host of issues will be discussed in the upcoming GST Council meeting. A look a what to expect

The GST Council may also decide to prune the list of exempt items by moving some of the non-food items to 3 per cent slab

Income Tax Rules provide that if PAN of a person has become inoperative, he will not be able to furnish, intimate or quote his PAN and will be liable to consequences for such failure

The form in question, Form 10-IC, is required to filed only if a Domestic Company chooses to pay tax at concessional rate of 22 per cent under Section 115BAA of the Income Tax Act,1961.