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Income tax notice: There have been some instances of people receiving a fake income tax. Save yourself from this scam and learn how to spot a fake income tax notice. For example: a real income tax notice will never have a payment link inside it. Read here to know more about real income tax notices.

The tax department advised taxpayers to file amended income tax returns (ITRs) for the 2021-22 assessment year by Sunday, March 31, 2024

Financial Literacy News: As the deadline for updating Income Tax Returns (ITRs) for the fiscal year 2020-21 draws near, many individuals have recently received emails from the Income Tax Department regarding significant transactions flagged in their Annual Information Statement (AIS). Here's what you need to know about these communications and how to address them:

The Income Tax Department said, "The Income Tax Department receives information of specified financial transactions of taxpayers from various sources. This information is reflected in the Annual Information Statement (AIS) module and is available to the persons/entities for viewing. The value of ‘Significant Transactions in the AIS has been used for carrying out this analysis." Read here to know what are these specified financial transactions.

Income mismatch in ITR: Mismatches can result in an income tax notice. Heres how you can fix them

The income tax department has activated a feature on its tax return filing portal that allows tax-payers to view the status of their outstanding, petty and old tax demands. The eligible ones are being ‘extinguished’. Tapati Ghose, Partner, Deloitte India gives an insight into the facility, areas that need further clarity and the complaint redressal process to be followed if your tax demand is not withdrawn. Tune in.

The order stated that the outstanding demands for remission should pertain to income, wealth, and gift tax. The upper ceiling of Rs 1 lakh for remission includes tax demand, interest, penalty if any, and cess and surcharge.

The Central Board of Direct Taxes (CBDT) has set a ceiling of ₹1 lakh per assessee for the withdrawal of small tax demands until the 2015-16 assessment year.

Income tax outstanding demand: The Central Board of Direct Taxes (CBDT) has stated via a order that the income tax department has started waiving eligible old tax demand. However a maximum ceiling limit per taxpayer/assessee has been set and no outstanding tax demand entries above this ceiling limit would be extinguished.

The CBDT order said that such outstanding tax demands pertaining to income tax, wealth tax and gift tax as on January 31, 2024, shall be remitted and extinguished "subject to the maximum ceiling of Rs 1 lakh for any specific taxpayer/assessee"., Personal Finance News, Times Now