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Inoperative PANs have been giving a headache to non-resident Indians. Unresponsive jurisdictional assessment officers, lack of online facility to contact them to update residential status and non-receipt of e-verification codes continue to impede smooth filing of NRI tax returns.
Salaried individuals can opt for the old or new tax regimes once every year. But you will need to recalculate your tax deductions and exemptions.
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has observed that payments made for acquiring membership in a social club could not be allowed as business expenditure when there was no...
Indirect TaxesSupreme CourtSabka Vishwas Scheme : Supreme Court Grants Relief To Company Which Missed Deadline Due To IBC MoratoriumCase Title: Shekhar Resorts Limited vs Union of IndiaCitation : 2023...
You shouldn’t. In fact, you should keep them. Tax proofs for expenses incurred or investments made must be saved for a few more years after you file your income-tax returns. If your case is reopened, the tax man could ask for document proof. If you fail to submit them, it can spell trouble.