Incometaxindia

What is Income Tax? Income tax is a type of direct tax the central government charges on the income earned during a financial year by the individuals and businesses. It is calculated based on the tax slabs defined by Income Tax Department. What’s New in Income Tax Budget 2023 Updates • A tax rebate has been introduced in the New Tax Regime on income upto Rs 7 Lakhs. This implies that you do not have to pay tax if your taxable income is below 7 lakhs under new tax regime. • The new tax slabs under the new tax regime will be: Income Slabs Tax Rates up to Rs 3 lakh Nil Rs 3 lakh- Rs 6 lakh 5% Rs 6 lakh-Rs 9 lakh 10% Rs 9 lakh-Rs 12 lakh 15% Rs 12 lakh- Rs 15 lakh 20% Above Rs 15 lakh 30% • The standard deduction of Rs 50,000 has been introduced under the new tax regime for salaried taxpayers. • The highest surcharge under the new tax regime has been reduced to 25% from 37% for people earning more than Rs 5 crore. This move brings down their tax rate from 42.74% to 39%. • The new IT regime will be the default tax regime. However, taxpayers can choose the old regime. • Leave encashment for non-government employees has been increased to Rs 25 lakh from Rs 3 lakh. • TDS rate reduced to 20% from 30% on withdrawal of EPF. • 02 May 2022 – CBDT notifies form for filing the ‘Updated’ income tax returns • 27 April 2022 – Form 26A, Form 27BA, Form 10BD & Form 10BE are available on the income tax portal. • 20 April 2022 – Income Tax Portal announced that UDIN update functionality is enab...

ABOUT REFUND BANKER The 'Refund Banker scheme' facilitates transmission of refunds generated on processing of Income tax Returns by CPC-Bangalore/AO to State Bank of India, CMP branch (Refund Banker) for further distribution to taxpayers. Refunds are being sent in following two modes: • RTGS / NECS: To enable credit of refund directly to the bank account, Taxpayer's Bank A/c, MICR code/IFSC code of bank branch and correct communication address is mandatory. • Paper Cheque: Bank Account No and correct address is mandatory. Taxpayers can view status of refund 10 days after their refund has been sent by the Assessing Officer to the Refund Banker. Other Refunds Status of 'paid' refund, being paid other than through 'Refund Banker', can also be viewed at 'Refund paid' status is also being reflected in the 'Tax Credit Statements' in Form 26AS. The 'Refund Banker scheme' facilitates transmission of refunds generated on processing of Income tax Returns by CPC-Bangalore/AO to State Bank of India, CMP branch (Refund Banker) for further distribution to taxpayers. Refunds are being sent in following two modes: • RTGS / NECS: To enable credit of refund directly to the bank account, Taxpayer's Bank A/c, MICR code/IFSC code of bank branch and correct communication address is mandatory. • Paper Cheque: Bank Account No and correct address is mandatory. Taxpayers can view status of refund 10 days after their refund has been sent by the Assessing Officer to the Refund Banker. Other Refunds S...

Taxation of individuals in India is primarily based on their residential status in the relevant tax year. The residential status of individuals is determined independently for each tax year and is ascertained on the basis of their physical presence in India during the relevant tax year and past years. See the The following types of residential status are envisaged for an individual: • Resident in India, which is further divided into the following two categories: • Resident and ordinarily resident (ROR). • Resident but not ordinarily resident (RNOR). • Non-resident in India (NR). Under Indian tax laws, the scope of taxation differs as per the residential status of an individual: • RORs are subject to tax in India on their worldwide income, wherever received. • RNORs are subject to tax in India only in respect to income that accrues/arises or is deemed to accrue/arise in India, or is received or deemed to be received in India, or is from a business controlled in or a profession set up in India. • NRs are subject to tax in India only in respect to income that accrues/arises or is deemed to accrue/arise, or is received or deemed to be received in India. RNOR and NR individuals are not subject to tax in respect to their income earned and received outside of India. Personal income tax rates New personal tax regime (NPTR) Effective 1 April 2023, the tax rates under the NTPR, devoid of any deductions or exemptions, have been revised as follows: Taxable income (INR) Tax on column 1...

• Proof of TAN (existing TAN . i.e. the one currently in use). • Proof of TAN(s) to be surrendered/cancelled, if any. • Applicant may submit the TAN allotment letter received from ITD as proof of TAN. In case the applicant does not have TAN allotment letter, he can submit a printout of his TAN details using TAN search facility provided at • Relevant documentary proof to support request for correction/ change in TAN change request is to be forwarded to Protean along with TAN acknowledgment. “IVR” (24/7) Self-service to know PAN & TAN status in English and हिंदी languages on 08069708080 “WhatsApp” connect with us on 8096078080, just say “Hi” to start the journey with Protean Direct tax payments facility has been migrated from OLTAS ‘e-payment: Pay Taxes Online’ to e-Pay Tax facility of E-Filing portal. Users are advised to navigate to ‘e-Pay Tax’ service of efiling portal of Income Tax Department at https://www.incometax.gov.in/ to make direct tax payments. e-Return Intermediary registration service is now LIVE with its upgraded version ERI 2.0. • “Protean is pleased to announce the launch of our new self-serve 24/7 "Interactive Voice Response (IVR)” . Connect with us at 08069708080 to know the status of your PAN and TAN applications. Most importantly, the facility can be accessed in English and हिंदी languages by just entering the acknowledgement number anytime and from anywhere”. • New e-Return Intermediary registration service is now LIVE with its upgraded version ERI 2.0...