Under the income tax laws if an individual has not filed income tax return for FY 2021-22 on or before July 31, 2022, then December 31, 2022 is the last chance to do so. If this deadline is missed, then individual can only file updated ITR albeit by paying a penalty.

Given below are the income tax slabs for sole proprietorship business, professionals, partnership firms and domestic companies registered under Companies Act, 2013. The income tax slabs and rates mentioned below are applicable for the current financial year. Read on to know more about it.

Advance tax, also called as earn tax, is to be paid in instalments on the due dates set by the income tax department.

The Central Board of Direct Taxes (CBDT) has issued a notification on December 12, 2022 offering one-time relied to the non-resident taxpayers who do not have PAN and required details in Tax Residency Certificate. Such taxpayers are required to file Form 10F to claim benefit under the DTAA. However, this form must be filed before the last date i.e., March 31, 2023.

Between April 1, 2022, and November 30, 2022, the income tax department provided income tax refunds of around Rs. 2.15 lakh crore.

Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.

The income tax department sent out a fresh warning for taxpayers who are yet to link their PAN with their Aadhaar. If the PAN is not linked with Aadhaar by the deadline then PAN will become inoperative. Further, there is a penalty is applicable on linking of PAN with Aadhaar now.

Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.

In a conversation with ET Digital, Nilesh Shetty, Portfolio Manager at Quantum Advisors, and Harshvardhan Roongta, Principal Financial Planner at Roongta Securities, discuss the importance of equity-linked savings scheme (ELSS) in saving tax and growing your wealth.