Gross direct tax collection before adjusting for refunds grew 21.2% to ₹15 lakh-crore in the April to November period. 

CBDT announced the deadline extension in a circular on Saturday, four days ahead of the original deadline of October 31. 

The apex court’s decision clarified the tax laws applicable during this transitional period; it set aside various high court orders that prevented the Revenue Department from issuing tax notices under the old system.

The CBDT revises thresholds for tax appeals to ₹60 lakh, ₹2 crore, and ₹5 crore for ITAT, high courts, and Supreme Court, respectively. This is to streamline tax dispute resolutions, while allowing some exceptions.

To prevent double taxation, India and the US have entered into a Double Tax Avoidance Agreement. As per paragraph 2 of Article 20 of the agreement, only the US can tax your social security benefits.

The apex tax body is reportedly cracking down on foreign remittances to spot the discrepancies between what the taxpayers reveal and the actual data show.

A tax clearance certificate is not a must for all travelling abroad; it is mandatory if you are involved in a serious financial irregularities case or if your unpaid tax arrears exceed Rs. 10 lakh.

For income up to ₹10 lakh, the Old Tax Regime is generally more beneficial as it provides a wider range of exemptions and deductions.

Against the backdrop of the new tax rules, take a relook at your finances and realign them to improve your financial wellness.

Considering the benefits and deductions a salaried person has to forgo, the New Tax Regime is less beneficial for young people, especially those who reside in rented houses or who service home loans.