Budget 2023: ICAI Suggestion to Increase section 80C limit to Rs 2.5 lakh, raise PPF investment limit to Rs 3 lakh

Budget 2023: The Institute of Chartered Accountants of India (ICAI) has submitted the “PRE-BUDGET MEMORANDUM – 2023 for DIRECT TAXES AND INTERNATIONAL TAXATION. In that ICAI stated that: Section 80C – Various suggestions Issue/Justification: PPF is used as a means of savings by entrepreneurs and professionals. While the assessees in employment have the compulsion of […]

Income Tax Rates for Financial Year 2022-23/ AY 2023-24

Income Tax Rates for Financial Year (FY) 2022-23/ Assessment Year (AY) 2023-24: In this section, you will learn about the normal tax rates applicable to different taxpayers. Normal tax rates for Individuals & HUF The normal tax rates that apply to a resident individual depend on that person’s age. However, regardless of age, the tax […]

Cash Deposit or Cash Withdrawal Limit in Saving or Current Account

Nowadays many people getting notices from the Income Tax Department regarding cash deposit or cash withdrawal limit in saving or current accounts. So today we will discuss the above issue. The Income Tax Department directly has not issued any specified limit but they are taking indirect control. Any person who wants to do a cash […]

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