Sat, Nov 23, 2024 | 01:12 PM IST
Direct Tax code: The government has started the consultation process for reviewing the Income Tax Act, 1961. The review is being done to reduce litigation and make it easy to understand for the common man. There are certain provisions currently under the Act where non-complying can lead to jail time for taxpayers.
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Income tax relief: The income tax department has released new rules for granting condonation of delay requests in filing specified forms. These forms are used to apply for lower rate of income tax by various taxpayers like trusts, institutions, corporates, etc. Read here to know more about how to claim income tax relief.
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