The Ministry of Finance has stored the rate of interest of GPF or Common Provident Fund unchanged at 7.1% for the January-March quarter of 2023. Based on a decision launched by the Division of Financial Affairs (DEA), Ministry of Finance, the rate of interest on GPF and different related funds will proceed to be 7.1% for the January-March quarter of 2023.

Expectations for tax sops are working excessive forward of the Union Price range in February as it could be the final full finances of this authorities earlier than the overall elections in 2024.

A and B are siblings. A resides in India whereas B lives overseas. Their father died in India mentioning his property are to be divided between A and B. Amongst a number of property, A and B have a joint share in a property which they plan to promote and divide the proceeds. B has a well being difficulty and is unable to go to India. How can the siblings execute the desire in such a case?

After an revenue tax return (I-T return) has been filed, the tax division sends an intimation beneath part 143(1) to spotlight any discrepancy which may come up from a decrease tax paid than what was meant to be paid.

Allowances are like monetary advantages {that a} salaried worker receives from his employer which helps the previous in lowering its tax burden. Allowances are segregated into numerous classes and might be claimed by an worker on a month-to-month foundation. These allowances assist when submitting revenue tax returns (ITR) which incorporates info equivalent to internet tax legal responsibility, claiming of tax deductions, and an total view of gross taxable revenue. ITRs are obligatory to be filed by taxpayers yearly. With 2023 kicked in, it is very important perceive totally different allowances and their tax advantages which is able to turn out