The income tax department takes tax filings very seriously. It is known to take strict and prompt action against any wrongdoers; in just the month of July 2023, the department issued 1 lakh+ notices to taxpayers suspected of underreporting or misreporting their income in their tax filings. Under Section 133 (6) of the Income Tax Act, notices may be sent to any taxpayer who filed suspicious income tax returns. Have you received such a notice in your mail? Read along to know everything about Section 133 (6):Introduction to Section 133(6)Section 133(6) time limitCase Laws for Section 133(6)Authorities permissible to issue noticesResponse to notices under section 133(6)Penalties under section 133(6)What is Section 133 (6) of Income Tax Act?Section 133 (6) empowers certain persons in the income tax department to order any taxpayer to furnish information and evidence for tax-related enquiries and proceedings. The act grants investigative powers to assessing officers and other department officials to demand information through notices. Such notices can be sent to taxpayers for reporting lower income or withholding sources of income. They can also be issued for claiming income tax deductions and exemptions wrongfully.

ITR stands for Income Tax Return. The central board of direct taxes (CBDT) releases all the ITR forms and specifies the procedures to be followed. This article provides an in-depth understanding of the definition of ITR and the types of ITR forms.What is ITR?Income Tax Return (ITR) is a form in which the taxpayers file information about their income earned and tax applicable, to the income tax department.The department has notified 7 forms i.e. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 to date. Every taxpayer should file his ITR on or before the specified due date.

In India, the Income Tax Department taxes an individual’s income based on the tax slab they belong to. Taxpayers are always looking for measures to pay zero tax on salary. But they miss out on salary optimization. If you want to pay zero tax on a salary above 10 lakh, give this article a read. In this article, you will find various tips on tax planning for a salary above 10 lakhs.For FY 2025-26 the rebate limit has been increased to Rs. 12 lakhs.

Given the rising domestic LPG cylinder prices, a majority of individuals have the notion that the State Governments charge a 55% tax on gas cylinders. However, this is false and this fake news was spread by a viral social media post back in 2021. Thus, to keep yourself well-informed about the LPG tax in India, keep reading. It is always important to have an idea of how much amount you pay for your gas cylinder actually goes towards taxes.  LPG Gas Tax Rate in IndiaAs per the Central Board of Indirect Taxes and Customs (CBIC) official website, domestic LPG cylinders fall under the 5% GST (CGST – 2.5% + SGST – 2.5%) tax slab.This LPG tax is charged by the Central Government and there is no separate tax levied on domestic LPG cylinders by the State Governments.     Central and State Tax on LPG in IndiaNow, apart from the 5% GST that the Central Government imposes, there are a few costs which add to the retail price of domestic LPG cylinders. As per the Petroleum Planning & Analysis Cell (PPAC), Rs.61.84 is chargeable as distributor’s/dealer’s commission. This amount also includes ‘delivery charges’ of Rs.27.60 and ‘establishment charges’ of Rs.34.24.    On the state level, no additional taxes are applicable.

If you are a salaried or self-employed individual, you are liable to pay professional tax in Andhra Pradesh. But you might be thinking that if you already pay income tax to the Central Government, why would you need to pay another type of tax to your state government? Why is it charged particularly for a state? We agree it might be a little confusing.To get answers to the above questions and understand everything about professional tax payments in Andhra Pradesh read on further. Professional Tax in Andhra PradeshTax Slab rate in Andhra PradeshProcess to make online paymentProfessional Tax payment due datePenalty applicable in case of non-paymentApplicable exemptionsProfessional Tax formsConclusionProfessional Tax in Andhra PradeshUnder the APPT (Andhra Pradesh Profession Tax) Act, 1987, professional tax is levied on every salaried individual or person involved in professions like doctors, lawyers, chartered accountants, entrepreneurs, etc.  The State's Commercial Taxes Department has the power to collect professional taxes. Although the tax payable depends on monthly income, the annual professional tax payment doesn’t exceed Rs 2,500.  Professional Tax Slab Rate in Andhra PradeshThe professional tax slab rates for employees in Andhra Pradesh are stated in the table below:Monthly SalaryProfessional Tax (per month)Up to Rs 15,000NilRs 15,001 to Rs 20,000Rs 150Rs 20,000 and aboveRs 200 The professional tax slab rates for certain professionals in Andhra Pradesh are: Turnover Professional Tax (per month)Contractors with an annual turnover below Rs 10 lakh NilContractors with an annual turnover from Rs 10 lakh to Rs 25 lakh  Rs 2000Contractors with an above Rs 25 lakh Rs 2500A person employed in the cinema industry, cinema producers, lyricists, junior artists, music directors, etcRs 2500Owners or Lessees  of factories registered under the Factories Act, 1948, with an annual turnover below Rs 10 lakhNilOwners or Lessees  of factories registered under the Factories Act, 1948, with an annual turnover of Rs 10 lakh to Rs 25 lakh Rs 2000Owners or Lessees of  Factories Act, 1948,  with an annual turnover of over Rs 25 lakh Rs 2500Owners of Lessees of hotels, lodging, bars, restaurants, etc Factories Act, 1948, with a turnover below Rs 10 lakhNilOwners of Lessees of hotels, lodging, bars, restaurants, etc, with a turnover below Rs 10 lakh NilOwners of Lessees of hotels, lodging, bars, restaurants, etc, with a turnover between Rs 10 lakh to Rs 25 lakh Rs 2000Owners of Lessees of hotels, lodging, bars, restaurants, etc, with a turnover above Rs 25 lakhRs 2500Co-operative societies registered under the A.P.Co-operative SocietiesAct, 1964 involved in any profession at Mandal and Village levelNilCo-operative societies registered under the A.P.Co-operative SocietiesAct, 1964 involved in any profession at district and State level societies.Rs 2500Every partner engaged in profession, trade and calling of a firm drawing remuneration from the firm Rs 2500DVD, CD libraries, Video CassettesRs 2500Weigh Bridge OperatorsRs 2500Enrollment tax depends on various parameters such as annual income, type of profession etc., click here to know in detail.Andhra Pradesh Professional Tax Online PaymentYou can pay professional tax in Andhra Pradesh by filing two types of returns - Form I and Form II. Form I Return (Monthly Tax  Return)On the official website of the Commercial Taxes Department, click on the 'Make Payment' option.Now select ‘Online Payment’ and complete the payment on your preferred payment gateway.After that, a message will appear on the screen detailing all payment details. You can print it for future reference.Form  II Return (Payment made during a fiscal year)You can pay it in two ways, which include: Direct PaymentAfter LoginDirect PaymentOnce you visit the website of the Commercial Taxes Department, click on 'My Profession Tax' and then 'E-payment'Once you provide Form II PTIN and captcha code, you will receive an OTP on your registered mobile number. Enter the OTP and choose the financial year for which you are paid the professional tax.Complete the payment.After LoginAfter visiting the website mentioned above, click on ‘My Profession Tax’ and then ‘Taxpayer Login’.Click on ‘Dashboard’ and then ‘Returns’. Under this, click on Form II payment.Select 'Financial year' and click on the 'Make Payment' option.Click on ‘Online Payment’ and choose a suitable payment gateway as per your preference.Once payment is made, you will receive a message on the screen.

What is Flexible Benefit Plan (FBP)?A Flexible Benefit Plan (FBP) lets you design your own salary package with components like food coupons, travel allowances, and more! A Flexible Benefit Plan (FBP) is a plan included in an employee’s salary which has various salary components like food coupons, books allowance, conveyance allowance etc. However, this plan is flexible for each employee. Employees have complete freedom to design their salary structure within the plan based on the anticipated expenses. Employees can opt-in which FBP components will be a part of their salary and the amount of such components. This plan helps the employee to plan their taxes and significantly reduce their tax liability.

Earlier, the government noticed that few employees submitted fake rent receipts to claim the HRA exemption and avoid paying taxes. Also, there are some cases where employees submit fake receipts higher than the actual rent.If your yearly rent is above ₹1 lakh, you'll need to share your landlord's PAN with your employer. But if your landlord doesn't have a PAN, just provide a written declaration from them confirming this, along with their name and address.So, by including the landlord’s PAN card details for HRA exemption claims where the total rent paid is more than Rs.1,00,000 per year, the government can ascertain if the employee is actually paying the rent amount mentioned in receipts. Also, the government has found that some landlords who rent out the properties were not paying tax or declaring the rental income in their tax returns. So, to nudge such landlords, the government has made it mandatory to include the landlord’s PAN details by tenant’s tax returns to verify the landlord’s income.An annual rent of Rs 1,00,000 works out to Rs 8,333 per month – therefore if you are taking a house on rent and making a payment exceeding Rs 8,333 per month – remember to obtain the landlord’s PAN or you may lose out on the HRA exemption. In case the landlord does not have a PAN they must be willing to give you a declaration. It’s important to do this before you take the place on rent – saves you the hassle of running after your landlord for PAN at the time of tax filing.Do note that salaried employees earning HRA up to Rs 3,000 per month are exempt from the production of rent receipts.

The Government of India has recently introduced a significant change that directly impacts individuals' overseas spending. Under the newly amended Foreign Exchange Management Act (FEMA), all international credit card transactions made in foreign currency now fall under the Liberalised Remittance Scheme (LRS). This alteration introduces a set of rules that need to be understood by Indian residents who frequently use international credit cards for their purchases. In this article, we will explore the key details of the 20% Tax Collected at Source (TCS) on international credit card transactions and its implications.Budget 2025 UpdateHere are the key updates related to TCS in Budget 2025:The threshold limit for TCS on remittances under the Liberalised Remittance Scheme (LRS) has been increased from Rs. 7 lakh to Rs.

Imagine you walk into a luxury car showroom, ready to buy your dream car worth more than ₹10 lakh. As you finalize the payment, you notice an extra tax amount added to your bill. Meanwhile, you receive a payment from one of your corporate clients—only to find that a certain percentage has been deducted before the money even reaches your account.What just happened?As a car buyer, you have been associated with Tax Collected at Source (TCS). You are the source of income for the car dealer and tax is collected from you in the first situation.  As a consultant, you were associated with Tax Deducted at Source (TDS). Your source of Income - your client, has deducted TDS from you so that only net amount is settled.TDS and TCS are one of the most familiar forms of direct tax levying mechanism by the Indian Government. TDS represents the tax deducted by the buyers from payments made when the amount exceeds a set limit. Conversely, TCS refers to the tax collected by the sellers during transactions with buyers.However, taxpayers often mix up these terms and use them interchangeably.

When it comes to buying or selling property in India, taxes are an important part. One such tax is the Tax Deducted at Source (TDS) on the sale of property under Section 194-IA. Property here refers to only immovable property like land and buildings. Before making a payment to the seller, buyer has to deduct tax at the time of purchasing property. While making a purchase of the property, the buyer has to deduct tax before making a payment to the seller.