ITR filing 2024: Form 16 details not matching with Form 26AS? Do THIS to avoid income tax dept’s notice For a taxpayer, it is important to rectify any discrepancies between Form 16 and 26AS to ensure correct reporting of… 2 years ago
Income Tax Return 2024: Taxpayers alert! Filing false claims in ITR to attract THESE penalties As per income tax rules, misreporting income is against the law and bound to attract heavy penalties. Section 270 of… 2 years ago
Income Tax Return Filing: I-T dept rolls out new functionality to improve compliance | Details you need to know This new functionality is expected to increase transparency by displaying such information in AIS to the taxpayer. This is another… 2 years ago
Taxpayers alert! Major changes made in ITR-1 for AY2024-25 ITR-1, also known as Sahaj Form, is for resident individuals meeting specific income criteria. Those eligible to file under this… 2 years ago
Taxpayers to face higher tax outflows if Direct Tax Code gets implemented post Lok Sabha polls 2024 A report in the Financial Express last month stated that discussions were underway in the finance ministry regarding the implementation… 2 years ago
Capital gains tax applicable on gifted shares? Here’s what Bombay High Court ruling says Quashing a reassessment notice issued by tax authorities to Jai Trust, the court observed that in gifting of shares, there… 2 years agoMay 13, 2024
ITR Filing 2024: Income tax return forms 1-6 enabled on e-filing portal! Which one is for you? As there are 6 ITR forms notified by the tax department, taxpayers often wonder which one they need to choose.… 2 years ago
ITR Filing 2024: Can you download Form 16 for online income tax return filing? Form 16 makes tax filing easy for salaried individuals as it gives them all the necessary details like salary income… 2 years ago
CBDT says 56 lakh updated ITRs filed, Rs 4,600 cr taxes mopped up in 2 years The Interim Budget 2024-25 has announced withdrawal of outstanding small tax demands, some even dating back to 1962, of up… 2 years ago
File your ITR for AY 2022-23 by December 31, I-T Department’s final warning It’s important to note that there is no separate form for belated ITR; the taxpayer must use the forms notified… 2 years agoDecember 29, 2023
Revised ITR filing: What is the timeline for revising original Income Tax Return? Is there a penalty? Revised ITR filing rules 2023: Section 139(5) of the Income Tax Act, 1961 allows taxpayers to file a revised return… 2 years agoNovember 30, 2023
Investing in foreign stocks? Here’s what you should disclose to Income Tax Dept to remain out of trouble In case of non-disclosure, a penalty of Rs. 10 lakhs would be imposed u/s 43 of the Black Money (Undisclosed… 2 years agoNovember 23, 2023
Income Tax Return: How money received via Will or Inheritance from abroad is taxed in India A taxpayer acquiring foreign assets by way of inheritance would be required to furnish the details of the same in… 2 years agoNovember 21, 2023
How much cash can I receive as a gift without attracting any tax obligations? From an income tax perspective, there shall be no tax implications if the aggregate cash received as gifts does not… 2 years agoNovember 15, 2023
What is more tax-efficient for shareholders – Buyback or Dividends? Buybacks are becoming prominent from large-cap giants to small and mid-cap players and even promoters are seen to leveraging this… 2 years agoNovember 15, 2023
How is money gifted by Indian parents to NRI children and relatives taxed? Dr Surana says resident taxpayers should keep documentation with the authorized dealer banks under Liberalized Remittance scheme (LRS) handy along… 2 years agoNovember 1, 2023
Going abroad? Here are some ways to manage TCS and save money From October 1, new rules related to TCS on LRS (Liberalised Remittance Scheme) and on purchase of overseas tour package… 2 years agoOctober 20, 2023
Form 10/10BB rule change: Details of donors giving above Rs 50,000 and their relatives required Form No. 10B/ 10BB is the audit report required to be furnished in case a taxpayer is a fund or… 2 years agoOctober 19, 2023
