Page 30 of Taxation

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Filing belated ITR for FY 2022-23 (AY 2023-24): Know all about ITR Form 1, 2 and other key eligibility criteria

But for those filing ITR 4, they’ll have to use Form 10-IEA to choose not to be a part of…

Updated: December 26, 2023 15:45 IST

ITR Filing: CBDT notifies new ITR Forms 1 & 4 for AY2024-25

The Income Tax Department has played the role of an early Santa Claus this year by unveiling the Income Tax…

December 23, 2023 20:04 IST

International Investments, regulations, tax planning, strategies, residency, citizenship

A handbook for Indian investors on important tax concerns in international investments

Here’s a guide for Indian investors on key tax aspects to be considered while planning international investments.

December 21, 2023 09:09 IST

ITR Filing: What are the disclosure requirements for Indian residents who hold foreign assets?

Disclosure in Schedule FA of ITR-2 or ITR-3 needs to made by the resident taxpayers holding any asset including financial…

December 14, 2023 09:00 IST

Will non-furnishing of income tax return lead to prosecution?

The proviso to Section 276CC provides some relief to genuine assesses/ taxpayers.

December 7, 2023 09:30 IST

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…

November 30, 2023 11:55 IST

Angel Tax: How to determine the value of unlisted equity shares and convertible preference shares?

With the recent change, excess share application money or premium received from non-resident investors may also be subject to angel…

November 25, 2023 09:30 IST

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…

Updated: November 23, 2023 17:43 IST

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…

Updated: November 21, 2023 15:42 IST

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…

November 16, 2023 09:45 IST

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…

Updated: November 15, 2023 08:31 IST

Shopping with Credit Cards for Diwali, Dhanteras? Know how to calculate tax on your payments

Credit Card tax calculation: While credit card spending may entail various tax implications, staying informed and proactive in managing your…

November 8, 2023 15:44 IST

Latest Advance Tax payment rules under Income Tax Act, 1961: All you need to know

Advance Tax rules 2023-24: Generally, advance tax payments are required to be paid in specified instalments every quarter on or…

November 8, 2023 13:33 IST

Diwali 2023: Gifts from relatives are tax-free but these items received from anyone else are taxed!

Diwali gifts received from relatives are fully exempt under the Income Tax Act.

November 6, 2023 09:47 IST

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Gifting movable, immovable properties or cash through Gift Deed this Diwali? Know how they will be taxed

The taxation of gifts has to be examined from the perspective of the donor (i.e. the giver of the gift)…

Updated: November 2, 2023 16:54 IST

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…

November 1, 2023 17:32 IST

My father got Rs 1 crore after Govt acquired our land. Will I have to pay tax if he buys a flat in my name?

As per Section 2(14) specified agricultural land (rural agricultural land) is outside the purview of the definition of capital asset

October 26, 2023 14:56 IST

Explained: Recent Supreme Court judgement on applicability of Most Favoured Nation (MFN) for Taxation

The Apex Court held that a notification under Section 90(1) is necessary and a mandatory condition for a court, authority,…

October 26, 2023 12:10 IST

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States told to expedite crop loss surveys for Fasal Bima

Economy42 min ago

The agriculture ministry has instructed states to conduct mid-season crop loss assessment under PMFBY to provide timely compensation to farmers affected by heavy rainfall. States are also advised to monitor progress and release premium subsidy to insurance companies. Despite obstacles, over Rs 1.86 lakh crore has been paid to farmers under PMFBY since 2016, with a rise in participation.

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