Income Tax

Form 16: New rules for financial year 2018-19

From this financial year onwards, there are certain new rules to be followed before generating Form 16.
Form 16, employees, employer tax deducted, tds, Form 16 Part A, Form 16 Part B, employer, Standard Deduction, Form 24Q News

Have to pay income tax on capital gains from shares held abroad

Any income arising to a resident of India from any source shall be taxable in India. Hence, income earned from the transfer of shares held by a resident of India in a foreign country will be taxable u

You have to pay income tax on capital gains from shares held abroad News

Income Tax Return filing: 5 changes in I-T Act to be considered before computing tax liability for AY 2019-20

As the ITR filing process for AY2019-20 has started, it is important to calculate income and tax liability thereon accurately so as to avoid levy of any additional interest or penalty.

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By reinvesting capital gains in new flat, you can claim tax deducted on sale of old flat

If capital gains reinvested in new flat, you can claim tax deducted on sale of old flat.

Income Tax News

Are you a frequent job hopper? Keep these things in mind to minimise your tax liability

After resignation, an employee gets Earned Leave Encashment and Gratuity as retirement benefits, while the PF amount accumulated in the Employees' Provident Fund (EPF) account may also be withdrawn.

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Not sure if income will be taxable or not? Declare investments only if you disclose all your incomes

It's time for salaried individuals to submit their tax-saving investment declarations to their employers, so that their tax liability is calculated and the tax payable, if any, is deducted through TDS

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Tax filing falls 1% in FY19, indicating overall slowdown: Report

The brokerage said there has been an increase in the filers in the higher income brackets and that data analytics will hold the key from here on.

CBDT, Central Board of Direct Taxes, Income Tax Return, E Filers, News

ITR for FY18 cannot be revised now, but you can still pay tax due

I have been investing in mutual funds since 2005 and have a fund value of Rs 20 lakh. If I withdraw all my units what will be the long term capital gains tax on it?

Income Tax News

Income tax filing: Disclose exemptions, allowances in new Form 16

The new Form 16 demands salary break-up details, specifying the various tax-exempt allowances and deductions availed by an employee.

income tax, income tax filing, form 16 News

TDS on salary income will depend on Investment Declaration to your employer: What if you fail to submit it?

Right at the beginning of the new financial year 2019-20, the employees are being asked by the employer or the accounts department to submit an Investment Declaration.

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No need to file income tax return if buying property or selling without capital gains

For purchase of property for above Rs 30 lakh, no ITR filing is required,

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Tax exemption on capital gains: Check all the options

The benefit of exemption spans across varied capital gains arising on transfer of any long-term capital asset.

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Income tax filing: Know which ITR form is right for you

For salaried employees, exempt allowance has to be shown separately along with the bifurcation for deductions claimed under Section 16 of the I-T Act.

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5 lesser known tax saving options that can maximise your earnings

Here is a list of five little-known tax-saving options that employees can avail of in order to save taxes.

Form 16, new format of Form 16, tax notice, income tax, income from house property, remuneration from other employers, allowances received by the employee and income from other sources, income tax return, ITR News

ITR-1 Sahaj, ITR-2 and ITR-4 Sugam Forms: I-T Dept seeks additional info from you; what you should do

During the past few years, numerous changes have been made by the government in the ITR forms to bring undisclosed income into the tax net.

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Revised Form 16 seeks more details, but may also make life easy for taxpayers; Here’s how

Mentioning types of payments made by the employer to the employee will make it easier for the income tax department to electronically reconcile everything without human intervention.

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Filing ITR-1 Sahaj Form will not be the same anymore; Check out what has changed

Mentioning of the sources of income not only brings clarity, but also plugs the loopholes, as assessees can't remain ignorant anymore and omit the incomes.

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Income tax return: CBDT amends Form 16, Form 24Q for detailed reporting on TDS

CBDT has notified amendments in Form 16 — which acts as certificate for tax deducted at source (TDS) —and Form 24Q — quarterly TDS statement for salaries.

Form 16, employees, employer tax deducted, tds, Form 16 Part A, Form 16 Part B, employer, Standard Deduction, Form 24Q News

Income tax: New ITR forms seek more details from taxpayers

Additional information sought may be used for better profiling of taxpayers, tracking cases of potential tax evasion and expanding the tax base using data analytics.

New ITR forms seek more details from taxpayers (Illustration: SHYAM Kumar Prasad) News

Salaried with dividend income? You may still file ITR-1 Sahaj form, provided these conditions are fulfilled

The change in long-term capital gain (LTCG) tax rule last year has made filling income tax return (ITR) difficult for salaried equity and mutual fund (MF) investors.

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Income Tax Return filing: How freelancers, consultants can save taxes while filing ITR

Even freelancers and consultants can avail tax benefits and save taxes while filing the income tax return. Here's how to do it.

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Alert for salaried! Are you investing in equities, MFs and ELSS? Get ready to file a different ITR form this time

LTCG arising on transfer of equity shares or units of equity-oriented mutual fund (including ELSS) was exempt from tax earlier, provided securities transaction tax (STT) was paid at the time of transf

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SBI Online: How to fill Form 15G, Form 15H to avoid TDS

Here are a few important things to consider about TDS especially if you have a fixed deposit in a bank.

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Good news taxpayers! Date of allotment of house will be treated as date of acquisition, rules ITAT

When an under-construction property is acquired, it is always a subject matter of controversy between the taxpayer and the tax department while determining the holding period of the property to comput

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