Income Tax
TDS on fixed deposit interest: Time to submit Form 15G / 15H to your banker – Here’s why
Eligible individuals can submit Form 15G or Form 15H to their banker for non-deduction of TDS on interest income earned in bank FD.
I-T Deptt launches offline utility for ITR 1,4
The Income Tax Department has launched the offline utility for taxpayers filing ITR - 1 and 4 for 2020-21 fiscal year.
Income tax department introduces JSON utility for AY 2021-22 ITRs, discontinues Excel/Java
In place of the Excel and Java version of ITR utilities, the CBDT has introduced JSON utility and released a step-by-step guide for using the new utility.
TDS to be levied at higher rate for non-filers of ITRs – Check details
The new provision will help increase compliance with the income tax return filing by individuals whose income is subject to TDS.
ITR filing Alert! Income Tax Return Forms 1 to 7 for AY 2021-22 notified – Check what’s new
For the income that one earns from April 1, 2020, to March 31, 2021, the filing of ITR has to happen in the assessment year 2021-2022,
No Income Tax on salary income of Non-Residents Indians in Gulf countries! Sitharaman says it is exempt
Finance Minister Nirmala Sitharaman on Thursday said salary income earned by non-resident Indians in Gulf countries would continue to be exempt from tax in India.
Last minute tax saving options other than Section 80C investments
If you have already exhausted the deduction limit of Rs 1.5 lakh under Section 80C, there are also some opportunities/options available to you apart from 80C investments.
PAN-Aadhaar Linking Last Date: Your last chance to link them online and avoid getting PAN inoperative
Last Date to Link PAN Card with Aadhaar Card: If you still haven't linked your PAN with Aadhaar, now is the last chance to do it and keep your PAN operative.
ITR Filing Last Date: Hurry up! Don’t miss the last chance to file your tax return for AY 2020-21 today
ITR Filing Last Date for AY 2020-21: If you fail to file your belated or revised ITR by March 31, then you may not be able to do it again.
TDS Calculation: Rs 1 lakh Tax Deducted At Source on Rs 20 lakh cash payment to non-filers – New rule explained
TDS Payment Rules 2021 (Section '206AB (I) Explained): The Finance Act 2021 recently cleared by the Parliament has introduced a "Special provision for deduction of tax at source for non-filers of inco
Your Queries (Income Tax): Tax audit of income from derivatives trading if turnover above Rs 1 crore
If income from futures & options trading is classified as business income and transacted on a recognised stock exchange, it is taxable as non-speculative business income and is subject to tax audit on
Income Tax Alert! Employees Provident Fund, LTC to ITR Filing rules – 10 big changes to know before April 1
Income Tax Changes: March 31 is an important date for income taxpayers in India as a number of changes are going to kick in from April 1.
Infrastructure Bond: Confusion over Tax-Saving Vs Tax-Free Bonds makes taxpayers pay more tax than benefit availed
Under the non-cumulative option, interest payout is regular and only the capital invested is returned on maturity, while under the cumulative option, enhanced maturity value is paid.
10 most common mistakes taxpayers can avoid while saving tax
Common Income Tax Mistakes: Completing one's tax planning exercise at the fag end of the financial year comes with its own share of risks.
Hurry Up! 5 key tasks that need to be completed by March 31 – Have you missed any?
If you have changed jobs during the FY 2020-21, you should ensure that you have submitted Form 12B to your new employer.
5 smart ways to save tax without making any investment
There are some options that can help us reduce our tax outgo without making any investment.
Not filed ITR yet? Here are the consequences that you may face on missing March 31 deadline
The Income tax authority has the power to carry out best judgement assessment u/s 144 of the IT Act, where the taxpayer has failed to furnish his return of income.
PF Tax Rule Amended! Limit raised to Rs 5 lakh for these employees
As per Budget 2021, it was proposed to tax the interest income accrued on account of the employee’s contribution in excess of Rs 2.5 lakhs in any previous year.
With more information than salary, interest income, tax paid, how Form 26AS will affect ITR filing?
The taxpayers were able to take the advantage so far, because the Income Tax Department used to get information related to just income from salary, interest on Bank FD and taxes paid.
7 tax tasks to complete before 31 March 2021
There are certain tax tasks which we need to complete by the 31st March 2021. Here we are taking a look at some of them.
New EPF Rules: How EPF contributions will be taxed now – Here is all you need to know
In the Budget 2021, the Finance Minister has proposed to tax the interest accruing on the employee contribution to the provident fund account in excess of Rs 250,000.
How much money can you deposit in a savings account in a year to stay outside the taxman’s radar?
How much money can you put into a savings account and also withdraw from it in a financial year to stay outside the taxman's radar?
Income Tax Deductions for FY 2020-21: Tax-saving in PPF, ELSS, home loan EMI, NPS and more
There are certain specified investments and expenses under Section 80C of the Income Tax Act that helps taxpayer to lower tax liability.
Not only NPS, here’s why you can’t wait till March 31 to invest in ELSS too
Investors willing to invest in NPS can’t wait till March 31 to make their contributions as it takes some time for the money to get actually credited to the account of NPS fund manager.
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