Income Tax

Income Tax Return: Want to claim tax benefits on medical expenditures? Know the provisions

Although the Income Tax Act permits deductions on medical expenditures, but you need to know if you are eligible to claim the benefits while filing your ITR.
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Know new provisions of tax collection at source

From October 1, TCS will be applicable to specific categories of foreign remittances

The Finance Act 2020 has now brought in three new provisions of TCS that will be applicable from October 1, 2020.

Advance tax: House panel suspects arm-twisting by Income Tax dept

CBDT, in its response, said advance tax payment was based on estimated income for the financial year, and in many instances the taxpayer may end up claiming deduction and exemptions not factored in ea

Further, taxpayers tend to pay excess advance tax than the estimated eventual liability to avoid having to file self-assessed tax along with interest in case advance tax payment falls short of the final amount.

Tax Alert! September 30 is the last date to verify your pending ITRs

A return may be verified either by sending a signed copy of ITR-V to CPC, Bangalore through speed post/ordinary post or by e-verification through OTP.

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Fixed Deposits: How to avail income tax benefits and avoid TDS on FD

As a potential investor in fixed deposits, it is advisable for you to know how these returns might be taxed by the government and whether any tax benefit exists on investment in FDs.

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TDS refund to be claimed only on filing ITR for final tax liability

If the house is sold in November 2020, capital gains arising on sale would arise in FY 2020-21, in respect of which you shall be required to file an ITR on or before July 31, 2021.

At the end of the financial year, while filing ITR, final tax liability has to be determined by including income from all sources.

Over 35,000 direct tax disputes resolved under Vivad Se Vishwas

This is even as nearly 6 lakh such cases are pending in different forums, including commissioner of appeals, tribunals, high courts and the Supreme Court.

Cross-country remote working arrangements: An overview of tax implications

Business needs may require cross-country remote working arrangements. However, it is critical to factor country-specific regulatory and tax considerations.

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Tax Alert! Yet to pay tax for FY 2019-20? Here’s why you need to hurry up

Usually, tax is deducted at source (TDS) from salary and many other income and salaried people pay the tax payable, if any, at the time of filing ITR as self assessment tax.

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I-T Dept issues refunds worth Rs 1.01 lakh cr to 27.55 lakh taxpayers till September 8

This include personal income tax (PIT) refunds amounting to Rs 30,768 crore issued to 25.83 lakh taxpayers and corporate tax refunds amounting to Rs 70,540 crore issued to over 1.71 lakh taxpayers dur

BDT issues refunds of over Rs 1,01,308 crore to more than 27.55 lakh taxpayers between 1st April,2020 to 08th September,2020.

ITR e-filing: Know how to e-file your income tax return

ITR-1 or Sahaj, which is the most simple form, is for resident individuals whose total annual income is less than Rs 50 lakh and have income from salaries, one house property, interest income and agri

The CBDT had notified ITR Forms 1-7 for AY 2020-21.

Hassles of filling Schedule 112A in ITR may turn investors away from Mutual Funds

It's now compulsory to report every redemption transaction in Schedule 112A, which is bothering the equity and MF investors, especially those who otherwise were eligible to file ITR-1.

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Income tax notice? Fear not, know how to reply

Not every income tax notice is about tax evasion. At times it can be for minor errors & adjustments, too

For 142(1), assessee has to reply within stipulated time and for 143(2) he may need to be present before AO personally or through a representative.

ITR filing struggle: How return filing may get easy for systematic equity, MF investors

As data for SIP, STP, SWP transactions may run into several pages even for a single scheme, it may become a daunting task for investors to fill Schedule 112A if there are a number of schemes.

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ITR Filing: What should be the ‘relevant accounting period’ for reporting of foreign assets in Schedule FA?

Taxpayers are required to disclose in Schedule FA the details of foreign assets etc. held at any time during the relevant accounting period.

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Income Tax refunds worth Rs 98,625 crore issued to 26.2 lakh taxpayers in 5 months

This include personal income tax (PIT) refunds amounting to Rs 29,997 crore issued to 24.50 lakh taxpayers and corporate tax refunds amounting to Rs 68,628 crore issued to over 1.68 lakh taxpayers dur

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National Pension System: How withdrawals from Tier II NPS account should be taxed

Though tax benefits for contribution to the Tier I NPS account are available to all subscribers, tax benefits in respect of the Tier II account are available only to the Central government employees w

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Filing ITR to be a tiring task for equity/MF investors doing SIP, STP, SWP

In case you have redeemed ELSS units of the first 10 years, i.e. investments made through 120 monthly SIPs, you need to fill 120 rows in Schedule 112A page.

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Transparent Taxation: A move to revolutionize Indian Tax Administration

This platform primarily focuses on three major reforms - Faceless Assessments, Faceless Appeals and the Taxpayers’ Charter.

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FE Online Impact: CBDT swiftly resolves compatibility issues of ITR-2, ITR-3 excel utilities

Some technical issues in ITR-2 and ITR-3 excel utilities were preventing proper opening of the utilities in the systems having versions of MS Office older than Office 2010.

Income Tax, Income Tax Return, ITR-2, ITR-3, ITR excel utilities

Income Tax dept asks banks to refund charges collected on UPI, RuPay transactions since January 1

The Income Tax department on Sunday asked banks to refund the charges collected on or after January 1, 2020, on transactions carried out through electronic modes like RuPay cards or BHIM-UPI.

income tax

New Income Tax Regime: Should you opt for it? Here’s all you wanted to know

Given the conservative nature of the average Indian citizen, the scheme is expected to be popular amongst millennials and may be even with the mid-aged tax payers in a Covid year.

income tax

I-T dept to intimate taxpayers under scrutiny about faceless assessment

CBDT Additional Commissioner Jaishree Sharma also said that domestic transfer pricing cases too will be covered under the faceless assessment mechanism.

A Section 142(1) notice is sent to an assessee to inquire about details and documents before making assessment under the Income Tax Act.

Income Tax Notice: Received a tax notice from I-T Department? Here’s what you should do

Here are some common reasons why income tax notices are issued and the process for responding to such notices.

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