Income Tax

Exhausted all your tax-saving options? Here’s how you may still save tax!

Even if you choose to migrate to the new income tax regime, you may still save tax for the Financial Year 2019-20.
Coronavirus Outbreak, COVID-19, Novel Coronavirus COVID-19, income tax, tax-saving investments, 80C, 80D, 80CCD(1B), 80G, Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund, PM CARES Fund News

Income Tax clarifications: From belated ITR to Section 80C investments – 7 points every taxpayer should know

Both the government and the RBI have announced several relief measures to minimise the impact of coronavirus on financial markets, taxpayers, investors and the common man, among others.

Changes in tax-saving, investment rules, FY2019-20, FY2020-21, investment for FY2019-20, PPF, home loan, June 30, March 31, COVID-19 pandemic News

Income Tax due for FY19? Pay interest at just 0.75% per month before this date

The taxpayer will have to pay a late filing fee even if there is no tax due to be paid in the income tax return.

late tax payment interest rate, financial year 2018-19 , last date itr filing, , late filing fee, extension, tds, covid 19, itr filing News

Tax Saving Tips: Best ways to save income tax for AY 2020-21

Though taxes are difficult to avoid, there are numerous strategies to help ward them off. To get clear insights into tax saving, you need to understand tax slabs too.

income tax saving, tax saving tips, best ways to save tax for AY 2020-21, income tax slabs, tax saving options, PPF, NPS, health insurance, home loan, section 80C News

National Pension System: NPS Tier 1 contribution stopped despite due date extension for tax saving investments

Investors need to contribute to NPS a few days before the end of a financial year, as there is some time gap between paying the contribution amount and getting it credited to the fund account.

Coronavirus outbreak, Novel Coronavirus COVID-19, lockdown, Coronavirus relief measures, extension in cutoff date for tax-saving instruments, Finance Minister Nirmala Sitharaman, National Pension System, NPS News

Failed to meet your tax-saving target for FY2019-20? 5 ways to save tax without investment

There are various provisions in the Income Tax Act, 1961, whereby, even though an individual has not made an investment for tax saving, it is possible to save tax in respect of expenses incurred by hi

late tax payment interest rate, financial year 2018-19 , last date itr filing, , late filing fee, extension, tds, covid 19, itr filing News

Earning Rs 8 lakh or Rs 15 lakh? Check if opting for the New Income Tax Regime helps

The optional new tax regime may bring substantial tax benefit for the taxpayer depending upon the exemptions or deductions claimed by the taxpayer.

new tax regime, pension, PPF, exemption limit, income tax rates, Budget 2020 News

5 best investment options to save tax

There are multiple ways for you to save taxes in India. However, the perfect tax planning is made when an individual chooses instruments that best suits his/her needs.

income tax, tax saving, tax saving tips, best investment options to save tax, Last minute tax saving, tax saving under 80C, Section 80CCD, 80D, 80G, NPS, PPF, ELSS, Tax-saving Fixed Deposits, SCSS News

Extension in ITR filing date: What would be the impact on 80C benefits?

The last date for filing of ITR for the financial year 2018-19 has been extended to June 30, 2020 from March 31, 2020 for those assessees who have not filed their returns yet.

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Your Queries: Income Tax -You can offset long term capital loss on share sale against any LTCG

Once tax liability is calculated, you may claim a deduction of TDS/ taxes paid on such rental income, to arrive at net tax demand due.

In summary, such capital loss cannot be set off against any other head of income such as salary, house property, business income, etc. News

Corona Lockdown: Why extending the ITR filing deadline of March 31 was necessary

Unless extended, the last date for filling the ITR, for those who have not yet filed or those who intend to revise their income tax return for the year ending March 31, 2019, was March 31, 2020.

extension, extended, financial year (FY) 2020-21, AY 2021-22, New Tax Regime, exemptions, deductions, Last date for income tax savings extended News

Last date for filing ITR for FY 2018-19 extended but late filing fee stays at Rs 10,000

The Finance Minister Nirmala Sitharaman in a press conference has announced that the last date for filing tax returns has been extended.

income tax, Last date for filing ITR, interest rate, FM Nirmala Sitharaman, financial year 2018-19 News

14 tax-saving investment options beyond Section 80C limit

Most people are aware of claiming tax deduction of Rs 1.5 lakh under Section 80C of the Income Tax Act, 1961. Now let's take a look at the tax-saving options other than Section 80C to turn you into a

income tax, income tax saving, section 80c, section 80c investments, tax saving investments other than 80c, PPF, home loan, health insurance premium, NPS, HRA, Section 24 News

Best tax-saving schemes for FY 2019-20: Five things to keep in mind while selecting them

As only a few days are left for the current financial year to end, it’s worthwhile to ask: have you accomplished your tax-saving goals for FY19-20?

income tax saving, income tax saving schemes, tax saving schemes other than 80c, tax saving options for salaried 2019-20, PPF, PF, fixed deposits, ELSS, Ulip, FD News

Tax Talk: Know the benefits of creating HUF

HUF is taxable as separate person; hence one can save tax under basic exemption of Rs 2.5 lakh

An HUF cannot be created under a contract, it is created automatically in Hindu, Jain and Sikh families. News

Income Tax Saving: Top 10 tax saving investments under Section 80C

Section 80C of the Income Tax Act provides a deduction of up to Rs 150,000 in the aggregate for specified investments/ expenditure.

income tax saving, tax saving investments under Section 80C, PPF, NPS, NSC, PF, Sukanya Samriddhi Scheme, term deposits, post office schemes, section 80c benefits News

No AMT at 18.5% on income above Rs 20 Lakh in new regime. Should you opt?

Alternate Minimum Tax (AMT) vs New Income Tax Regime: Effective tax rate is higher under the new regime in comparison to AMT. In new regime, a taxpayer loses the benefit of carrying forward and set of

Alternate Minimum Tax Calculation News

Income Tax Refund: Why you must respond to outstanding tax demand online

Currently, in order to speed up the processing , the tax refunds up to Rs 5,000 are being issued without adjustment of outstanding demand.

Data analysis of the tax returns filed by individuals over this period clearly indicates that salary income is higher than business income in the income slabs above Rs 50 lakh. News

New Tax Regime: Section 80C tax benefit will not be available even on existing policies

For someone opting for the New Tax Regime, the Section 80C tax benefit will not be available even on existing life insurance policies.

income tax exemptions and deductions, New Tax Regime, Section 80C tax benefit, financial year 2020-21, life insurance policies, News

Taxpayer Alert! Pay your advance tax by March 15 or face penalty

If you don't want to pay any penal interest or face any penalty as per the Income Tax Act, then you must pay the unpaid advance tax by the due date.

income tax, advance tax, March 15, advance tax payment, advance tax dates, advance tax due dates, advance tax payment online, 4th instalment of advance tax, penalty News

Income Tax Refund (ITR) payments become fast! Modi govt shares this interesting data

How much time it takes for Income Tax Refund in India? Well, it is getting better with every passing year. The Tax department is crediting all refunds directly to the bank accounts of the assessees t

How much time it takes for Income Tax Refund in India? News

PAN-Aadhaar Link to filing ITR: 6 financial tasks to complete before March 31

From linking PAN with Aadhaar to booking LTCG up to Rs 1 lakh on equity investments, there are some financial tasks you should complete within the deadline of March 31, 2020.

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Your Queries: Can you get tax exemption on HRA based on actual rent paid?

Any special allowance granted to a taxpayer by his employer to meet expenditure actually incurred on payment of rent for a house occupied by the taxpayer is exempt under Section 10(13A) subject to the

Generally, tax exemption in the form of HRA is allowed to employees whether working in public or private sector. News

Income Tax Refund (ITR): Get up to Rs 5000 without adjustment of outstanding demand!

Income tax Refund 2019-20: The Income Tax department has taken several steps for ensuring faster disposal of Income Tax Refunds

income tax refund 2020 rules process News
Income Tax Calculator, Budget 2019, How to Calculate Income Tax


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