Income Tax

YOUR QUERIES: INCOME TAX: Tax on equity mutual funds sale only on LTCG above Rs 1 lakh

Since you have income under head Salary and Long term Capital Gain (LTCG), you shall be required to file your Income Tax Return in Form ITR 2.
Therefore, in your case, assuming that mutual funds are equity-oriented, LTCG over and above Rs 1 lakh shall be taxed at prescribed rate.

Income Tax tricks: How to plan smartly to have more cash in hand from salary every month

 In the new financial year, lockdowns in several states have once again forced people to look out for ways to increase the monthly flow of in-hand cash. Proper tax planning can help in that direction

income tax tips and ticks 2021

Glitches in new e-filing site halt ITR filing: How to kickstart the filing process?

Normally, the ITR filing process concludes by July end with the usual due date for filing returns of income for the assessee without audit needs is July 31 every year.

income tax, income tax return, ITR, new e-filing site, old e-filing site, glitches in new income tax portal, How to kickstart ITR filing process, offline mode

How to get Income Tax Return e-filing assistance from CAs, ERIs on new portal incometax.gov.in

Assisted Income Tax Return Filing: On the new Income Tax e-filing portal, taxpayers can now add a Chartered Accountant, e-Return Intermediary (ERI) or any authorized representative for assistance in I

income tax, income tax return, ITR, ITR filing website, new e-filing website, benefits of new e-filing website, payment of taxes through credit cards, UPI, income tax refunds, mobile app

How to file income tax return on the new e-filing portal and its key features

The new income tax e-filing portal provides a refreshing feel and has provided a wider bouquet of services under one umbrella.

How to make the most of tax deductions on education loan

You can claim tax deductions against education loans under Section 80E of the Income Tax Act. However, there are a few things to keep in mind.

FinMin officials to meet Infosys team on June 22 to discuss IT e-filing portal glitches

The new portal, ‘http://www.incometax.gov.in”www.incometax.gov.in’, was launched on June 7, with the IT Department as well as the government saying it was aimed at making compliance more taxpaye

Income Tax

Income Tax Alert! CBDT relaxes norms for forms 15CA & 15CB amid glitches on new e-filing portal

The Central Board of Direct Taxes (CBDT) has granted relaxation in electronic filing of forms 15CA & 15CB in view of difficulties reported by taxpayers

New online tax payment system

YOUR QUERIES: INCOME TAX: Can switch to old tax regime at the time of filing income tax return

Under the new concessional tax rate regime, individuals can offer their total income at lower slab rate prescribed, provided they forgo certain specified deductions and exemptions.

You can pay the tax by making payment through an authorised bank or through the internet by availing e-tax payment facility.

Sale of joint property at a loss: How to take maximum tax advantage

In case of joint ownership, all the joint owners may share the capital gain or capital loss as per the proportion of their holding in the property.

house property, sale of house property, long-term capital loss, short-term capital loss, capital gain tax, adjustment of capital loss, carry forward of capital loss, joint ownership, maximum tax advantage, income tax

Neither easy, nor friendly! Income Tax e-filing new portal continues to face glitches; some features yet not functional

Finance Minister Nirmala Sitharaman herself had asked Infosys - the vendor which created the portal - and its Chairman Nandan Nilekani to fix the technical glitches.

Your Money: Know how dividend income is taxed

Equity dividends are taxed at the hands of the recipient in certain countries and not in others

The counter viewpoint is that although they are generated out of post-tax profits at the level of the firm, they are nevertheless income for the investors and consequently should be taxed again. In some countries there is a dividend distribution tax (DDT).

New Income Tax Site: Ill-timed launch of heavy, data guzzling site frustrates return filers

The private income tax softwares have also stopped working as they will start the software updation process once the income tax website is fully updated.

income tax, new income tax site, new e-filing site, income tax return, ITR, ITR due date, interest on late payment of tax, ITR to avail home loan, ITR filing software

Before claiming Section 80C Income Tax deductions, be aware of these conditions

All of us avail tax benefits under Section 80C of the Income Tax Act, but only a few are aware that these benefits come with certain strings attached.

Salaried employee working from home? Check Income Tax rules for e-filing ITR on new portal

Income Tax Return (ITR) filing for salaried employees during work from home 2021: The Income Tax filing season has started.

New online tax payment system

Your Queries – Income Tax: Grandfathering provision doesn’t affect set-off of long term capital loss from equity

One needs to file ITR only when gross total income in a financial year exceeds the basic exemption limit.

Income from share trading and practicing law may be declared as business income and capital gains from investing in shares may be declared under ‘schedule CG’ of the ITR form.

New Income Tax e-filing portal Latest Updates: ITR e-filing 2.0 Portal Link, Features, Benefits

New e-filing website (www.incometax.gov.in) features and benefits (Latest News Updates):  Along with the launch of the new e-filing portal, the Income Tax Department will also provide free of cost IT

Income from share trading and practicing law may be declared as business income and capital gains from investing in shares may be declared under ‘schedule CG’ of the ITR form.

New online tax payment system, mobile app to be launched later: CBDT on upcoming e-filing portal

The new e-filing link -- www.incometax.gov.in -- will replace the HYPERLINK "http://existing www.incometaxindiaefiling.gov.in"existing--www.incometaxindiaefiling.gov.in from June 7.

New online tax payment system

I-T dept to launch new Income Tax e-filing portal on June 7

The new I-T slabs would be for individuals not availing or foregoing certain specified deductions or exemptions while computing total income for tax purpose.

I-T dept to launch new Income Tax e-filing portal on June 7

Not filing Income Tax Return? You may have to pay double TDS from next month – Here’s why

New Tax Deducted At Source (TDS), TCS Rates for Non-filers from July 1: Higher TDS/TCS rate would be applicable for Income Tax Return (ITR) non-filers from July 1

income tax return, tds

Income Tax Return: Know the key changes in ITR Forms, filing processes before you start

Apart from a change in the e-filing site, some changes are also made in the ITR Forms for AY 2021-22, as well as in the process of filing return over the last assessment year.

income tax, income tax return, ITR, e-filing site, launch of new e-filing site, changes in ITR Forms, changes in ITR filing process

ITR due date extension: Will you get interest relief on payment of tax during the extended period?

Instead of July 31, 2021, the due date for filing ITR for the Assessment Year (AY) 2021-22 will now be September 30, 2021.

Therefore, in your case, assuming that mutual funds are equity-oriented, LTCG over and above Rs 1 lakh shall be taxed at prescribed rate.

Tax Relief for Work from Home: Need of the hour during Corona times

The government is thinking a lot about how to provide tax exemption to the employees who are working from home.

Covid-19: Higher tax benefits expected as employers extend helping hands to employees

Many companies have come forward to support their employees in the ongoing pandemic period by way of bearing their medical expenditure, health kit etc.

income tax, income tax relief, medical equipments, PPE kit, health kit, medical expenditure, Covid-19 pandemic, Home Quarantine, Preventive Healthcare Expenses
Advertisement
Income Tax Calculator, Budget 2019, How to Calculate Income Tax

 

Stock Market

Advertisement
Advertisement