Income Tax
Indian-origin businessman banned over false tax returns in UK
In September 2019, the construction firm was subject to a Creditors Voluntary Liquidation and this brought HK Construction to the attention of the Insolvency Service. Investigators uncovered that between November 2011 and February 2015, Khaira knowingly c
Tax saving investment options for lower income slabs – Use this formula to calculate post-tax return
Taxable investments suit those who are in the lower tax slabs over those who pay the tax rate at the highest rate.
Income tax benefit on NPS, APY: How are contributions, withdrawals and pension on maturity taxed
There are several tax benefits available to subscribers of both NPS and APY at the time of contribution.
Income tax Assessment 2020: CBDT tells taxmen to compute tax demand for all assessees by August 31
In a letter to Principal Chief Commissioners of Income Tax, Mody said that many taxpayers are waiting to file applications under 'Vivad Se Vishwas' scheme, but they are also waiting for correct demand
Trying to fill ITR form without Form 16, 26AS details? You may face these problems
Out of the return-filing anxiety, if you want to partially fill your ITR Form with whatever information you have, you may face various problems that may leave you even more worried.
ITR Filing: ITR 3 form for AY 2020-21 released – ITR 1, ITR 2, ITR 4 forms already available for e-filing
The CBDT had earlier notified the Income Tax Return Form 1 to Form 7 for the assessment year (AY) 2020-21.
Hurry up! From making tax-saving investments to paying advance tax, complete these tax tasks today
If you are yet to make investments for the Financial Year 2019-20 to claim tax deduction under chapter VI-A of the I-T Act or have to complete some tax tasks, then you need to hurry up as July 31 is t
Taxpayer Alert! 5 investment, tax tasks to complete by July 31
If you have not completed your investment and tax tasks for FY 2019-20 yet, it is time to hurry up as there is very little time left to do so.
Income Tax Return filing date extended again! Check new deadline for AY 2019-20
Income Tax Return filing: The Central Board of Direct Taxes (CBDT) has extended the last date for filing ITR for AYU 2019-20 (FY 2018-19).
Are ultra HNIs in India excessively taxed? Find out
Various proposals have recently been made, including by a group of Indian Revenue Services (IRS) officers, to the Central Board of Direct Taxes (CBDT), suggesting an increase in personal income tax ra
Income Tax Return Filing: Filing ITR? Make sure to check your latest Form 26AS first — here’s why
The improved Form 26AS includes information on certain cash transactions, investment in shares, bonds or mutual funds, credit card bills, purchase of foreign currency and purchase/ sale of immovable p
Haven’t filed your ITR yet? Relax! July 31 isn’t the due date this year
Fund crunch due to Covid-19 relief expenses and lower tax collections, may be a reason for delaying the uploading of some ITR Forms, so that tax refunds may be postponed.
Indian Tax Laws: Know the COVID-19 residency relaxation measures, recent amendments
By Pranay Bhatia and Deepashree Shetty Tax residency determination is the ‘epicentre’ of Indian taxation for an individual. It is an initial and crucial step for taxability and undertaking complia
How to save tax on sale of residential property – All you need to know
Many people are not aware that they have to pay tax in respect of profits made on sale of a residential house. In certain circumstances, you can save these taxes.
Income Tax Refund: How you can check your income tax refund status
The ITR must be electronically verified through Aadhar number OTP, EVC generated through bank account or physically verified by posting the signed ITR-V (acknowledgement) to Centralised Processing Cen
National Pension System: Yet to invest in NPS to take tax benefits for FY 2019-20? You can’t wait till July 31
To provide relief to the taxpayers, the deadline to make tax-saving investments was first extended to June 30, 2020 and later extended further to July 31, 2020.
Self-occupied or rented? Here’s how to claim tax benefits on second house property as per new rules
While in some cases all the house property may remain self-occupied, in others, the second house property may be given to someone on rent. Here's how you can claim tax benefits on second house.
How dividend income is taxed in India now – All you need to know
The Finance Act 2020 has shifted back to the classical system of taxing dividend in the hands of shareholders/unit holders from 01 April 2020, and abolished dividend distribution tax (DDT), wherein th
Govt’s endeavour has been to further simplify Direct Tax laws: Nirmala Sitharaman
In her message on the 160th Income Tax Day, the minister also lauded the department for being responsive to the needs of the taxpayers during this pandemic time by relaxing various compliance requirem
FM lauds I-T Dept for taxpayer-friendly measures, facilitating voluntary compliance
Finance Minister Nirmala Sitharaman praises the I-T Department for being responsive to people as CBDT observes 160th Income Tax day towards Nation Building.
New Form 26AS: What all new information a taxpayer can get from it?
The New Form 26AS would help the honest taxpayers with updated financial transactions while filing their returns, whereas it will desist those taxpayers who inadvertently conceal financial transaction
New Form 26AS to serve as a ready reckoner for taxpayers while filing ITR – Check details
The New Form 26AS will help make the high-value transaction space transparent, eliminate all unnecessary ambiguous transactions and bring accountability in tax administration.
Going to file your Income Tax Return? Know which ITR Form to use
Normally, the due date for completion of filing Income Tax Return (ITR) is July 31 of the relevant Assessment Year (AY) for the assessees, whose income needn't be audited.
How are winnings from TV game shows, KBC, lotteries taxed?
Everyone wants to become a crorepati and win lakhs and crores of prize money on TV game shows like KBC. However, have you ever wondered whether that prize money is tax-free or one has to pay some tax
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Budget 2020
- Torrent: Cut to ‘reduce’, revise fair value to Rs 2,350 a share
- Budget 2020 hasn't violated fiscal discipline: FM Sitharaman
- Budget 2020 was disappointing for lacking vision; but fiscal, taxation measures welcome: EAC-PM member Ashima Goyal
- Budget 2020: FM Nirmala Sitharaman says govt willing to do more beyond Union Budget to boost growth
- Budget 2020: FM says green shoots of recovery visible, points at worse macro-economic fundamentals under UPA
- Budget and the economy: What can we expect after this Budget?
- Budget 2020: FM Sitharaman takes on P Chidambaram over defence budget allocation
- Budget 2020 proposals on DDT, personal tax not to impact MF industry: Franklin Templeton
- Budget 2020: Chidambaram slams Modi govt; says economy close to collapse, unemployment making India poorer
- Budget 2020: How ESOP tax changes will benefit start-up employees
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