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.

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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.

NPS, tax benefits, savings, section, APY, contribution, pension, withdrawals,

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

income tax department, I-T dept, tax issue, tax compliance

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.

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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.

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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

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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.

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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).

Income Tax Return filing

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

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

This information is also provided to the taxpayer in Form 26AS so that it can be used for making correct disclosures in the ITR.

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.

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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

residency laws, Union Budget, taxpayers, Resident in India, tax liability for individuals,

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.

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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

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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.

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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.

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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

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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

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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.

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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

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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.

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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.

NPS, tax benefits, savings, section, APY, contribution, pension, withdrawals,

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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