Income Tax
Fully auto-populated income tax returns on the cards
Currently, some returns (ITR-1 and 2) are pre-filled, with information related to the taxpayer and employer, break-up of the salary into
taxable component and tax deducted at source (TDS) through Form 16, and the final liability featuring among the entr
Capital gains tax rate depends on holding period
For holding periods of more than one year in equity mutual funds, long-term capital gains tax at 10% (excluding cess) is applicable on gains exceeding Rs. 1 lakh in a financial year.
Income Tax for Senior Citizens: Tax benefits that elderly people get compared to others
Compared to non-senior citizens, senior citizens get additional tax benefits as they usually don't have regular source of earned income.
More power to taxpayers: Why Income Tax Dept should stop challenging CIT (A) orders? Top official explains
The Income Tax department should stop challenging orders of Commissioner of Income Tax (Appeals), which go in favour of the taxpayers, according to a top tax official.
No PAN Card needed! Now quote Aadhaar for these financial transactions
What is interchangeability can be understood by the fact that from now on, if someone does not have PAN, he or she can furnish the Aadhaar number.
Income Tax Return 2019: How to pre-validate your bank account to get income tax refund
If the ITR is processed by the I-T Department but still the tax refund is not credited in the bank account, then it might be possible that the taxpayer has not fulfilled the new requirement.
Income Tax Refund: Received message to apply for IT refund formally? It’s fake!
How to get Income Tax refund: Have you received any message from the Income Tax Department asking you to put a formal request for Income Tax refund? Beware!
ITR Filing Alert! Got income tax notice under Section 143(1)? Here is what you need to do
An intimation under Section 143(1) seeks to correct any mistakes that are apparent from records without the need for the taxpayer to submit additional data.
Income Tax Return: Why you need to file your ITR on time
In the Union Budget 2017, a new Section 234F was announced by the government which is applicable for returns filed from FY 2017-18 onwards. The maximum penalty is Rs 10,000
Are you a senior citizen? Know the special tax benefits you can avail
Exemption limit is the quantum of income up to which a person is not liable to pay tax. A senior citizen is granted a higher exemption limit compared to non-senior citizens.
Mismatch in Form 16A and Form 26AS? Ask deductor to get return rectified
NRI may transfer funds through proper banking channels to purchase property abroad. There are no restrictions imposed from the tax point of view, however, you shall have to follow the procedures and c
PAN Card address change: Mere mentioning in Income Tax Return (ITR) not enough, rules Supreme Court
Notice under Section 143 (2) is sent to the assessee when the Income Tax department finds any minor or major discrepancies in the ITR. These discrepancies may include under-reporting or over-reportin
Income Tax Planning: How to plan your taxes early and minimize your tax outgo
It is always better to start your tax planning early to be in a better position to minimize your tax outgo and avoid last-minute glitches.
Made a mistake in ITR or changed basic details later? Here is how to rectify ITR without filing a revised return
How to rectify the ITR to change basic details like address, email ID, mobile number and bank account without filling the blank ITR utility afresh?
Have ITR related queries? This is how you can get them answered
Taxpayers can directly approach the income tax department, with any query related to ITR filing, processing, refunds, etc. by filling up an online form.
Waiting for income tax refund? Here is how you may check and give refund reissue request
In case of excess tax is paid, refund of the excess amount may be claimed by filing the income tax return (ITR) within the due date and verifying the ITR.
Income Tax Return 2019: Missed the ITR filing deadline? You can still file tax return for FY 18-19 by this date
Late filing of income tax return shall attract a fee of Rs 5,000 if it is furnished on or before December 31, 2019. Post this date, Rs 10,000 shall be charged.
Gift from NRI dad not taxable, but you have to pay tax on income from it
Q. I am an NRI. If I gift Rs 20 lakh to my major daughter in India and if she invests it in a bank fixed deposit, will either of us be liable to pay income tax? – Wilson Furtado According to Section
Taxation of Mutual Funds: How mutual funds are taxed in India; Here’s all you need to know
Mutual funds can be an ideal investment option for wealth creation. Let us have an in-depth look at the various aspects of the taxation of mutual fund investments.
Good News Taxpayers! Income Tax Department can’t issue you a notice or order without doing this
In a bid to provide better services to taxpayers and ensure greater accountability and transparency in tax administration, CBDT has announced the launch of Documentation Identification Number.
Glad to get an expensive gift? Know its tax implications
Given that gifts are a means of expressing affection, it is important to know the tax implications of such gifts and diligently comply with disclosure requirements while filing ITR.
Income Tax Return 2019: Didn’t get Form 16? Here is how you may still file ITR
If the company has not paid TDS and filed the quarterly TDS returns, the income tax department can issue you a notice in this regard due to mismatch in TDS.
Income Tax raids: Know what the I-T Act says
In such case, the asset will be seized by the tax authorities without physically taking the assets with them.
What is faceless scrutiny of income tax return? Here is all you need to know
The E-assessment Scheme 2019 aims to eliminate human interface, reduce corruption and bring in transparency.
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