Income Tax

IT returns witness massive 50 per cent jump! UP, Bihar, MP top chart with more than 70% growth

While e-returns for income tax saw a big jump this year — in April-November, 6.09 crore returns were filed, up 48% y-o-y, compared with a growth of 20% in the year-ago period — the sharpest increases were in relatively less-industrialised states like

It’s time to reassess your taxable salary: Here are some important changes in income tax rules this year

Employers start asking for the proof of tax-saving investments and expenditures that are eligible for tax benefits for reassessment of your taxable salary to readjust the TDS.

Tax talk: Here are rules for TDS on non-residents’ payments

The Central Board of Direct Taxes notification dated October 27, 2018 has introduced the online filing of application for lower deduction of tax (i.e. Form 13) and let’s hope obtaining the certifica

Unaccounted cash in bank locker? Taxmen may knock at your door

There is no bar in keeping the cash in the bank lockers but it may attract investigation by the income tax department. Tax officials may require explanation to understand the source of every receipt o

Beware! These tax-saving investment mistakes can sink your finances

It's said, if you fail to plan, it means you plan to fail. So, it's better to plan before you make your tax-saving investments, so that you may reach your financial goal comfortably.

No TDS on interest income up to Rs 50,000 in case of senior citizens, clarifies CBDT

CBDT has clarified that in the case of senior citizens, no TDS is required to be deducted u/s 194A, where the amount of such income doesn't exceed Rs 50,000 in aggregate.

Alert for salaried! It’s time to declare your tax-saving investments: Here are the options to save tax

Apart from investments, deductions are also given on certain allowances and expenditures, which the salaried persons should know.

Income Tax payers alert! ITR filing process set to witness unprecedented change – What CBDT chairman has confirmed

Income Tax department wants to make it (processing of ITR form) very fast, maybe in a day or a week.

Now get your PAN card in just 4 hours

The Income Tax Department is planning to introduce a slew of measures to ease the process of obtaining a Permanent Account Number (PAN).

3 new PAN rules effective from December 5; Here’s all you need to know

Permanent Account Number (PAN) is the tax identification number mandatory for filing income tax returns and can be applied either online or offline.

How is dividend income taxed: Here’s all you need to know

Even though over the years we have seen a shift in taxation of dividends, it still remains an attractive stream of income for most taxpayers.

How to pay TDS online on purchase of property above Rs 50 lakh

However, TDS needs to be deducted @ 20%, if the deductee does not furnish PAN.

CBDT allows taxman to widen certain ‘limited scrutiny’ cases; orders no roving enquiries

The CBDT has issued a fresh directive on 'limited scrutiny' assessment cases allowing the tax officials to widen the scope of such probes if they receive "credible" information of tax evasion by asses

New I-T draft by Feb 28; Finance Ministry names task force head to write direct tax code

The Finance Ministry had in November last year set up a six-member task force to rewrite the over 50-year-old income tax laws.

Income Tax: Second self-occupied house is assumed to be let out and rental income taxed

As per Section of Income-Tax Act 1961, only one house can be considered as a self-occupied property and the other one shall be assumed to be let out.

Payout received as compensation in case of sexual harassment not chargeable to tax: ITAT

Mumbai based Income Tax Appellate Tribunal has given a judgement stating that any payout received as compensation in case of sexual harassment shall be in nature of capital receipt, not chargeable to

Don’t have PAN and need to do these important transactions? Form 60 can help you

As per the Income Tax Act, PAN is necessary to be quoted in various documents or transactions. However, in certain cases Form No 60 can also be used. Here's all you need to know.

Waiting for the tax season to buy insurance to save tax? Here’s why you shouldn’t

Most people wait for the tax season to set in to buy insurance policies in a bid to save tax. That's, however, not a good idea. Here's why.

Income Tax: Investment in 54EC capital gains bonds can’t be redeemed before 5 years

If you are not able to sell the old property after one year from the date of purchase of new property, you cannot claim capital gain tax exemption for the property purchased earlier.

Income Tax e-returns for April-October increase 59% to six crore; Returns filed by salaried individuals grow by 45%

Returns filed by individuals with salary income, which is the largest chunk of e-filers, grew by 45%. Other categories of returns also showed growth of between 50% and 85% during this period.

Investing in mutual funds? Here’s how taxability of MFs will impact you

With the change in taxation rules, individuals investing in mutual funds need to comply with the existing tax provisions to avoid any deviation.

Planning to invest in gold or FDs? Know the tax aspects that will affect your return

Before investing, you should keep in mind that the factors like taxation and inflation have negative impact on that seemingly fixed return.

Gift of capital asset to spouse is not chargeable to tax

Accordingly, if the purpose is to transfer the ownership of the flat to your wife such that she becomes the 100% owner of the said flat, you can consider gifting her your share without any considerati

No tax on NRE FD interest if account holder is a resident outside India

As per Section 10(4)(ii), interest income earned on NRE account is exempt from tax if account holder is treated as a person resident outside India under Foreign Exchange Management Act (FEMA).

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