Income Tax News

Tax evaders beware! Revenue authorities identifying potential cases of tax non-compliance

Income Tax Department is analysing the deposits made during the demonetisation period. Accordingly, suspicious transactions are being brought under scrutiny and notices are being issued.

Good news! IT officer can’t take away your tax refund and adjust against outstanding demand without notice

The Bombay High Court has in a recent case set aside the adjustment of tax refund against the tax demand, and instructed the tax authorities to streamline their internal process.

Selling jointly owned flat? Both have to pay tax

Income from joint ownership property is taxed in the hands of both the owners in the ratio of their share in the property.

Tax talk: Buying property worth more than Rs 50 lakh? Deduct TDS

From June 1, 2013, purchasers of immovable property (other than rural agricultural land) are required to deduct tax at source as per provisions of section 194IA of the Income Tax Act, 1961.

Good news for taxpayers: Government to ‘facilitate’ honesty and consistency, to roll out benefits

The government is working on an ambitious policy proposal to “facilitate” honest and consistent taxpayers in availing a variety of public services and tax-related works on priority, officials said.

ITR filings set to double under NDA: Finance Minister Arun Jaitley

In the field of indirect taxation, implementation of the goods and services tax (GST) also brought in a huge number of tax assessees than in the pre-GST regime, he added.

Arun Jaitley says number of direct taxpayers may double to 7.6 crore during 5 years of Modi government

Finance Minister Arun Jaitley said Thursday the number of direct taxpayers is expected to double to 7.6 crore during the five-year term of the present government on account of various initiatives like rationalisation of tax structure, lowering of rates and anti-black money measures.

What is the difference between salary on Form 16 and 26AS

Short-term capital loss is allowed to be set off against both long-term and short-term capital gains.

Know how you can save tax on capital gains

Independent capital gains rules are applicable for each asset class. However, there are numerous sections under which if you reinvest your long-term capital gains you can save on tax

CBDT extends deadline for filing ITR, audit report till October 31

The government today extended by a fortnight till October 31 the deadline for filing Income Tax return (ITR) and audit report for financial year 2017-18.

Late tax refunds: Don’t feel helpless, you can go to the tax ombudsman; Here’s what to do

Taxpayers need to make known their acceptance of the ombudsman’s decision within 15 days of receiving the letter stating the decision.

PPF to NPS to NSC to PF to ELSS to insurance plans: Do you know tax impact of each?

Tax deductions under section 80C and other similar sections help people inculcate saving habits as the tax saved on such investments gives immediate returns in the form of the amount of tax saved.

Waiting for income tax refund? Here is how to check the status of your ITR

The tax department will start the refund process only after the ITR is verified and the refund amount will be paid if the claim of refund is accepted by the department.

Earned foreign income this year? Here’s how you can avoid Double Taxation

Double taxation means taxation of the same income of a person in more than one country. This results due to countries following different rules for taxation.

Income Tax update: Deadline for filing ITR, audit report extended till Oct 15

Given that it is the first year for I-T filers after the new indirect tax regime came in, many tax practitioners had petitioned for more time.

Income Tax: Deduction on tuition fee allowed only if the institute is located in India

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Deduction for tuition fees paid is allowed under Section 80C only if tuition fees is paid to university, college or institution situated within India.

Income Tax: Rental income taxed in hands of that co-owner who paid for property

Exemption from LTCG tax is provided to the taxpayer if he uses the LTCG to buy a property within two years from the date of transfer or construct a property within three years from the date of transfer.

Interest payable on Rupee bonds issued abroad by Indian companies exempt from income tax

The government Monday exempted from income tax the interest payable on rupee denominated bonds issued outside India by a company or a trust to a non-resident or a foreign company, a move aimed at increasing dollar inflow.

Taxability of EPF Withdrawal: Tax implications on withdrawal of Employee Provident Fund balance

There are tax implications on partial or complete withdrawal of the EPF amount. Here’s all you need to know about them.

ClearTax expects 40 lakh ITRs to be filed through its portal this fiscal

With increased government focus on tax compliance, ClearTax on Sunday said it expects at least 40 lakh filings through its online returns filing portal during the current fiscal ending March 2019.

Mutual Fund Investment: How much difference does LTCG tax on MFs make to your yield?

The Union Budget 2018 announced a flat 10% tax on long-term capital gains on equity and equity mutual fund investments. Here’s how it will impact you.

Income tax benefits on education costs for individuals; Here’s all you need to know

Are you aware of the income-tax benefits available to an individual in relation to the education costs as per the provisions of the Income-Tax Act, 1961?

How to track your income tax refund status? Check out details and step by step guide

What to do in case you haven’t received your income tax refund yet and want to check its status? Here’s is how to do that.

Income Tax Return filing: Why filing tax return is a must for Global Indians

Filing tax returns comes with many advantages for Global Indians. NRIs who have not filed their ITR yet should consider filing Belated Returns.

Filed Income Tax Return? Here’s why you must verify your ITR now; A step-by-step guide to do it

Verification is the final step in the process of filing your income tax return as failure to do so will result in an invalid return.

Taxing times: Bombay HC pulls up Income Tax Department, says taxman losing cases deliberately

The Bombay High Court has pulled up the income tax department (ITD) saying that its approach to litigation in the higher courts was responsible for consistently losing cases, and that this “could be then termed as a deliberate or intentional act”.

71% surge in Income Tax Returns filed till August 31

The government on Saturday credited demonetisation for a jump in income-tax e-returns filed by taxpayers till August 31, which was the last day of the extended deadline.