Income Tax

Tax Talk: Not every gift is exempt from tax

While all monetary gifts are covered, the Act restricts its scope in case of the non-monetary gifts only to land, building, shares and securities, jewellery, archaeological collections, drawings, paintings, sculptures, any work of art and bullion.

Infosys says some users continue to face difficulties, working to streamline Income Tax portal experience

The Bengaluru-based company, which has drawn flak for glitches continuing months after the launch of the portal in June, said it has seen steady increase in usage over the last few weeks, and more tha

infosys

Claiming deductions under Section 80C? Avoid these mistakes

Taxpayers usually make certain mistakes while claiming deductions under Section 80C of the Income Tax Act. Here's how you can avoid them.

Your Queries: Income Tax – Capital gains on sale of flat to be shown in ITR in year of sale

To avail the exemption under Section 54, capital gains on sale of property have to be re-invested in new residential property within 2 or 3 years.

Alternatively, in case the difference is substantial, you may contact the bank and have the particulars corrected.

Can you claim Income Tax benefit on HRA if living with parents during work from home?

Income Tax benefits on HRA during work from home: Tax exemption on House Rent Allowance (HRA) is an important benefit available to salaried persons.

Income Tax

Your Queries: Income Tax: Indexation benefit is for long term gains from debt mutual funds

Please note that the benefit of indexation shall not be available while computing capital gains as such.

Please note that debt mutual funds are categorized as long term if held for a period more than 36 months, whereas equity-oriented funds are considered as long term if held for a period more than 12 months.

Salaried or earning from business and profession? Not everyone can change Income Tax regimes every year

New vs old Income Tax regime Change Rules for Income Tax Return Filing for AY 2021-22: Taxpayers, now have the option to choose between the New and Old Tax Regimes for filing ITR.

income tax regime change rule

Your Queries: Income Tax – Declare interest from post office savings account, PPF, MIS in ITR

A taxpayer is required to disclose income from all sources while filing an ITR, even if deduction/ exemption is available regarding such income. So you must disclose interest from savings account, PPF

Consequently, if you receive gratuity, 1/3rd of the corpus shall be tax exempt.

Tax Talk: How to calculate tax on your property

While the appreciation in value of property is taxed at the time of sale as capital gains, concurring rental benefits are taxed on yearly basis in the hands of the owner.

New vs Old Tax Regime for ITR filing (AY 2021-2022): What should salaried employees choose?

New Income Tax Regime vs Old: The choice of beneficial option between the old tax regime and new tax regime depends upon the composition of the nature of income of the taxpayer as well as the investm

income tax

How start-ups are using ESOPs to attract and retain the best talent

While ESOPs were conventionally used as a tool to incentivise long-tenured senior management, recent trends indicate that ESOPs are actively deployed as a hiring strategy to attract talent.

PPF or NPS: Where to invest to save tax under section 80C?

Rather than trying to figure out which is better between PPF and NPS, make the best use of both of them in accumulating a sizable corpus over the long term.

PPF Vs NPS, PPF NPS difference, ppf or nps which is better, About PPF Account, About NPS Scheme

ITR filing due date extended till December 31

It also extended due dates of various reports of audit for the Assessment Year 2021-22.

ITR filing due date for AY 2021-22 extended! Check new deadline to file income tax return

CBDT has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22.

last date, filing of Income Tax Returns, extention, AY 2021-22, ITR filing, Assessment Year 2021-22

How your income from equity shares and mutual funds will be taxed this year

Income Tax on Gains from Equity Shares and Mutual Funds FY 2020-2021: Gains on your investment in instruments like equity shares and mutual funds are taxable.

income tax on stocks and mutual funds

Income tax portal’s tech issues being progressively addressed; 1.19 cr ITRs filed: CBDT

Giving updates of activities carried out by taxpayers on the portal, the I-T department said over 8.83 crore unique taxpayers have logged into the portal till September 7, 2021 with a daily average of

ITR

Taxpayers can file applications for settlement till September 30

The Finance Act, 2021 has amended the provisions of the Income Tax Act, 1961 to close ITSC with effect from February 1, 2021. In order to dispose off the pending settlement applications as on January

Legislative amendments in this regard shall be proposed in due course, the CBDT said.

Income Tax: Authentication of e-records made easier

Under the existing provisions of section 144B(7)(i)(b) of the Act, this simplified process of authentication by EVC is not available to certain persons (such as companies, tax audit cases, etc.) and t

In order to provide the benefit of the simplified process of authentication by EVC to these persons, it has been decided to extend the simplified process of authentication by EVC to these persons also.

CBDT allows taxpayers to file applications by Sep 30 for settlement of pending cases

To dispose of the pending settlement applications as of January 31, 2021, the government had constituted the Interim Board for Settlement. The taxpayers, in the pending cases, have the option to withd

income tax

Faceless assessment: FinMin eases rules for authentication of e-records submission

“In order to provide the benefit of the simplified process of authentication by EVC to these persons (such as companies, tax audit cases, etc.) , it has been decided to extend the simplified process

Transfer pricing implies the prices at which various overseas divisions of a company transact with each other.

Top mistakes to avoid while filing Income Tax Return (ITR) for AY 2021-22 this month

Income Tax Return for AY 2021-22: ITR filing is mandatory for all individuals whose income is over Rs 2.5 lakh and is aged under 60 years.

income tax return mistakes

Your Queries (Income Tax): Select ITR 2 if you have income under the head ‘capital gains’

In the current assessment year, you may furnish ITR Form 1 instead of ITR 2, if you do not have income under the head capital gains, and you satisfy the conditions for reporting income in ITR 1.

In order to provide the benefit of the simplified process of authentication by EVC to these persons, it has been decided to extend the simplified process of authentication by EVC to these persons also.

Tax on Provident Fund: Know how PF contributions, interest will be taxed

Rule 9D provides for separate accounts to be maintained within the provident fund account with respect to the taxable as well as non-taxable contribution.

Provident Fund, PF, EPF, EPFO, PF contribution, PF interest, tax on PF
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