Income Tax
Income Tax Department to refund excess interest, late fee paid while filing FY21 ITR
The department in a tweet said the ITR software was rectified on August 1 itself to remove the error due to incorrect computation of interest under section 234A and late fee under section 234F of Income Tax Act.
Partition of HUF under Hindu Law and Income Tax Act
Hindu Undivided Family is a peculiar concept under the Hindu Law which is not prevalent in any other religion.
IT deptt extends deadline for various tax compliances
The quarterly statement in Form 15CC to be furnished by authorised dealers in respect of remittances made for the April-June quarter can now be filed by August 31.
Income tax benefits, rebates that senior citizens enjoy
Under the Old Income Tax Regime, senior citizens, having income from salary, rent and interest income, enjoy additional tax benefits and rebates compared to younger taxpayers.
Over 25.82 lakh ITRs filed, 7.90 lakh e-PANs allocated at new IT e-filing portal: Data
Finance Minister Nirmala Sitharaman on Wednesday had said that she wished that the Infosys-developed website did not have such a launch and she hoped that the issues will be sorted out soon.
Binance launches Tax Reporting Tool. How will it help Indian crypto investors in income tax return filing?
Cryptocurrency trading platform Binance has announced to launch Tax Reporting Tool, a new API that will enable Binance users to easily keep track of their crypto activities and streamline reporting re
Govt paid Rs 164.5 cr to Infosys for new I-T portal: Chaudhary
"The contract for Integrated e-filing & Centralized Processing Centre (CPC 2.0) Project was awarded through an open tender published on Central Public Procurement Portal (CPPP) to Infosys Ltd, the Man
Income Tax Return filing: 10 important things individual taxpayers must know before filing ITR
Here are a few important things which individual taxpayers should know before filing their income tax return for AY 2021-22.
Trading Bitcoin, Dogecoin, ETH or Matic? Check Income Tax, ITR Filing rules to apply on your income
Income tax payment and ITR filing rules for earnings from cryptocurrency trading and investment 2021: Even though cryptocurrency is not yet legalised by the Reserve bank of India (RBI), it is not advi
Income Tax Forms 15CA/15CB filing: CBDT extends due date again in view of new e-filing portal problems
In view of difficulties reported by taxpayers in the filing of the forms online on http://incometax.gov.in, the CBDT has granted further relaxation in electronic filing of forms 15CA and 15CB.
Infosys acknowledged technical issues in I-T portal, initial glitches mitigated: FinMin
The portal www.incometax.gov.in had a bumpy start from the day of its launch on June 7 as taxpayers, tax professionals and other stakeholders reported glitches in its functioning.
Your Queries (Income Tax): Report mutual fund dividends as ‘income from other sources’ in ITR
Income from dividends is classified as income from ‘Other Sources’, accordingly, for AY 2021-22, the same may be reported in ‘Schedule OS’, under head ‘gross income chargeable to tax at norm
New Income Tax e-Filing Portal: A leading or a limping solution
Since its launch on the 7th June, there were numerous glitches/issues in the functioning of the new portal.
Salaried employee? These payments, investments and incomes will give you tax benefits in 2021 (Top 10 List)
Top 10 List of Income Tax Deductions for AY 2021-22: You can claim the following deductions in the current assessment year only on payments and investments made in the previous financial year (FY 2020
Income Tax Return filing: 5 benefits of filing ITR even if your income is not taxable
There are many benefits pursuant to filing the tax return even if you earn below the taxable limit.
Your Queries: Income Tax – Maturity proceeds taxable if premium exceeds 10% of sum assured
As per the Income Tax Act, any sum received under a life insurance policy is exempt from tax if premium payable for any of the years during the term of the policy is less than 10% of the capital sum a
A month into launch, glitches still mar new I-T portal; dept says engaged with developer
The modification of master data of the taxpayer is having major issues and Form No. 3 (certificate of declaration) under Vivad se Vishwas Scheme is not visible on the portal.
TDS certificate in Form 16 to statement of quarterly deductions: All Income Tax due dates ending in July
Income Tax due Dates 2021: The Union Government recently extended due dates of several tax-related works for the benefit of taxpayers.
Tax Talk: Do shares come under the ambit of ‘goods’?
Clarity from the tax department is needed on TDS implications on transactions in unlisted shares and securities
Your Queries (Income Tax): Switch from dividend to growth option in MF is a taxable transfer
The Income Tax Act provides that transfer by way of merger of two or more equity/ debt-oriented funds shall not be regarded as taxable transfer by the unit holder.
Last date for issuing Form 16 extended till July 31: Here’s how you may still file ITR for AY 2021-22
New deadline for employers to issue Form 16 to employees is July 31, 2021 and the individual taxpayer can file the Income Tax Return till September 30, 2021.
Your Queries (Income Tax): Use ITR Form 1 if you have income from salary and dividend only
Assuming that you have income only from salary and dividends, you may continue to declare income in ITR-1. Disclosure may be made under head ‘Salary” and “other sources”.
New Tax Regime Vs Old Tax Regime: Some important things you need to know
This is the first time since the attainment of Independence by India that there is an optional tax regime.
What is presumptive taxation scheme for professionals? Who can opt for it?
This scheme is available only to a resident individual or a partnership firm engaged in a specified profession but not to a limited liability partnership.
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