Income Tax

Your Money: Investment tips for those opting for new tax regime

For example, PPF offers you returns of 7.1% per annum completely tax-free whereas an 8% FD may offer you only 5.6% if you’re in the 30% slab.

PPF is an EEE instrument, meaning the sum invested, returns earned and maturity withdrawal are all tax-free. News

Relaxation in income tax compliances: Here’s how taxpayers will get impacted

It is important for taxpayers to understand the impact of the relaxations in income tax compliances announced by the government.

Relaxation in income tax compliances, income tax compliances, Investments for FY 2019-20, Aadhaar-PAN linking, Belated or revised return, Repayment of Loans, credit card dues News

New ITR Forms to claim benefits of PPF, LIC, NSC, other timeline extensions soon! Check details

Income Tax Return (ITR) Forms for FY 2019-20: The new forms allow assessees to avail the benefits of various timeline extension granted by the government following the COVID-19 outbreak

PPF, bank fd tax savings, Online Ulips, elss, financial year 2019-20, COVID-19 lockdown News

Income Tax Refund: How to ensure you get your I-T refund in 5-7 days

The Income Tax refunds would be issued by the tax authorities only after verification and processing of the income tax return.

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TDS on salary: How employees can opt for new tax regime, avoid deduction under old system

The CBDT has also clarified that the option once availed in the year cannot be modified during the year.

Income Tax News

CBDT issues over 10.2 lakh I-T refunds in a week to help taxpayers amid Covid-19 crisis

The CBDT today said that it has already issued over 10.2 lakh refunds totalling to around Rs 4,250 crore as on 14th April 2020.

income tax refund, I-T refund, tax refund, CBDT, Covid-19, income tax department News

New Tax Regime for FY 2020-21: Can you switch back to old tax regime while filing ITR?

CBDT clarifies that the option at the time of filing of ITR could be different from the intimation made by such employee to the employer.

Form 16 is a certificate issued by employers to employees detailing the tax deducted at sources (TDS). News

CBDT clarifies on TDS deduction by employers on old/new regime

The Budget this year introduced a new income tax regime under which individuals can opt for lower tax rates provided they don’t avail certain exemptions and deductions otherwise available under the

TDS, TCS, TAX, taxpayers, non-salaried, contract, professional fees, interest, rent News

Relaxation in income-tax compliances: Deadline for several tax compliance measures extended

The due dates for issuance of any notice, intimation, notification, approval or sanction order, has also been extended by a period of three months.

The Centre has extended validity of all lower withholding orders applicable till June 30. News

Income Tax Exemption: Employees donating to PM-CARES fund via employers to get Section 80G benefit

The clarification came as the employees, in many cases, have donated a portion of their salaries the the fund through their employers.

Form 16 is a certificate issued by employers to employees detailing the tax deducted at sources (TDS). News

PM CARES donation through employer: No separate certificate, your FORM 16 will carry amount, says CBDT

The deduction under section 80G towards the donation for PM CARES Fund will be indicated in the Form 16 certificate issued by the employer.

PM CARES Fund online, donation, tax benefit, section 80G, form 16, salaried, employee, employer News

Tax Deducted at Source: CBDT’s latest clarification related to issue of TDS certificates

The income tax department has issued clarifications relating to the issue of certificates for a lower deduction, collection of TDS, TCS.

TDS, TCS, certificates, taxpayers, CBDT, income tax,Tax Deducted at Source News

Income Tax Saving: Have you factored in the post-tax returns of your tax-saving investments?

When it comes to selecting appropriate tax-savers, people usually check the return prospect, risks involved, and liquidity of their chosen instruments. However, another equally important consideration

income tax, income tax saving, tax saving investment, post tax return, coronavirus pandemic, PPF, NPS, FD, ELSS, NSC, EEE vs EET vs ETE News

How modifications in the Finance Bill 2020 will impact NRIs, POIs

From an individual tax perspective, most of the proposals of the Finance Bill, 2020 have been incorporated in the Act with /without modifications.

NRI, non-resident indians, internal migration, remittances, funds, money, News

NPS dilemma: Record keeping agencies say deadline for contribution extended till June 30

Although the record keeping agencies clarify their stand on effect of date extension on NPS investments, things are not very clear at the level of Point of Presence (POP) Service Providers.

Coronavirus Outbreak, COVID-19, Novel Coronavirus COVID-19, income tax, tax-saving investments, National Pension System, NPS, extension in investment deadline, NSDL, PFRDA, KCRA, tax benefits, section 80CCD(1B) News

Your Income Tax Queries: NRIs do not need to quote Aadhaar in ITR or link PAN with Aadhaar

As per Section 44ADA, a resident individual, engaged in any business/ profession can declare income on presumptive basis only if gross receipts do not exceed Rs 50 lakh in previous year.

ITR filing, ITR filing online, itr return online, NRIs, Income Tax Return filing for NRIs, Budget 2020, Finance Bill 2020, relaxation proposed for non-residents News

Tax-saving deadlines extended: You may claim tax benefits for FY2019-20 or FY2020-21?

Investors are confused if investments till June 30 should be made for FY 2019-20 only, or it may be done for any of the two years and if so, how to determine which investment is for which financial ye

Coronavirus Outbreak, COVID-19, Novel Coronavirus COVID-19, income tax, tax-saving investments, extension in tax-saving investment deadline, FY 2019-20, FY 2020-21, SIP, ELSS, regular investment, voluntary investment News

Finance Act, 2020: Residential status of NRIs – A reason to worry or cheer!

One of the key changes in the Finance Act was the amendment in provisions of residential status of an individual in India, effective from Financial Year (FY) 2020-21.

Finance Act, 2020, Residential status, NRIs, Financial Year (FY) 2020-21, income tax liability in India, Person of Indian Origin (PIO) News

Income tax rules changes effecting from April 1, 2020

The Finance Act received Presidential assent on 27 March 2020. It contains the tax proposals for FY 2020-21, which would be incorporated in the Income-tax Act, 1961.

TDS, TCS, certificates, taxpayers, CBDT, income tax,Tax Deducted at Source News

Corona Lockdown: Will TDS be charged on FD/RD interest if you fail to submit Form 15G/15H?

Investors need to submit Form 15G/15H every year at the beginning of the financial year to ensure that no tax is deducted on the interest income.

Coronavirus Outbreak, COVID-19, Novel Coronavirus COVID-19, income tax, tax deducted at source, TDS, TDS on interest income, fixed deposit, FD, recurring deposit, RD, Senior Citizen Savings Scheme, SCSS, Form 15G, Form 15H, nationwide lockdown News

Exhausted all your tax-saving options? Here’s how you may still save tax!

Even if you choose to migrate to the new income tax regime, you may still save tax for the Financial Year 2019-20.

Coronavirus Outbreak, COVID-19, Novel Coronavirus COVID-19, income tax, tax-saving investments, 80C, 80D, 80CCD(1B), 80G, Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund, PM CARES Fund News

Date extension: Clarification given on investment instruments, but no mention of NPS!

Due to nationwide lockdown, it has become difficult for many taxpayers and investors to invest on time to avail tax benefits for the Financial Year 2019-20.

Finance Act, 2020, Residential status, NRIs, Financial Year (FY) 2020-21, income tax liability in India, Person of Indian Origin (PIO) News

7 key income tax changes effective April 1, 2020: All about FY, PPF, tax savings you need to know

The government has allowed taxpayers to invest in PPF, NSC, ELSS or any other tax saving scheme by June 30, 2020, and yet claim tax benefit for the FY 2019-20.

extension, extended, financial year (FY) 2020-21, AY 2021-22, New Tax Regime, exemptions, deductions, Last date for income tax savings extended News

CBDT extends validity of lower withholding tax orders till June 30

CBDT said that assessees holding valid certificates for FY20 would get the benefit of extension, which otherwise would expire on March 31.

This would be applicable for all such assessees irrespective of whether they have applied for a fresh document for FY21 or not. News

Income Tax clarifications: From belated ITR to Section 80C investments – 7 points every taxpayer should know

Both the government and the RBI have announced several relief measures to minimise the impact of coronavirus on financial markets, taxpayers, investors and the common man, among others.

Changes in tax-saving, investment rules, FY2019-20, FY2020-21, investment for FY2019-20, PPF, home loan, June 30, March 31, COVID-19 pandemic News

Income Tax due for FY19? Pay interest at just 0.75% per month before this date

The taxpayer will have to pay a late filing fee even if there is no tax due to be paid in the income tax return.

late tax payment interest rate, financial year 2018-19 , last date itr filing, , late filing fee, extension, tds, covid 19, itr filing News

Tax Saving Tips: Best ways to save income tax for AY 2020-21

Though taxes are difficult to avoid, there are numerous strategies to help ward them off. To get clear insights into tax saving, you need to understand tax slabs too.

New Tax Regime, Old Tax Regime, employee, employer TDS, cbdt, itr filing, fy 2020-21 News
Income Tax Calculator, Budget 2019, How to Calculate Income Tax


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