Income Tax

Budget 2021: 6 key budget proposals taxpayers should be aware of

Union Budget 2021-22: Here's a look at some budget proposals which may impact the salaried class and the common man.

Exemption in filing of ITR by senior citizens: How to avail the benefit

Budget 2021: To avail the benefit, an assesee may have have interest income from the same bank in which he is receiving his pension income.

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Interest earned on PF contributions above Rs 2.5 lakh to become taxable

Budget 2021: Instances have come to the notice where some employees are contributing huge amounts to these funds and entire interest is exempt from tax

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Budget 2021: Buyers of affordable houses get more time to avail additional tax benefits

Budget 2021: By buying an affordable house, a tax payer may avail tax benefits up to Rs 3.5 on interest paid on home loan taken to buy such a house.

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FM proposes no filing of Income Tax Return (ITR) by senior citizens – Check eligibility

Budget 2021: FM has proposed no filing of ITR by senior citizens who are above 75 years of age and have only pension and interest income.

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Budget 2021: Will you have to bear the burden of free Covid-19 vaccines?

Budget 2021 Expectations: If it is made optional for people to buy vaccines to get vaccinated, most people – especially the poor – would prefer not to have it.

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Budget 2021 Expectations: Taxpayers seek work from home tax relief, revision in income tax slab rates

Union Budget 2021 India: It is necessary to put more money in the hands of people who are facing financial problems for a long time.

Will FM announce Covid Cess in Budget 2021? Here is how much you may have to pay extra

Union Budget 2021 Expectations: Between a cess and a surcharge, a progressive surcharge could be a better option, as it will not put an equal burden on small taxpayers.

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Budget 2021 Expectations: Will tax saving option in NPS Tier II account be extended to all taxpayers?

Budget 2021 India: By extending tax benefit to NPS Tier -II, taxpayers will get an additional option to save tax and grow money.

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Budget 2021 Expectations: Streamline tax laws to provide relief to salaried people

Union Budget 2021 India: The salaried class is hoping for big positive surprises from the upcoming Union Budget.

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Budget 2021 Expectations: Increase in Section 80C limit to rationalisation of tax slab rates, here’s what taxpayers want

Union Budget 2021 India: The aam aadmi and taxpayers are eagerly looking forward to the Budget 2021 in the hope of their collective voices being heard.

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Union Budget 2021: Need clarity on ambiguities and issues related to tax deduction on employer’s contribution to social security funds

Union Budget 2021 India: It is expected from the government that besides announcing Covid-related relief measures, certain persisting ambiguities and issues be also clarified.

Budget 2021-22, Union Budget 2021

Submission of investment proof: All you need to know to minimise tax deduction

To minimise the tax deduction, you should know the provisions of tax-saving investments under various sections of the Income Tax Act.

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Budget 2021 Expectations: Widen the scope for tax-saving investments

Budget 2021 Expectations for Income Tax: As the preparations for Union Budget 2021-22 are in the final stage, it is expected that the scope of the tax-saving investments may be increased, if not the l

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Budget 2021 Expectations: What FM may do on direct tax front

Budget 2021 Expectations for Direct Taxes: Expectations are high as Finance Minister Nirmala Sitharaman is going to present the Union Budget amid Covid-19 pandemic.

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Income Tax refunds worth Rs 1.76 lakh cr issued between Apr 1-Jan 18

Of this, personal income tax refunds of Rs 58,631 crore have been issued in 1,62,39,742 cases and corporate tax refunds of Rs 1.17 lakh crore have been issued in 2.11 lakh cases.

income tax

Budget 2021 Expectation: Exempt LTCG tax on equities to boost capital markets

Budget 2021 Expectations for LTCG Tax on Equities: The tax on Long Term Capital Gains (LTCG) on equities has been reintroduced in the Union Budget 2018.

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Income Tax raid: I-T dept detects Rs 450-crore black money after raids in Kolkata

The Income Tax Department has detected undisclosed income of over Rs 450 crore after it raided some Kolkata-based entities engaged in various businesses

income tax

Budget 2021 Expectations: Taxpayers want the old income tax regime to continue

Budget 2021 Expectations for Income Tax: Although, the new income tax regime has lower tax rates on income between Rs 5 lakh to Rs 15 lakh, but no tax exemptions and deductions will be available in th

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Union Budget 2021: What taxpayers can expect from FM Nirmala Sitharaman on the personal tax front

Union Budget 2021 India: Here's the taxpayers' wish list on the personal tax front emanating from COVID-19's adverse impact and other circumstances.

Gujarat High Court refuses to extend I-T returns filing date

Due to Covid-19 pandemic, the due dates for filing of return/tax audit have already been extended on three occasions. The latest extension is from January 31 to February 15 for assesses whose accounts

The Income-tax department also submitted that the number of returns filed this year has already exceeded by about 6% to 5.95 crore as on January 10, 2021, compared with 5.62 crore as on August 31, 2019 (last date of return filing).

Investing in foreign stocks? Know FEMA and income tax implications

If you are intending to invest in a foreign stock, you need to understand the implications under the provisions of the Foreign Exchange Management Act (FEMA) and the Income-Tax Act.

I-T dept launches online facility to tip it off on illegal foreign assets, benami properties

Once a complaint is filed, the department will allot a unique number to each complaint and the complainant would be able to view the status of the complaint on the weblink.

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Income Tax return: 5% more I-T returns filed this year

The tax department in a tweet said 5.95 crore ITRs for Assessment Year 2020-21 were filed till January 10, 2021, as compared to 5.67 crore ITRs filed for the previous Assessment Year by September 10,

Over 1.49 crore ITR-4 were filed till January 10, as compared to 1.29 crore filed till September 10, 2019.

Last date to file Income Tax Return AY 2020-21: Over 25 lakh ITRs filed till 9 pm today

The last date of filing ITR for AY 2020-21 is today.

Income Tax returns filing deadline approaching: Over 5.08 crore ITRs for 2019-20 filed till January 5

Income Tax Return: Visiting 80D page is a must even if you don’t have health insurance

In case an assessee has incurred the expenses allowed as deductions u/s 80D for his/her parents, he/she may also claim deductions for the same along with deductions for self and family.

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Income Tax Return: Over 5.27 crore ITRs for 2019-20 filed till January 7

More than 5.27 crore income tax returns (ITRs) for fiscal year 2019-20 have been filed till January 7, the Income Tax Department said on Friday.

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