Income Tax

Income Tax portal seeing steady progress, says Infosys CEO Salil Parekh

Parekh mentioned that 3.8 crore users have completed various transactions and that 2-3 lakh returns are getting filed every day.

If the taxpayer feels that the information is incorrect, relates to other person/year, duplicate, etc., a facility has been provided to submit online feedback.

YOUR QUERIES: INCOME TAX — Disclose minor’s net income in ITR after Rs 1,500 exemption

It is pertinent to note that only one account can be opened by an individual as a single account.

income tax raids

Income Tax Return filing by individuals: Who should file and how to file ITR

An individual is obligated to file an ITR if his gross taxable income during a particular FY exceeds the maximum amount not chargeable to tax.

YOUR QUERIES: INCOME TAX — Profits on sale of listed NCDs held for more than 1 year classified as long term

Interest on NCD is taxed under head ‘other sources’ at applicable slab rates, paid periodically or cumulatively.

The process of e-verification through Aadhaar OTP and other methods is important for the department to commence processing of the ITR and to issue refunds, if any.

Your money: Got foreign assets? You have to file income tax return

Foreign assets include foreign depository accounts, foreign equity and debt interest, foreign cash value insurance contract or financial interest in any entity outside India.

Income Tax Returns

Top 5 benefits of filing Income Tax Return on time

Income Tax Return (ITR) filing due date for Assessment Year 2021-2022 is December 31st, 2021. As per the Income Tax rules, any individual having an annual income above Rs 2.5 lakh should file ITR.

For debt mutual funds, the capital gains shall be classified as long-term only if the same are held for a period more than 36 months, else the same shall be treated as short-term.

How senior citizens can save and earn more by choosing tax-saving plans wisely

In a bid to save tax and maximise earnings, many senior citizens often make wrong decisions and choose plans that may not be the best fit for them. Here is how this can be avoided.

Planning to file ITR? Know how to prepare yourself for Income Tax Return filing for AY 2021-2022

ITR Filing Tips for FY 2020-21 (AY 2021-2022): The deadline to file the income tax return for salaried or small business individuals has been further extended to 31st December 2021.

income tax

I-T dept asks taxmen to accept applications till September 30 for settlement before Interim Board

The 2021-22 Budget, through the Finance Act, amended the provisions of the Income-Tax Act, 1961 to provide that the Income-tax Settlement Commission (ITSC) shall cease to operate from February 1, 2021

income tax department

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, pain

Income Tax Return: Why you shouldn’t wait for the extended due date to file ITR

The due date of filing ITR has been extended to provide relief to taxpayers, amid the Covid-19 pandemic, and due to concerns and technical glitches in the new Income Tax Portal.

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I-T dept notifies FY21 ‘safe harbour’ rates for cos

The Central Board of Direct Taxes, through a notification has extended the applicability of Safe Harbour Rules (SHR) to 2020-21. As per the notification, the rates under SHR applicable from 2016-17 to

The process of e-verification through Aadhaar OTP and other methods is important for the department to commence processing of the ITR and to issue refunds, if any.

Do you need to pay advance tax on capital gains from shares, dividends?

Advance Tax Payment Rules: While we file Income Tax Return (ITR) for the previous financial year to settle tax liability or claim a refund, advance tax comes into the picture in the year in which you

advance tax on capital gains, dividends

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 return

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
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