Income Tax

Tax exemption on capital gains: Check all the options

The benefit of exemption spans across varied capital gains arising on transfer of any long-term capital asset.

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Income tax filing: Know which ITR form is right for you

For salaried employees, exempt allowance has to be shown separately along with the bifurcation for deductions claimed under Section 16 of the I-T Act.

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5 lesser known tax saving options that can maximise your earnings

Here is a list of five little-known tax-saving options that employees can avail of in order to save taxes.

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ITR-1 Sahaj, ITR-2 and ITR-4 Sugam Forms: I-T Dept seeks additional info from you; what you should do

During the past few years, numerous changes have been made by the government in the ITR forms to bring undisclosed income into the tax net.

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Revised Form 16 seeks more details, but may also make life easy for taxpayers; Here’s how

Mentioning types of payments made by the employer to the employee will make it easier for the income tax department to electronically reconcile everything without human intervention.

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Filing ITR-1 Sahaj Form will not be the same anymore; Check out what has changed

Mentioning of the sources of income not only brings clarity, but also plugs the loopholes, as assessees can't remain ignorant anymore and omit the incomes.

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Income tax return: CBDT amends Form 16, Form 24Q for detailed reporting on TDS

CBDT has notified amendments in Form 16 — which acts as certificate for tax deducted at source (TDS) —and Form 24Q — quarterly TDS statement for salaries.

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Income tax: New ITR forms seek more details from taxpayers

Additional information sought may be used for better profiling of taxpayers, tracking cases of potential tax evasion and expanding the tax base using data analytics.

New ITR forms seek more details from taxpayers (Illustration: SHYAM Kumar Prasad)

Salaried with dividend income? You may still file ITR-1 Sahaj form, provided these conditions are fulfilled

The change in long-term capital gain (LTCG) tax rule last year has made filling income tax return (ITR) difficult for salaried equity and mutual fund (MF) investors.

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Income Tax Return filing: How freelancers, consultants can save taxes while filing ITR

Even freelancers and consultants can avail tax benefits and save taxes while filing the income tax return. Here's how to do it.

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Alert for salaried! Are you investing in equities, MFs and ELSS? Get ready to file a different ITR form this time

LTCG arising on transfer of equity shares or units of equity-oriented mutual fund (including ELSS) was exempt from tax earlier, provided securities transaction tax (STT) was paid at the time of transf

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SBI Online: How to fill Form 15G, Form 15H to avoid TDS

Here are a few important things to consider about TDS especially if you have a fixed deposit in a bank.

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Good news taxpayers! Date of allotment of house will be treated as date of acquisition, rules ITAT

When an under-construction property is acquired, it is always a subject matter of controversy between the taxpayer and the tax department while determining the holding period of the property to comput

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Income tax evaders beware; govt to keep tabs on your social media profiles

As a part of the project, data mining and Big Data analytics will be used to catch tax evaders by accessing the information on their Facebook and Instagram accounts to identify mismatches between spen

Taxpayer Alert! New ITR forms for AY 2019-20 increase reporting requirements, seek more details

The New ITR forms notified by the CBDT recently underline the government’s stated objective of increasing the tax net and reducing the possibility of tax evasion.

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New ITR Forms for FY2018-19, AY2019-20 notified by CBDT; Here is all you need to know

New Income Tax Return Forms for FY 2018-19: CBDT has notified new ITR forms for AY 2019-20

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Do this now to stop TDS on FD, MIS, Recurring Deposit, Senior Citizen Scheme: Quick TDS facts

The interest earned on these investments are taxable and tax is deducted at source (TDS) once the interest amount crosses certain limits.

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Taxpayer Alert! 5 new income tax rules that are effective from April 1, 2019

Let’s take a quick look at the key changes in the Interim Budget 2019 from a personal tax perspective, which are now effective from 1st April 2019.

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March 31 Tax Deadline: Last minute tax saving options for salaried persons

As the current financial year is about to close, many salaried individuals may be looking for last-minute tax saving options. Here's a look at all of them.

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4 income tax deductions which can save tax upto Rs 1,32,600: Have you availed?

The three tax slabs are 5%, 20% and 30% while the effective tax rates after including the cess become 5.2%, 20.8% and 31.2%.

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PPF, FD, ELSS, Ulip, Health insurance: 5 online tax saving investments to help you save tax before March 31

Here are five tax-saving investments such as ELSS, PPF, 5-year tax saving bank fixed deposit, Ulips and health insurance that you may invest or buy online and thus save tax.

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Income Tax Return: 10 essential things to keep in mind while filing ITR for FY17-18, FY18-19

While the due date for filing the tax return for FY 2018-19 is July 31, 2019, if one has not yet filed the tax return for FY 2017-18, there is time only till March 31, 2019 to do so.

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Tax Saving: How life insurance can help you save tax under Section 80C, 10(10D) and 80D

While life insurance plans emerge as one of the preferred tax-saving investment options, they offer many more benefits which make them a value-packed investment solution to achieve all your life goals

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Time running out to save tax! How to calculate and cover shortfalls under Sections 80C, 80CCD, 80D

As the financial year 2018-19 is going to end in a few days, it is time for a quick review of your tax-saving measures and see if there is any scope left to save some more taxes.

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Tax saving 5 year FD: With 5 days left for FY year end, rush for banks offering top interest rates

As tax-saving investments are long-term commitments, you should take some time to analyse which investment option would help you achieve your long-term financial goals.

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LIC launches a plan with regular and single premium options, 80C tax benefits

For the first time, the Life Insurance Corporation (LIC) of India has introduced an endowment insurance plan that has options of paying both regular and single premium to help individuals looking to m

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PAN Card Holder Alert! Your PAN may become invalid unless you do this by March 31

The Income Tax Department is constantly reminding individuals to complete this task by March 31, 2019.

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