Income Tax

Income Tax: Income from futures and options is business income if trading is regular

The nature of compensation received by you is not clear from the facts stated. Life insurance compensation is exempt from tax.

Faceless Assessment & Taxpayers’ Charter: All you need to know about them and their impact on the system

In the series of tax reforms, the Prime Minister recently announced some reformative measures during the launch of 'Transparent Taxation - Honouring the Honest' platform. Let us discuss some of them.

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Income-tax compliance: Tax payments, ITR reporting, assessments made easy online

A quick look at the tax compliances applicable for an individual taxpayer, which are simpler and completed through the electronic mode.

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Work From Home: Income Tax challenges for employees in times of Covid-19

While employees have been quick to adapt and reorganise their ways of working and some employers have also been proactive to refresh and reset the employee compensation structure to suit the new norma

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How many homes can you legally buy in India to stay clear of taxman?

Whether an Indian citizen can buy and own more than one house property in the country without inviting the wrath of the taxman? Find out 

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Faceless assessment: CBDT top brass assures taxmen of no disruption

Sources said the I-T department officials were given a detailed presentation in the online meeting on faceless assessment and taxpayers’ charter and their proposed implementation.

Transparent Tax System aims to prevent dishonest people from misusing the system

In the Faceless Assessment system, dishonest people would keep on wondering whom to contact to get away with tax evasion and for settling their personal enmity.

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CBDT chief meets Income Tax officers, seeks to assuage concern over faceless assessment hierarchy

The source said the CBDT chief reiterated that the implementation of the faceless assessment scheme was important to uphold the dignity of the service and, also, to change the narrative of negative pu

Faceless e-Assessment Scheme for Taxpayers: Challenges and impact on the Indian tax administration

Under the new system, taxpayers won’t have to visit territorial jurisdiction tax officers or the income tax department on receiving income tax scrutiny or assessment notices.

Government Employee? NPS Tier II tax saver scheme guidelines released

If a Government employee contributes towards Tier-II of NPS, the tax benefit of Section 80C for deduction up to Rs. 1.50 lakh will be available to them provided that there is a lock-in period of 3 yea

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ITR Processing Pending? Now you can e-Verify Income Tax Return data for last 5 years up to this date

As a one-time measure for resolving the grievances of the taxpayers associated with non-filing of ITR-V for earlier Assessment Years, the CBDT has given this relaxation.

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Your Queries: Income Tax — Lease deed charges cannot be deducted from rental income for computing tax

This withdrawable amount does not constitute pension investment, and would attract no special tax treatment.

I-T Act also allows a taxpayer to adjust the amount for unrealised rent.

NSC Vs Tax Saver Bank FD: Which one is better for saving tax? Interest rate, features compared

Unlike NSC in which there are no regular interest payments, in the 5-year Tax Saving Bank Fixed Deposit, the depositors can receive fixed interest either monthly or quarterly.

Govt not considering modifications in ITR form: Sources

Any expansion in reporting under the statement of financial transactions (SFT) will mean that such reporting of high-value transactions to the income tax department will be done by financial instituti

Income Tax Return filing

ITR Filing: People with high salary, equity, MF investments may face compatibility issues

Although the excel utility of both ITR-2 and ITR-3 are now available on the Income Tax e-filing site, there are some technical issues in the two forms.

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Restrictions on cash transactions under Income Tax laws: Here’s all you wanted to know

The income tax laws in India have various restrictions on payment in cash and receipt of money in cash in respect of various transactions. Here we are taking a look at some of them.

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Good News! PM Modi launches new platform to make honest taxpayers’ life easy

The focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws.

Made tax-saving investment during extended period? Here is how to show it in ITR

As tax-saving investments provide instant return in the form of taxes saved, they motivate the taxpayers to invest as much as possible to avail maximum tax savings.

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NRIs need not file ITR for interest income below taxable limit

The obligation to furnish ITR shall arise where the total income (earned in India) exceeds maximum amount not chargeable to tax (Rs 2.5 lakh) Hence, furnishing of ITR in respect of interest income, be

Mutual Funds: Time to reassess MF investment strategy in light of taxation amendments?

Effective 01 April 2020, distributions by mutual funds are no longer subject to tax in the hands of the distributing mutual fund.

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Indian-origin businessman banned over false tax returns in UK

In September 2019, the construction firm was subject to a Creditors Voluntary Liquidation and this brought HK Construction to the attention of the Insolvency Service. Investigators uncovered that betw

With dividends taxable, check out growth funds

With DDT gone, you now have to pay tax on dividend and mutual fund income as per your tax status

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How to choose the right tax-saving investment instruments in 2020

Will we witness a paradigm shift in 80C investments in the COVID-19 and post-Covid era? Find out

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Tax Benefits u/s 80D: How to divide health insurance premium to claim deduction for more than 1 year

If an insurance company issues 80D Certificate dividing premium of a 2-year health insurance policy in three financial years, how would you show it in your ITR?

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Tax saving investment options for lower income slabs – Use this formula to calculate post-tax return

Taxable investments suit those who are in the lower tax slabs over those who pay the tax rate at the highest rate.

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Income tax benefit on NPS, APY: How are contributions, withdrawals and pension on maturity taxed

There are several tax benefits available to subscribers of both NPS and APY at the time of contribution.

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Income tax Assessment 2020: CBDT tells taxmen to compute tax demand for all assessees by August 31

In a letter to Principal Chief Commissioners of Income Tax, Mody said that many taxpayers are waiting to file applications under 'Vivad Se Vishwas' scheme, but they are also waiting for correct demand

Income Tax Calculator, Budget 2019, How to Calculate Income Tax


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