Income Tax

National Pension System: NPS Tier 1 contribution stopped despite due date extension for tax saving investments

Investors need to contribute to NPS a few days before the end of a financial year, as there is some time gap between paying the contribution amount and getting it credited to the fund account.

Coronavirus outbreak, Novel Coronavirus COVID-19, lockdown, Coronavirus relief measures, extension in cutoff date for tax-saving instruments, Finance Minister Nirmala Sitharaman, National Pension System, NPS News

Failed to meet your tax-saving target for FY2019-20? 5 ways to save tax without investment

There are various provisions in the Income Tax Act, 1961, whereby, even though an individual has not made an investment for tax saving, it is possible to save tax in respect of expenses incurred by hi

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

Earning Rs 8 lakh or Rs 15 lakh? Check if opting for the New Income Tax Regime helps

The optional new tax regime may bring substantial tax benefit for the taxpayer depending upon the exemptions or deductions claimed by the taxpayer.

new tax regime, pension, PPF, exemption limit, income tax rates, Budget 2020 News

5 best investment options to save tax

There are multiple ways for you to save taxes in India. However, the perfect tax planning is made when an individual chooses instruments that best suits his/her needs.

income tax, tax saving, tax saving tips, best investment options to save tax, Last minute tax saving, tax saving under 80C, Section 80CCD, 80D, 80G, NPS, PPF, ELSS, Tax-saving Fixed Deposits, SCSS News

Extension in ITR filing date: What would be the impact on 80C benefits?

The last date for filing of ITR for the financial year 2018-19 has been extended to June 30, 2020 from March 31, 2020 for those assessees who have not filed their returns yet.

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Your Queries: Income Tax -You can offset long term capital loss on share sale against any LTCG

Once tax liability is calculated, you may claim a deduction of TDS/ taxes paid on such rental income, to arrive at net tax demand due.

In summary, such capital loss cannot be set off against any other head of income such as salary, house property, business income, etc. News

Corona Lockdown: Why extending the ITR filing deadline of March 31 was necessary

Unless extended, the last date for filling the ITR, for those who have not yet filed or those who intend to revise their income tax return for the year ending March 31, 2019, was March 31, 2020.

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Last date for filing ITR for FY 2018-19 extended but late filing fee stays at Rs 10,000

The Finance Minister Nirmala Sitharaman in a press conference has announced that the last date for filing tax returns has been extended.

income tax, Last date for filing ITR, interest rate, FM Nirmala Sitharaman, financial year 2018-19 News

14 tax-saving investment options beyond Section 80C limit

Most people are aware of claiming tax deduction of Rs 1.5 lakh under Section 80C of the Income Tax Act, 1961. Now let's take a look at the tax-saving options other than Section 80C to turn you into a

income tax, income tax saving, section 80c, section 80c investments, tax saving investments other than 80c, PPF, home loan, health insurance premium, NPS, HRA, Section 24 News

Best tax-saving schemes for FY 2019-20: Five things to keep in mind while selecting them

As only a few days are left for the current financial year to end, it’s worthwhile to ask: have you accomplished your tax-saving goals for FY19-20?

income tax saving, income tax saving schemes, tax saving schemes other than 80c, tax saving options for salaried 2019-20, PPF, PF, fixed deposits, ELSS, Ulip, FD News

Tax Talk: Know the benefits of creating HUF

HUF is taxable as separate person; hence one can save tax under basic exemption of Rs 2.5 lakh

An HUF cannot be created under a contract, it is created automatically in Hindu, Jain and Sikh families. News

Income Tax Saving: Top 10 tax saving investments under Section 80C

Section 80C of the Income Tax Act provides a deduction of up to Rs 150,000 in the aggregate for specified investments/ expenditure.

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No AMT at 18.5% on income above Rs 20 Lakh in new regime. Should you opt?

Alternate Minimum Tax (AMT) vs New Income Tax Regime: Effective tax rate is higher under the new regime in comparison to AMT. In new regime, a taxpayer loses the benefit of carrying forward and set of

Alternate Minimum Tax Calculation News

Income Tax Refund: Why you must respond to outstanding tax demand online

Currently, in order to speed up the processing , the tax refunds up to Rs 5,000 are being issued without adjustment of outstanding demand.

Data analysis of the tax returns filed by individuals over this period clearly indicates that salary income is higher than business income in the income slabs above Rs 50 lakh. News

New Tax Regime: Section 80C tax benefit will not be available even on existing policies

For someone opting for the New Tax Regime, the Section 80C tax benefit will not be available even on existing life insurance policies.

income tax exemptions and deductions, New Tax Regime, Section 80C tax benefit, financial year 2020-21, life insurance policies, News

Taxpayer Alert! Pay your advance tax by March 15 or face penalty

If you don't want to pay any penal interest or face any penalty as per the Income Tax Act, then you must pay the unpaid advance tax by the due date.

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Income Tax Refund (ITR) payments become fast! Modi govt shares this interesting data

How much time it takes for Income Tax Refund in India? Well, it is getting better with every passing year. The Tax department is crediting all refunds directly to the bank accounts of the assessees t

income tax refund 2020, income tax refund status online, I-T refund, itr processing, itr verification. News

PAN-Aadhaar Link to filing ITR: 6 financial tasks to complete before March 31

From linking PAN with Aadhaar to booking LTCG up to Rs 1 lakh on equity investments, there are some financial tasks you should complete within the deadline of March 31, 2020.

PAN, Aadhaar, pan aadhar link deadline, pan aadhar link, itr for 2019-20, tax-saving investments, PMAY interest subsidy, PMVVY, LTCG, Section 80C, financial tasks to complete before March 31 News

Your Queries: Can you get tax exemption on HRA based on actual rent paid?

Any special allowance granted to a taxpayer by his employer to meet expenditure actually incurred on payment of rent for a house occupied by the taxpayer is exempt under Section 10(13A) subject to the

Generally, tax exemption in the form of HRA is allowed to employees whether working in public or private sector. News

Income Tax Refund (ITR): Get up to Rs 5000 without adjustment of outstanding demand!

Income tax Refund 2019-20: The Income Tax department has taken several steps for ensuring faster disposal of Income Tax Refunds

income tax refund 2020 rules process News

TDS Calculation on Salary: CBDT issues clarification on circular issued in January 2020

For the correct way of TDS Calculation on Salary, the CBDT has issued a clarification on the method of calculating the tax on salary income for FY 2019-20.

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Dividend Distribution Tax: How you can benefit from the removal of DDT

One major change which will impact investors post 1st April 2020 is the removal of Dividend Distribution Tax (DDT) for dividends paid out by Indian corporates.

Alternate Minimum Tax Calculation News

Want to invest and save tax in New Tax Regime? Here’s all you can do

Selecting tax-efficient investment products in the new tax regime can help you to comfortably grow your wealth in the long term.

income tax refund 2020 rules process News

Will new tax regime benefit you as an employee? Check what employers feel

In Union Budget 2020, a new Income Tax Regime has been proposed with lower tax rates up to taxable income of Rs 15 lakh compared to the Old Tax Regime.

income tax exemptions and deductions, New Tax Regime, Section 80C tax benefit, financial year 2020-21, life insurance policies, News

Income Tax Return filing for NRIs: Decoding the relaxation proposed for non-residents

The Budget 2020 proposes to amend section 115A of the Act to extend the benefit of not filing return of income to non-residents whose total income includes income by way of royalty or Fees for Technic

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

Your queries: Reinvest gold sale proceeds in property to claim tax exemption

As the jewellery has been held for more than three years, this will be long-term capital gains so the sale proceeds shall have to be reduced by indexed cost of acquisition, to arrive at capital gain,

However, if the sale proceeds are re-invested to purchase a residential house property, then capital gains proportionate to the amount re-invested may be claimed as exempt from tax under Section 54F. (Representational image) News

6.35 crore Income Tax Returns e-filed till mid-February in FY20

The ITRs of AY 2019-20 can be submitted up to March 31, 2020, and hence this number is expected to go up further.

He said 5.18 crore ITRs were e-filed in Assessment Year 2016-17, 5.32 crore in 2017-18, 6.28 crore in 2018-19 and 6.35 crore in 2019-20 (up to February 15, 2020). News
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