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.
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
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.
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.
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.
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.
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.
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.
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
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?
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
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.
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
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.
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.
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.
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
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.
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
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
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.
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.
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.
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 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
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,
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.
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Budget 2020
- Budget 2020 hasn't violated fiscal discipline: FM Sitharaman
- Budget 2020 was disappointing for lacking vision; but fiscal, taxation measures welcome: EAC-PM member Ashima Goyal
- Budget 2020: FM Nirmala Sitharaman says govt willing to do more beyond Union Budget to boost growth
- Budget 2020: FM says green shoots of recovery visible, points at worse macro-economic fundamentals under UPA
- Budget and the economy: What can we expect after this Budget?
- Budget 2020: FM Sitharaman takes on P Chidambaram over defence budget allocation
- Budget 2020 proposals on DDT, personal tax not to impact MF industry: Franklin Templeton
- Budget 2020: Chidambaram slams Modi govt; says economy close to collapse, unemployment making India poorer
- Budget 2020: How ESOP tax changes will benefit start-up employees
- Economic Survey 2020: Fudging food and fertiliser subsidy
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