Income Tax

ITR Filing Last Date: Hurry up! Don’t miss the last chance to file your tax return for AY 2020-21 today

ITR Filing Last Date for AY 2020-21: If you fail to file your belated or revised ITR by March 31, then you may not be able to do it again.

Last Date to File Income Tax Returns, ITR Filing Last Date

TDS Calculation: Rs 1 lakh Tax Deducted At Source on Rs 20 lakh cash payment to non-filers – New rule explained

TDS Payment Rules 2021 (Section '206AB (I) Explained): The Finance Act 2021 recently cleared by the Parliament has introduced a "Special provision for deduction of tax at source for non-filers of inco

New TDS rule 2021 for non filers explained.

Your Queries (Income Tax): Tax audit of income from derivatives trading if turnover above Rs 1 crore

If income from futures & options trading is classified as business income and transacted on a recognised stock exchange, it is taxable as non-speculative business income and is subject to tax audit on

ITR

Income Tax Alert! Employees Provident Fund, LTC to ITR Filing rules – 10 big changes to know before April 1

Income Tax Changes: March 31 is an important date for income taxpayers in India as a number of changes are going to kick in from April 1.

rupee

Infrastructure Bond: Confusion over Tax-Saving Vs Tax-Free Bonds makes taxpayers pay more tax than benefit availed

Under the non-cumulative option, interest payout is regular and only the capital invested is returned on maturity, while under the cumulative option, enhanced maturity value is paid.

income tax, tax-saving bonds, tax-free bonds, Long-Term Infrastructure Bond, additional tax benefit, 80CCF, 80C benefits, TDS, cumulative option, non-cumulative option, tax on maturity, taxable interest

10 most common mistakes taxpayers can avoid while saving tax

Common Income Tax Mistakes: Completing one's tax planning exercise at the fag end of the financial year comes with its own share of risks.

tax mistakes to avoid and how to fix them, common income tax mistakes, Section 80 tax saving investment options, other than Section 80 tax saving, common tax saving mistakes, new tax regime,

Hurry Up! 5 key tasks that need to be completed by March 31 – Have you missed any?

If you have changed jobs during the FY 2020-21, you should ensure that you have submitted Form 12B to your new employer.

PPF, NPS, FY 2020-21, Form 12B, Form 15G, Investment proofs

5 smart ways to save tax without making any investment

There are some options that can help us reduce our tax outgo without making any investment.

Not filed ITR yet? Here are the consequences that you may face on missing March 31 deadline

The Income tax authority has the power to carry out best judgement assessment u/s 144 of the IT Act, where the taxpayer has failed to furnish his return of income.

income tax, income tax return, ITR, ITR filing, deadline of filing ITR, consequences of not filing ITR, due date of ITR filing, Assessment Year 2020-21

PF Tax Rule Amended! Limit raised to Rs 5 lakh for these employees

As per Budget 2021, it was proposed to tax the interest income accrued on account of the employee’s contribution in excess of Rs 2.5 lakhs in any previous year.

Tax on PF rule, amendment, PF contribution, government employees, private sector employees

With more information than salary, interest income, tax paid, how Form 26AS will affect ITR filing?

The taxpayers were able to take the advantage so far, because the Income Tax Department used to get information related to just income from salary, interest on Bank FD and taxes paid.

income tax

7 tax tasks to complete before 31 March 2021

There are certain tax tasks which we need to complete by the 31st March 2021. Here we are taking a look at some of them.

New EPF Rules: How EPF contributions will be taxed now – Here is all you need to know

In the Budget 2021, the Finance Minister has proposed to tax the interest accruing on the employee contribution to the provident fund account in excess of Rs 250,000.

EPF

How much money can you deposit in a savings account in a year to stay outside the taxman’s radar?

How much money can you put into a savings account and also withdraw from it in a financial year to stay outside the taxman's radar?

Income Tax Deductions for FY 2020-21: Tax-saving in PPF, ELSS, home loan EMI, NPS and more

There are certain specified investments and expenses under Section 80C of the Income Tax Act that helps taxpayer to lower tax liability.

Other than section 80C deductions, Tax benefit, home loan EMI, PPF, comparison of tax payable, old and new tax regime, section 80c tax benefit on home loan principal amount

Not only NPS, here’s why you can’t wait till March 31 to invest in ELSS too

Investors willing to invest in NPS can’t wait till March 31 to make their contributions as it takes some time for the money to get actually credited to the account of NPS fund manager.

income tax, income tax benefits, National Pension System, NPS, Equity Linked Savings Scheme, ELSS, 80C benefits, contribution deadline, NAV applicability, mutual fund, MF

Income Tax for non-residents: Stranded in India & facing double taxation? New CBDT circular explained for you

Income Tax for non-residents: Due to the coronavirus outbreak and subsequent lockdown last year (2020), many non-residents were stuck in India due to the stringent travel restrictions

income tax

How much gold can you keep at home without earning taxmen’s ire?

While higher liquidity and sentimental attachment towards gold make it part of almost everyone’s portfolio, the question is: How much gold a person can legally hold in India?

Your Queries – Income Tax: Assessee can claim deduction of up to Rs 50 lakh under Section 54EC

Long term capital loss can be set off only against long term capital gain

As per the provisions of the Income Tax Act, long term capital loss can only be set off against long term capital gain.

Last-minute tax savings: Five mistakes to avoid

Tax-saving should be a year-long process to avoid making certain mistakes that could prove to be counter-productive to your long-term financial goals

Do you need to invest only the gain amount or entire sale value of house property to save tax?

If a house property is sold within 24 months from the date of purchase, the gain amount, if any, is considered as Short-Term Capital Gain (STCG) and added to total income of the seller.

income tax, capital gain tax, long-term capital gain, short-term capital gain, taxation on sale of house property, capital gain bonds, capital gain accounts, indexation benefit

Advance Income Tax Last Date Today: Pay final instalment of your advance tax today or face penalty

Advance Tax Payment Deadline, Last Date to File Advance Income Tax Today: You need to pay the final instalment of this financial year's advance tax latest by March 15, 2021, or be prepared to face pen

Investment Deadline for FY20-21 gets closer – Here is how insurance products can help you

As the investment deadline for FY2020-21 is getting closer, it is time to make your final investments. Going for various insurance products is also a wise decision.

PPF Vs NPS Vs ELSS Vs Others: Last minute tax saving investment options available under Section 80C

Before you invest your hard-earned money in any of the available investment options, you must take time out to compare and choose the right one based on your risk appetite and return expectations, amo

Relief to NRIs facing double taxation: Information to be submitted by this date

Due to the declaration of the lockdown and suspension of international flights owing to the outbreak of COVID-19, many NRIs had to prolong their stay in India.

NRI, covid-19, international flights, double taxation, CBDT circular, International Taxation

I-T refunds over Rs 1.98 lakh cr issued in 11 months

"CBDT (Central Board of Direct Taxes) issues refunds of over Rs 1,98,106 crore to more than 1.95 crore taxpayers between April 1, 2020, to February 28, 2021," the I-T department tweeted.

income tax,

Mutual Fund Investment: How will a US citizen PIO residing in India be taxed?

Unlike India, where the tax on gains is payable only on redemption or transfer, in the US the taxpayer has an alternative option of paying the taxes.

income tax, tax on capital gains, tax on earnings from mutual fund, tax rules in India, tax rules in the US, Person of Indian Origin, PIO, US citizen, Indian resident
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Income Tax Calculator, Budget 2019, How to Calculate Income Tax

 

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