Clipped from: https://economictimes.indiatimes.com/wealth/tax/when-are-gifts-received-by-nris-subject-to-tax-tds-in-india/articleshow/88275679.cmsSynopsis What would be the taxability of the gifts received in India by a Non-Resident Indian (NRI) for income tax purposes? Read on to
Category: Income Tax
ITR filing deadline: Why ITR filing deadline for FY 2020-21 may be extended beyond December 31, 2021 for individuals – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/why-itr-filing-deadline-for-fy-2020-21-may-be-extended-beyond-december-31-2021-for-individuals/articleshow/88336884.cmsSynopsis Compared to last year, i.e., FY2019-20, fewer number of taxpayers have filed their ITR this year in FY2020-21. It is yet to be
Income Tax Return filing: Under what circumstances is an NRI exempt from filing ITR? – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/income-tax-return-filing-under-what-circumstances-is-an-nri-exempt-from-filing-itr/2387364/ These non-resident assessees are not required to file the return of income in respect of their income taxable in India provided the payer
ITR filing: How to update your profile details on the new income tax portal? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/itr-filing-how-to-update-your-profile-details-on-the-new-income-tax-portal/articleshow/88254018.cmsSynopsis According to the government’s new income tax website, all registered users of the e-filing site can access their account after logging in to
You can avail tax deduction for interest paid on education loan – The Financial Express
Clipped from: https://www.financialexpress.com/money/your-queries-loans-you-can-avail-tax-deduction-for-interest-paid-on-education-loan/2383151/ There are pros and cons of both options. In favour of the loan are the facts that interest rates are low currently and
Tax Query: What are ITR filing eligibility conditions? – The Hindu BusinessLine
lipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-what-are-itr-filing-eligibility-conditions/article37935177.ece I am a retired banker earning pension of ₹30,000. My father-in-law helped me a lot in both kind and cash in our earlier
How Budget 2021 has reduced taxpayers’ rights – The Financial Express
Clipped from: https://www.financialexpress.com/opinion/how-budget-2021-has-reduced-taxpayers-rights/2215634/ The decision to abruptly replace two quasi-judicial authorities (the Income-Tax Settlement Commission and the Authority for Advance Rulings) with administrative Boards negatively impacts
Taxman rejects exemption on interest income of several housing societies – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/finance/taxman-rejects-exemption-on-interest-income-of-several-housing-societies/articleshow/88217111.cmsSynopsis Housing societies have been claiming exemptions on income earned from other co-operatives, which in most cases is interest income on savings held in
Which gifts are taxable for the recipient and which ones can increase tax liability of giver – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/which-gifts-are-taxable-for-the-recipient-and-which-ones-can-increase-tax-liability-of-giver/articleshow/88199351.cmsSynopsis It is also essential for individuals to evaluate their transactions to check if they fall under any of the taxable scenarios covered. If
Section 80C limit of Rs 1.5 lakh exhausted? Here is how you can still save more tax for FY 2021-22 – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/section-80c-limit-of-rs-1-5-lakh-exhausted-here-is-how-you-can-still-save-more-tax-for-fy-2021-22/2385478/ Here are a few tax saving options other than Section 80C that can help you to bring down the tax liability for FY
New Annual Information Statement (AIS) for ITR filing: Does it make life simple or complex for taxpayers? | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/new-annual-information-system-ais-for-itr-filing-does-it-make-life-simple-or-complex-for-taxpayers/2385157/ The new AIS includes taxpayer’s information on interest income from savings account, recurring and fixed deposits, income from dividend, securities transactions including mutual
Mere disclosure of bogus transaction not sufficient, reopening of assessment sustainable–TAXGURU.IN
Clipped from: https://taxguru.in/income-tax/mere-disclosure-bogus-transaction-sufficient-reopening-assessment-sustainable.html?utm_source=feedburner&utm_medium=email Nisha Diamonds Private Limited Vs ITO (Gujarat High Court) Facts- Assessee filed the ROI for AY 2012-13 on 24.08.2012 declaring total income at INR
Explained: The new Annual Information System (AIS)–TAXGURU.IN
Clipped from: https://taxguru.in/income-tax/explained-annual-information-system-ais.html?utm_source=feedburner&utm_medium=email The Income Tax Department had rolled out a new Annual Information System (AIS), a comprehensive statement containing details of all the financial transactions
How to claim credit of TDS deducted by employer but not paid to govt? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/how-to-claim-credit-of-tds-deducted-by-employer-but-not-paid-to-govt/articleshow/88178448.cmsSynopsis If any tax has been deducted at source and deposited with the central government, it shall be treated as a payment of tax
Changes in Income Tax return filing that you must know before setting out | Business Standard News
lipped from: https://www.business-standard.com/article/pf/changes-in-income-tax-return-filing-that-you-must-know-before-writing-forms-121120800514_1.html There are some changes in the e-filing site, ITR Forms for AY 2021-22, as well as in the process of filing returns. The
No proposal to change LTCG norms: Finmin – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/policy/no-proposal-to-change-ltcg-norms-finmin/article37883254.ece Long term capital gains (LTCG) tax on equities and mutual funds will continue as the government informed the Rajya Sabha that there is
Income Tax Return: Government Issues Big Clarification On ITR Process—MSN.Com
Clipped from: https://www.msn.com/en-in/money/news/income-tax-return-government-issues-big-clarification-on-itr-process/ar-AARxOOz?cvid=0933ba30edc44d22987327d9f9eead07&ocid=winp1taskbar New Delhi: Taxpayers, who have filed documents through e-filing account and followed faceless assessment proceedings, do not require e-verification and digital signature, the central
ITR Filing: Taxpayers now need to give a quarter-wise breakup of dividend income – Here’s why – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/itr-filing-taxpayers-now-need-to-give-a-quarter-wise-breakup-of-dividend-income-heres-why/2383494/ With effect from FY21, the government has made dividend distributed by an organisation taxable in the hands of investors. It should be noted
Tax Talk- Annual Information Statement: Know what it reveals – The Financial Express
Clipped from: https://www.financialexpress.com/money/tax-talk-annual-information-statement-know-what-it-reveals/2381659/ Form 26AS on TRACES portal will remain in place until the new AIS is validated and becomes entirely operational The value derived after
Use GST data to raise direct tax revenue – The Economic Times
Clipped from: https://economictimes.indiatimes.com/opinion/et-editorial/use-gst-data-to-raise-direct-tax-revenue/articleshow/88110185.cmsSynopsis Transparency as to employee compensation leads to better taxation of employee incomes. The more complete the GST chain, the better eventual realisations of
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