Clipped from: https://www.deccanherald.com/business/family-finance/know-your-tax-on-dividends-and-sale-of-shares-1032207.html It is important to note that the benefit of indexation is not available for LTCG on the sale of listed shares Representative image.
Category: Income Tax
Inadequate disclosures in income tax returns can have dire consequences | Business Standard News
Clipped from: https://www.business-standard.com/article/pf/inadequate-disclosures-in-income-tax-returns-can-have-dire-consequences-121121400794_1.html In the worst case, the taxpayer could end up paying a heavy penalty and even suffer a jail term The deadline for filing
Mind the disclosures while filing ITR – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/mind-the-disclosures-while-filing-itr/article37986132.ece These may not impact ultimate tax liability but are critical from a reporting standpoint As most individual taxpayers approach the income tax return
Tax query: Am I eligible for grandfathering of tax on ESOPs? – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-am-i-eligible-for-grandfathering-of-tax-on-esop/article37986168.ece I exercised my option of 4500 equity shares of my employer bank, offered to me under ESOP Scheme, on January 25, 2018 and
Income Tax- No tax relief on LTCG/STCG against property purchase – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-no-tax-relief-on-ltcg-stcg-against-property-purchase/2380285/ Hence, long-term capital gains are taxable at 20% (plus applicable surcharge and cess) or 10% for gains in excess of Rs 1 lakh
ITR 2 filing: How to file ITR-2 with salary income, capital gains and other incomes for FY 2020-21 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/how-to-file-itr-2-with-salary-income-capital-gains-and-other-incomes-for-fy-2020-21/articleshow/86861155.cmsSynopsis Form ITR-2 can be used by the individuals having capital gains, more than one house property, foreign assets etc. in FY 2020-21. Here’s
How to Download AIS: What is Annual Information Statement and how to download AIS from new income tax portal – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/what-is-ais-and-how-to-download-it-from-new-income-tax-portal/articleshow/87732363.cmsSynopsis It’s important to check the information contained in the information statement to ensure that the income tax department has the correct information about
When are gifts received by NRIs subject to tax, TDS in India? – The Economic Times
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
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
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