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
Category: Income Tax
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
Tax Query: How to file ITR for the deceased – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-how-to-file-itr-for-the-deceased/article37842722.ece I lost my brother to Covid-19 in May 2021. Do we need to file income tax returns on his behalf for the last
Residential Status for Income Tax: You can be deemed resident, taxed in India even if you haven’t spent even one day in the country: Here’s how – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/you-can-be-deemed-resident-taxed-in-india-even-if-you-havent-spent-even-one-day-in-the-country-heres-how/articleshow/87711480.cmsSynopsis The recent changes in the Income-tax Act, 1961 has made an individual’s income taxable in India even he has not spent a single
ITR filing status: What is my ITR filing status if I recently shifted back to India from the US? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/what-is-my-itr-filing-status-if-i-recently-shifted-back-to-india-from-the-us/articleshow/88043918.cmsSynopsis If your days spent in India are more than 182, it makes you a resident in India. Further, determine whether you are resident
High value transactions which can get you an income tax notice – Check full list – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/high-value-transactions-which-can-get-you-an-income-tax-notice-check-full-list/2381159/ High-value transactions must always be reported to the Income Tax Department if the value surpasses a particular threshold limit. Cash deposits and withdrawals
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