Category: Income Tax

Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/it-dept-detects-rs-300-crore-black-money-after-raiding-2-chennai-financing-groups/articleshow/86503012.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis “The searches, so far, have resulted in the detection of undisclosed income of more than Rs 300 crore and unaccounted cash of Rs

Clipped from: https://www.thehindubusinessline.com/multimedia/audio/filing-tax-returns-understanding-the-conditions-apply-clauses/article36664134.ece?homepage=true The deadline for filing your tax returns has been extended to December 31, 2021. But did you know that you are likely to

Clipped from: https://www.financialexpress.com/money/income-tax/do-you-need-to-pay-advance-tax-on-capital-gains-from-shares-dividends/2337056/ Advance Tax Payment Rules: While we file Income Tax Return (ITR) for the previous financial year to settle tax liability or claim a

Clipped from: https://www.thehindubusinessline.com/news/minimising-tax-liabilities-by-lawful-means-not-illegal-says-itat/article36638261.ece Mumbai Bench rules tax planning, without using colourable devices, is not wrong The Income Tax Appellate Tribunal (ITAT) has held that minimising tax

Clipped from: https://www.business-standard.com/article/pf/infosys-i-t-dept-working-to-fix-e-filing-glitches-30-mn-transactions-done-121092300725_1.html Further, more than 1.5 million unique taxpayers have logged into the portal on average every day in September and over 15 million returns

Clipped from: https://taxguru.in/income-tax/challenge-tax-bar-association-income-tax-portal-system.html Dr. Ashok Saraf, Senior Advocate Tax Bar Association Vs Union of India (Gauhati High Court) The writ petition filed by the tax Bar

Clipped from: https://www.thehindubusinessline.com/economy/retail-depositors-earning-negative-returns-relook-taxation-on-interest-sbi-economists/article36590209.ece?homepage=true The note suggests revisiting taxation of bank deposit interest, or at least increasing the threshold of exemption for senior citizens, Retail depositors are

Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-capital-gains-on-sale-of-flat-to-be-shown-in-itr-in-year-of-sale/2334872/ To avail the exemption under Section 54, capital gains on sale of property have to be re-invested in new residential property within 2

Clipped from: https://www.financialexpress.com/money/income-tax/can-you-claim-income-tax-benefit-on-hra-if-living-with-parents-during-work-from-home/2334671/ Income Tax benefits on HRA during work from home: Tax exemption on House Rent Allowance (HRA) is an important benefit available to salaried

Clipped from: https://www.business-standard.com/article/economy-policy/cbdt-chairman-questions-delay-in-time-barred-assessment-proceedings-121092000040_1.htmlIllustration: Ajay Mohanty The income tax (I-T) department has to dispose of over 35,000 cases, pending after search operations, by the end of this

Clipped from: https://economictimes.indiatimes.com/wealth/tax/how-to-reduce-penal-interest-payable-on-tax-if-itr-filing-delayed-due-to-glitches-in-site/articleshow/86312350.cmsSynopsis Penal interest is levied at 1 per cent per month or part thereof starting from August 1, 2021. If the self-assessment tax is

Clipped from: https://www.thehindubusinessline.com/opinion/columns/the-cheat-sheet/taxing-interest-on-pf-contributions-soaking-the-salaried-middle-class/article33803410.ece Is the government playing ‘Robin hood’ by taxing interest earned on employees’ contribution to provident fund? What is the loophole that is being

Clipped from: https://economictimes.indiatimes.com/wealth/tax/how-to-register-yourself-on-the-new-income-tax-portal-for-filing-itr/articleshow/86091656.cmsSynopsis ​Here is a look at the details you will have to provide and a step-by-step guide on how to do register and open

Clipped from: https://www.financialexpress.com/money/income-tax/tax-talk-how-to-calculate-tax-on-your-property/2330210/ While the appreciation in value of property is taxed at the time of sale as capital gains, concurring rental benefits are taxed on

Clipped from: https://economictimes.indiatimes.com/wealth/tax/how-to-adjust-capital-gains-against-capital-losses-in-itr/articleshow/86113927.cmsSynopsis An individual taxpayer can bring down his/her tax liability by setting off capital gains from one asset with capital losses in another asset.

Clipped from: https://www.loksatta.com/arthvrutant-news/statement-as-per-income-tax-rules-taxpayer-income-shares-of-the-company-akp-94-2593914/ प्राप्तिकर नियमानुसार विवरणपत्र भरण्यासाठी एकूण ७ फॉर्म्स आहेत. || प्रवीण देशपांडेमागील लेखात आपण विवरणपत्र भरणे कोणाला बंधनकारक आहे ते बघितले. या लेखात आपण

Clipped from: https://www.thehindubusinessline.com/news/extension-of-due-date-brings-no-relief-to-assessees/article36420636.ece?homepage=true Delay in payments to attract interest up to2 per cent; experts call for change in norms Extension of the due date for filing

Clipped from: https://www.business-standard.com/article/pf/things-to-keep-in-mind-while-filing-your-income-tax-return-this-year-121091000765_1.html Ensure you file your returns ahead of time, in case you need to make changes The taxpayer needs to report all his bank