Clipped from: https://www.businesstoday.in/personal-finance/ask-money-today/story/ask-money-today-can-i-pay-life-insurance-premium-for-my-wife-daughter-for-tax-deduction-298259-2021-06-01 The interest rate earned in PPF is reasonably higher and this helps get the benefit of compounding effect over the long term Contribution
Category: Income Tax
Received donations from friends and family; will it be taxable? – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/ask-money-today/story/ask-money-today-received-donations-from-friends-and-family-will-it-be-taxable-296876-2021-05-24 Not all gifts received are taxed. Gifts received from specified close relatives are not taxed and are fully tax-free in the hands of
What is presumptive taxation scheme for professionals? Who can opt for it? – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/what-is-presumptive-taxation-scheme-for-professionals-who-can-opt-for-it/2279158/ This scheme is available only to a resident individual or a partnership firm engaged in a specified profession but not to a limited
All you wanted to know about capital gains account scheme – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/all-you-wanted-to-know-about-capital-gains-account-scheme/article34992880.ece The Income Tax (IT) Act provides certain exemptions on capital gains, arising from sale of land, building, or any other long-term capital asset,
Tax Query: How much money can father send to son working abroad? – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-how-much-money-can-father-send-to-son-working-abroad/article34994238.ece I am working with The Ramco Cements Limited. I am also an employee of a firm and I pay/ file my annual tax
Taxpayers can avail exemption on receipt of Covid-related aid citing SC’s ‘limitation’ order – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/taxpayers-can-avail-exemption-on-receipt-of-covid-related-aid-citing-scs-limitation-order/article34992636.ece?homepage=true Those with taxable income below threshold limit should file returns for getting the exemption, advise experts The Supreme Court’s recent order extending the
No income tax on financial aid for treatment; exemption to ex-gratia received by kin of deceased – The Financial Express
Clipped from: https://www.financialexpress.com/economy/covid-relief-no-income-tax-on-financial-aid-for-treatment-exemption-to-ex-gratia-received-by-kin-of-deceased/2278653/ It also extended the due date of various compliances, including the last date of linkage of Aadhaar with PAN from June 30 to
‘Gain from jaggery making not agri income’ – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/agri-business/gain-from-jaggery-making-not-agri-income/article34971983.ece Madras HC says conversion to jagger not essential to make cane marketable Profit from the sale of jaggery is not agricultural income. Hence,
In relief to taxpayers, govt announces extension of compliance deadlines | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/in-relief-to-taxpayers-govt-announces-extension-of-compliance-deadlines-121062501274_1.html PAN-Aadhar linkage deadline is extended by another 3 months till Sept 30; payment without interest under dispute-resolution scheme is extended by 2 months
form 16: Deadline to issue Form 16 extended to July 31, more time to save capital gains tax on property – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/deadline-to-issue-form-16-extended-to-july-31-more-time-to-save-capital-gains-tax-on-property/articleshow/83843128.cmsSynopsis Form 16 contains important information required by a salaried employee for filing ITR. The TDS certificate contains all the information related to salary
COVID-19 relief up to ₹10 lakh for victims’ families tax-free – The Hindu
Clipped from: https://www.thehindu.com/business/Economy/financial-aid-sought-for-treatment-costs-also-exempt-from-income-tax/article34973930.ece Financial aid sought for treatment costs also exempt from income tax. The government on Friday announced Income tax relief for COVID-19 affected taxpayers
करावे कर-समाधान : भांडवली संपत्तीची व्याख्या आणि करआकारणी | लोकसत्ता
Clipped from: https://www.loksatta.com/arthvrutant-news/income-tax-on-capital-asset-capital-assets-definition-zws-70-2505565/ भांडवली नफा हा कोणत्या संपत्तीवर करपात्र आहे हे समजल्यानंतर यावरील करपात्रता त्याच्या धारण काळावर अवलंबून असते. प्रवीण देशपांडे व्यक्तीची करपात्रता ही त्याच्याकडील संपत्तीच्या
India’s new intermediary rules: Reasons why the fear of tax-slapping is unfounded – The Economic Times
Clipped from: https://economictimes.indiatimes.com/opinion/et-commentary/indias-new-intermediary-rules-reasons-why-the-fear-of-tax-slapping-is-unfounded/articleshow/83788477.cmsSynopsis The new rules require that the three officers employed by the significant social media intermediary must be resident in India. Now, the essential
TDS/TCS norms: New tool on I-T portal to help businesses do ‘compliance check’ – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/tdstcs-norms-new-tool-on-i-t-portal-to-help-businesses-do-compliance-check/article34914830.ece List of non-specified persons will get freezed at the beginning of the financial year The Income Tax Department has provided a new functionality
Tax on equity mutual funds sale only on LTCG above Rs 1 lakh – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-tax-on-equity-mutual-funds-sale-only-on-ltcg-above-rs-1-lakh/2276426/ Since you have income under head Salary and Long term Capital Gain (LTCG), you shall be required to file your Income Tax Return
Tax portal glitches: ICAI makes presentations to Finmin officials, Infosys representatives – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/tax-portal-glitches-icai-makes-presentations-to-finmin-officials-infosys-representatives/articleshow/83746489.cms?utm_source=ETTopNews&utm_medium=HP&utm_campaign=TN&utm_content=23Synopsis The meeting was chaired by Finance and Corporate Affairs Minister. Revenue Secretary Tarun Bajaj, CBDT Chairman Jagannath Mohapatra and other finance ministry officials
No tax on cash deposits made by housewives – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/no-tax-on-cash-deposits-made-by-housewives/article34891763.ece Tribunal exempts women who deposited less than ₹2.50 lakh during the notes recall period A housewife now may not face any problem from
Stranded staff in India look to CBDT, SC for tax relief – The Financial Express
Clipped from: https://www.financialexpress.com/money/your-money-stranded-staff-in-india-look-to-cbdt-sc-for-tax-relief/2275747/ As per Income-Tax Act, based on number of days of stay and other conditions, such stranded employees could qualify as ‘non-resident’ or ‘not
Can you prepay your dead brother’s loan from your funds? – The Financial Express
Clipped from: https://www.financialexpress.com/money/your-queries-loans-4/2275748/ In a personal loan, sometimes banks call for the guarantor to pay the loan outstanding if the borrower is deceased. The payment of
itr: Banks to check if you have filed ITR when income crosses TDS limit from July 1, levy 2X TDS if not – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/banks-to-check-if-you-have-filed-itr-when-income-crosses-tds-limit-from-july-1-levy-2x-tds-if-not/articleshow/83739110.cmsSynopsis The objective of this newly inserted provision in the Income-tax Act, 1961 is to ensure that income tax return filing compliance is fulfilled
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