Clipped from: https://economictimes.indiatimes.com/wealth/tax/when-can-i-claim-deduction-on-short-term-capital-gains/articleshow/81927861.cmsSynopsis As per the Income Tax Act, deductions allowed against the sale of shares resulting in short term capital gains, are the cost of
Category: Income Tax
Can’t use ITR-1 if TDS paid on high cash withdrawal, say experts | Business Standard News
Clipped from: https://www.business-standard.com/article/pf/can-t-use-itr-1-if-tds-paid-on-high-cash-withdrawal-say-experts-121040600045_1.html Taxpayers now need to provide quarterly break-up of dividend income earned From AY 2021-22, the taxpayer has to choose between the new and
Income Escaping Assessment – A Revamped Law On Reassessment Proceedings – Tax – India
Clipped from: https://www.mondaq.com/india/income-tax/1035508/income-escaping-assessment-a-revamped-law-on-reassessment-proceedings As the dust settles and the excitement subsides over Budget 2021 announcements, it is now an opportune time to examine the fine print
capital gains tax: Can capital gains from sale of unlisted stocks be adjusted against loss from house property? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/can-capital-gains-from-sale-of-unlisted-stocks-be-adjusted-against-loss-from-house-property/articleshow/81926836.cmsSynopsis As per the Income-tax Act, 1961, provisions, the brought forward a loss from house property can be set off only against income from
Taxman’s Data War- Business News–business today
Clipped from: https://www.businesstoday.in/magazine/cover-story/taxman-data-war/story/435374.html Last year, a businessman from Rajkot, Gujarat, declared an income of less than Rs 5 lakh in his tax return. However, information collated
‘Cairn dispute can’t be settled via Vivad se Viswas scheme’ – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/companies/cairn-dispute-cant-be-settled-via-vivad-se-viswas-scheme/article34256412.ece Says scheme receives over 1.48 lakh declarations and over ₹54,000 crore The tax dispute with Cairn Energy Plc cannot be brought under the
Big players stayed away from Vivad se Vishwas: CBDT chairman P C Mody | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/big-players-stayed-away-from-vivad-se-vishwas-cbdt-chairman-p-c-mody-121040700072_1.html The scheme announced in the Budget last year allowed for the settlement of tax disputes due up to January 31, 2020. PC Mody,
Mumbai HC says ByteDance must deposit $11 million in tax evasion case
Clipped from: https://www.businesstoday.in/current/economy-politics/mumbai-hc-says-bytedance-must-deposit-11-million-in-tax-evasion-case/story/435892.html An Indian tax intelligence agency in mid-March ordered HSBC and Citibank in Mumbai to freeze accounts of ByteDance India as it probed some
How Much GOLD I Can Hold- Limit under Income Tax?–tax guru
Clipped from: https://taxguru.in/income-tax/gold-hold-limit-income-tax.html How Much GOLD I Can Hold? (Implication under Income Tax Act on holding of Jewellery more than the limit prescribed by the CBDT)
Analysis of Amendments To The Finance Act 2021–tax guru
Clipped from: https://taxguru.in/income-tax/analysis-amendments-finance-act-2021.html INCOME TAX ♦ Income Tax Rates There is no change in the Rates of Income Tax for the AY 2022-23. . ♦ TDS
NRIs try to sidestep ‘deemed residency’ tax – The Economic Times
Clipped from: https://economictimes.indiatimes.com/nri/invest/nris-try-to-sidestep-deemed-residency-tax/articleshow/81922380.cmsSynopsis These individuals are booking a slice of their income in jurisdictions like Singapore and Hong Kong to pay a small tax there in
income tax returns | capital gains: Checking tax evasion: From this financial year, taxman will have direct access to capital gains data – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/finance/taxman-to-access-capital-gains-data-directly-from-fy22/articleshow/81904476.cmsSynopsis A notification issued by the I-T department on March 12 has included stock exchanges, depositories, clearing corporations and registrars to an issue and
Income tax department introduces JSON utility for AY 2021-22 ITRs, discontinues Excel/Java – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/income-tax-department-introduces-json-utility-for-ay-2021-22-itrs-discontinues-excel-java/2227254/ In place of the Excel and Java version of ITR utilities, the CBDT has introduced JSON utility and released a step-by-step guide for
I-T Dept launches offline utility for ITR 1, 4- Business News–BUSINESS TODAY
Clipped from: https://www.businesstoday.in/current/economy-politics/income-tax-department-launches-offline-utility-for-itr-1-4/story/435789.html Taxpayers can import and pre-fill the data from e-filing portal and can also fill the remaining data. Since the facility to upload income
In relief to micro-enterprises, ICAI softens accounting standards blow – The Hindu BusinessLine
lipped from: https://www.thehindubusinessline.com/economy/in-relief-to-micro-enterprises-icai-softens-accounting-standards-blow/article34239244.ece?homepage=true A special category has been created The Institute of Chartered Accountants of India (ICAI) has exempted micro-enterprises from the adoption of certain accounting
Your health insurance premium can help you save big on tax; here’s a complete guide to Section 80D income tax deductions – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/insure/health-insurance/your-health-insurance-premium-can-help-you-save-big-on-tax-heres-a-complete-guide-to-section-80d-income-tax-deductions/articleshow/81633530.cmsSynopsis Bajaj Allianz is determined to make sure that you get your money’s worth at every stage. This convenience gets a further boost with
ITR filing: 2-5% TDS on small savings if ITR not filed – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/2-5-tds-on-small-savings-if-itr-not-filed/articleshow/81884632.cmsSynopsis Tax experts say this will ensure that tax-free options such as the PPF and other Post Office schemes are not misused by non-filers.
income tax returns | capital gains: Checking tax evasion: Taxman to access capital gains data directly from FY22 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/personal-finance-news/taxman-to-access-capital-gains-data-directly-from-fy22/articleshow/81907295.cmsSynopsis A notification issued by the I-T department on March 12 has included stock exchanges, depositories, clearing corporations and registrars to an issue and
Avoid tax credit mismatch in income-tax return request: Experts | Business Standard News
lipped from: https://www.business-standard.com/article/pf/avoid-tax-credit-mismatch-in-income-tax-return-request-experts-121030300038_1.html In case of an error, file a revised TDS return under Section 154(1) Tax credit is the tax deposited in the government’s treasury
Budget proposals will ease taxpayers’ burden from April 1, say experts | Business Standard News
Clipped from: https://www.business-standard.com/article/pf/budget-proposals-will-ease-taxpayers-burden-from-april-1-say-experts-121031800045_1.html But changes like taxation of EPF contributions above Rs 2.5 lakh will pinch the wallet Archit Gupta, chief executive officer (CEO) of Cleartax,
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