Category: Income Tax

Clipped from: https://www.thehindubusinessline.com/opinion/scope-to-streamline-personal-income-tax-in-budget/article66441108.ece An exemption-free option with lower tax rates could aid the eventual removal of exemptions Individuals in the lower income groups need some tax

Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-applicability-of-section-44ad-for-freelance-work/article66434903.ece If opted for, presumptive taxation scheme will have to be followed for five years Those rendering professional consultancy services as listed in the

lipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/ask-us/article66422915.ece Q. I am a senior citizen drawing pension. For the past 15 years, I have been investing in tax-saving instruments, mostly in ELSS

Read More: https://www.taxscan.in/taxpayers-beware-these-high-value-transactions-can-attract-show-cause-notice-from-income-tax-dept/247644/ Clipped from: https://www.taxscan.in/taxpayers-beware-these-high-value-transactions-can-attract-show-cause-notice-from-income-tax-dept/247644/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Taxpayers%20Beware!%20These%20High%20Value%20Transactions%20can%20attract%20Show%20Cause%20Notice%20from%20Income%20Tax%20Dept Being frequently involved with high value transactions can put you under the radar of the Income Tax Department and unsurprisingly, you

lipped from: https://www.businesstoday.in/personal-finance/tax/story/claiming-hra-deduction-dont-make-these-common-mistakes-to-ensure-your-claim-is-not-rejected-367135-2023-01-23 To help you get the maximum tax advantage, Neeraj Agarwala, Partner, Nangia Andersen India, walks us through some of the common mistakes people

Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-tax-implications-on-gift-towards-investment/article66368091.ece Gifts given by your son to his wife and daughter are not taxable in their hands under Section 56 of the Income Tax

Clipped from: https://economictimes.indiatimes.com/markets/expert-view/etmarkets-smart-talk-we-expect-some-rationalization-in-capital-gains-tax-structure-in-budget-2023-reshma-banda/articleshow/97077969.cms Synopsis The Indian economy is relatively better placed than its peers and other advanced economies. In the near-term, returns would be moderate in

Clipped from: https://www.taxscan.in/s-50c-not-applicable-to-buyer-of-property-itat-directs-re-do-addition-u-s-562vii-read-order/247560/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=S.%2050C%20Not%20Applica Pune Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to re-do the addition under section 56(2)(vii) of Income Tax Act, 1961 as Section

Clipped from: https://www.business-standard.com/article/pf/deadline-for-sec-54-54gb-investments-extended-but-there-s-a-catch-123011701120_1.html Taxpayers may not be able to avail of it unless last date for filing revised ITR is extended Individuals who have earned long-term

Clipped from: https://www.thehindubusinessline.com/economy/banks-to-report-every-penny-earned-as-interest/article66365465.ece The move will help in widening the tax base and plug the leakages, said experts The limit earlier was set at ₹5,000 per

Clipped from: https://taxguru.in/income-tax/presumptive-taxation-scheme-income-tax-act-1961.html Details of Presumptive Taxation Scheme For small taxpayers the Income Tax Act has framed three presumptive taxation schemes as given below: Provisions of

Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-set-off-long-term-loss-only-against-ltcg/2940173/ Equity shares are classified as long term if they are held for a period more than 12 months. While no documentary evidence is