Category: Income Tax

Clipped from: https://economictimes.indiatimes.com/wealth/tax/what-is-the-difference-between-annual-information-statement-ais-and-form-26as/articleshow/93051601.cms Synopsis Prior to the introduction of AIS, the taxpayer’s Form 26AS contained the majority of the information (also known as the tax passbook).

lipped from: https://www.business-standard.com/article/current-affairs/itr-2021-22-everything-you-need-to-know-about-updated-income-tax-return-122072200216_1.html In the Finance Bill, 2022, the government introduced the concept of ‘updated ITR’. It allows the assessee to file the ITR within 24

Clipped from: https://www.financialexpress.com/money/income-tax/income-tax-tips-for-nris-buying-property-in-india/2602113/ NRIs need to make all payments in rupees and through banking channels via an NRI account NRIs can transfer any immovable property to

Clipped from: https://economictimes.indiatimes.com/wealth/tax/itr-filing-how-to-claim-set-off-of-capital-loss-against-capital-gains-in-your-income-tax-return/articleshow/92868368.cms Synopsis A loss ocurrs when an individual sells his/her asset below the asset price. These losses can help an individual in reducing net

Clipped from: https://www.business-standard.com/article/pf/legal-heir-bound-by-law-to-file-deceased-s-tax-return-for-year-of-death-122071900994_1.html Failure to do so can result in penalties for the legal heir Photo: Shutterstock A person with a total income exceeding the basic

Clipped from: https://www.business-standard.com/article/pf/itr-2021-22-using-the-demat-account-to-verify-your-income-tax-return-122072000224_1.html Once the ITR 2021-22 is filed, the taxpayer needs to verify their return within 120 days, or it is deemed invalid The income tax department

Clipped from: https://www.financialexpress.com/money/income-tax/tax-talk-know-when-income-tax-return-form-itr-1-is-not-for-you/2599307/ If an assessee uses the wrong ITR form, the return file will be considered a defective return and may trigger an I-T notice.

Clipped from: https://economictimes.indiatimes.com/wealth/tax/you-may-end-up-getting-income-tax-notice-if-this-document-is-filled-with-error/articleshow/92702351.cms Synopsis In November 2021, the income tax department has launched the AIS. It may happen that you have forgotten to check it before

Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/simply-put-annual-information-statement-ais/article65639111.ece Ravi and Teja meet at their snooker club and during the game an interesting conversation related to income tax filing follows. Ravi: I think

Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-how-land-owner-calculates-gain-in-case-of-joint-development/article65640739.ece Section 45(5A) provides for determination of capital gains where land and building are sold together under a specified agreement Joint development of vacant

Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/de-tax-things-to-note-for-ensuring-a-defect-free-itr/article65640446.ece Taxpayers should be aware of key disclosure norms to shield themselves from consequences of any default As most individual taxpayers approach the income-tax

Clipped from: https://www.business-standard.com/article/pf/it-s-prudent-to-file-nil-itr-even-if-your-income-is-below-rs-2-5-lakh-122071401035_1.html Filing income tax return will prove handy while applying for a loan, insurance cover, or a visa If an ordinarily resident taxpayer has