Clipped from: https://www.business-standard.com/podcast/economy-policy/understanding-capital-gains-tax-exemption-under-section-54-122061000066_1.html Taxes are levied on earnings made from sale of residential property as well. It is known as capital gains tax. But did you
Category: Income Tax
*****ITR Deadline Missed: You may have to pay higher TDS if you missed ITR deadline last year; how banks can check if you are a ‘specified person’ – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/pay-higher-tds-if-you-missed-itr-deadline-last-year-how-banks-can-check-if-you-are-a-specified-person/articleshow/92119559.cms Synopsis If you failed to file an ITR for the fiscal year 2020-21 (assessment year 2021-22), increased TDS may be applied to certain
Who is not eligible to file ITR-1 for FY 2021-22? | The Economic Times
https://economictimes.indiatimes.com/wealth/tax/who-is-not-eligible-to-file-itr-1-for-fy-2021-22/i-am-a-joint-owner-of-a-house-with-my-spouse-we-do-not-have-any-additional-property-can-i-file-itr-1/slideshow/92123447.cms Selecting the appropriate tax return form is the first step in completing an income-tax return (ITR). The applicable tax return form is determined…
*****income tax intimation: ITR filing: What is the password to open income tax intimation notice under section 143(1)? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/itr-filing-what-is-the-password-to-open-income-tax-intimation-notice-under-section-1431/articleshow/92001418.cms Synopsis It is vital that a person reads and comprehends this income tax notice. The intimation under Section 143(1) is password-protected. Within 9
*****Now, tax axe falls on dealer incentives – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/todays-paper/now-tax-axe-falls-on-dealer-incentives/article65489136.ece Perks like foreign trips and gifts that dealers enjoy from companies to attract 10% TDS Come July 1, companies providing incentives such as
*****Who should use ITR1 form to file ITR in FY 2021-22? | EconomicTimes
Clipped from: https://economictimes.indiatimes.com/wealth/web-stories/who-should-use-itr1-form-to-file-itr-in-fy-2021-22/slideshow/91910212.cms ITR forms for FY2022 CBDT notified income tax return (ITR) forms for FY 2021-22 on March 30, 2022 and has also enabled the
Taxation of Capital Gain in India – FAQs–TAXGURU
Clipped from: https://taxguru.in/income-tax/taxation-capital-gains-india-frequently-asked-questions-faqs.html?utm_source=feedburner&utm_medium=email Article explains What incomes are charged to tax under the head Capital Gains, meaning of capital asset /long-term capital assets, What is long-term capital
*****Use Section 89 (1) to reduce tax burden arising from arrears: Experts | Business Standard News
Clipped from: https://www.business-standard.com/article/pf/use-section-89-1-to-reduce-tax-burden-arising-from-arrears-experts-122053001560_1.html?utm_source=Spotlight&utm_medium=website&utm_campaign=Premium_11072018 To avail of this relief, you must file Form 10E before submitting income-tax return Many employees faced salary cuts because of the disruption
*****MNCs under I-T lens over Esops to staff in India – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/company/corporate-trends/mncs-under-i-t-lens-over-esops-to-staff-in-india/articleshow/91900333.cms Synopsis The tax department is questioning the Indian arms of multinationals on withholding tax when they make such payments to their parents. In
*****Is CBDT instruction on issue of section 148 notice legally incorrect?–TAXGURU
Clipped from: https://taxguru.in/income-tax/cbdt-instruction-issue-section-148notice-legally-incorrect.html?utm_source=feedburner&utm_medium=email The CBDT has issued Instruction No. 01/2022, dated 11.5.2022, containing guidelines for implementation of the Supreme Court’s Judgement in the case of Union of India
*****FAQs in respect of filling-up of ITR forms for AY 2022-23
Clipped from: https://taxguru.in/income-tax/faqs-respect-filling-up-itr-forms-ay-2021-22.html?utm_source=feedburner&utm_medium=email Q.1 I am a non-resident. The Taxpayer Identification Number (TIN) is not allotted in my jurisdiction of residence. How do I report the
Master Guide on filing of income Tax Return–TAXGURU
Clipped from: https://taxguru.in/income-tax/faqs-on-filing-the-return-of-income.html?utm_source=feedburner&utm_medium=email The taxpayer has to communicate the details of his taxable income/loss to the Income-tax Department. These details are communicated to the Income-tax Department
*Taxpayers get the right to personal hearing via video – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/taxpayer-to-be-permitted-personal-hearing-through-virtual-mode-under-faceless-penalty-scheme/article65469929.ece Earlier, it was discretionary for the Department An assessee will now be permitted for personal hearing through video conferencing, if he demands under
*****What will be the capital gains accrued on insurance foreclosure amount? – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-what-will-be-the-capital-gains-accrued-on-insurance-foreclosure-amount/article65408098.ece The amount received would be exempt from tax if the policy meets certain conditions I had purchased an insurance policy from ICICI, namely
CBDT notified amendment in Faceless penalty scheme, allowing mandatory personal hearing – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/cbdt-notified-amendment-in-faceless-penalty-scheme-allowing-mandatory-personal-hearing/articleshow/91852314.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23 Synopsis The amendment has omitted the Regional Faceless Penalty Centre from the Faceless Penalty Scheme and provides that electronic records shall be authenticated
*****CBIC issues SOPs for recovering tax dues from insolvent companies | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/cbic-issues-sops-for-recovering-tax-dues-from-insolvent-companies-122052701466_1.html The CBIC said it has nominated a nodal officer to ensure filing of claims with the Insolvency and Bankruptcy Board of India (IBBI)
*Which income tax return form is applicable to you for FY 2021-22? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/itr-filing-which-income-tax-return-form-is-applicable-to-you-for-fy-2021-22/articleshow/91464367.cms Synopsis Income tax return (ITR) filing is mandatory if an individual’s gross total income exceeds Rs 2.5 lakh in a financial year. If
*****Non-disclosure of foreign assets comes back to haunt thousands – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/banking/non-disclosure-of-foreign-assets-comes-back-to-haunt-thousands/articleshow/91774346.cms Synopsis Some of the summons relate to remitting money that was transferred from another member of the family who has exhausted individual LRS
*****Expect income tax harassment to increase over the next few months | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/expect-income-tax-harassment-to-increase-over-the-next-few-months-122052301160_1.html Govt’s free food package, brought into effect since Covid outbreak in 2020, and RBI’s lesser-than-expected dividend for FY22 might make the govt push
*****New ITR-U Form: Updated Income Tax Return Filing – 10 Things to Know | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/itr-u-form-updated-income-tax-return-filing-10-things-to-know/2532023/ Updated ITR Filing 2022: The Income Tax Department recently announced a new form for filing of Updated Income Tax Returns. 2. Taxpayers are
aniltikotekar4sme.com 