Clipped from: https://economictimes.indiatimes.com/wealth/tax/how-new-wage-definition-in-labour-codes-could-impact-your-income-tax-outgo/articleshow/92511011.cms Synopsis The new wage definition under the Code on Wages, 2019 will change the way gratuity and provident fund calculations are done on
Category: Income Tax
CBIC to come out with SoP for enforcement actions by GST officers – BusinessToday
lipped from: https://www.businesstoday.in/latest/trends/story/cbic-to-come-out-with-sop-for-enforcement-actions-by-gst-officers-340054-2022-07-01 The department also wants to improve data quality in the returns, besides a more systematised grievance redressal mechanism, particularly for MSME and dispute
Gift cards, reward points not virtual digital assets, says CBDT – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/gift-cards-reward-points-not-virtual-digital-assets-says-cbdt/articleshow/92582726.cms Synopsis This will ensure that these products do not face the tax applicable on VDAs such as cryptocurrencies and non-fungible tokens (NFTs), introduced
3 income tax changes effective from July 1 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/3-income-tax-changes-effective-from-july-1/articleshow/92563497.cms Synopsis The income tax laws that apply to various individuals will see a few new changes in July. Here are three significant changes
New Credit Rules | Pan Aadhaar Linking: TDS on crypto, new credit card rules, higher PAN-Aadhaar linking fine: 5 changes coming into effect from July
Clipped from: https://economictimes.indiatimes.com/wealth/save/tds-on-crypto-new-credit-card-rules-higher-pan-aadhaar-linking-fine-5-changes-coming-into-effect-from-july/articleshow/92535810.cms Synopsis There will be a number of big financial changes in the month of July. Here are five monetary adjustments that will take
TDS on social media influencers under Section 194R: Explained | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/tds-rule-for-social-media-influencers-under-section-194r-2022-explained/2577751/ TDS rule for social media influencers 2022: The new section mandates a person providing any benefit or perquisite to another person for their
Missed declaring rental to employer? Claim HRA exemption while filing ITR | Business Standard News
Clipped from: https://www.business-standard.com/article/pf/missed-declaring-rental-to-employer-claim-hra-exemption-while-filing-itr-122062700885_1.html Keep rent receipts that serve as proof handy should taxmen come calling If you have submitted your rent documents to your employer on
How to file taxes for minors | Deccan Herald
Clipped from: https://www.deccanherald.com/business/family-finance/how-to-file-taxes-for-minors-1113627.html When it comes to filing the tax, a minor can also file, if their earning amount is over Rs 1,500 monthly Representative image.
Clubbing of income under income tax laws | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/clubbing-of-income-under-income-tax-laws/2574063/ The clubbing provision is not applicable in all cases, but it is applicable in certain specified cases. Here is a look at where
Tax on drinks at gala nights! New TDS rules can mess up your tax math – The Economic Times
Clipped from: https://economictimes.indiatimes.com/opinion/et-commentary/tax-on-drinks-at-gala-nights-new-tds-rules-can-mess-up-your-tax-math/articleshow/92443385.cms Synopsis Section 194R – that comes into effect from July 1 – provides that if any ‘person’ (barring those excluded) provides any benefit
Response to Outstanding Tax Demand–courtesy income tax department site
lipped from: https://www.incometaxindia.gov.in/Pages/tax-services/response-to-outstanding-tax-demand.aspx The Taxpayer can submit the response online to the outstanding demand by either choosing to ‘Agree’ or ‘Disagree’ with the demand. Perform the
*****Loyalty points, wallet money or online credit not to attract TDS provided not earned through business or profession – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/policy/loyalty-points-wallet-money-or-online-credit-not-to-attract-tds-provided-not-earned-through-business-or-profession/article65539760.ece The new section mandates a person providing any benefit to a resident to deduct a tax at source of @10 per cent of
*****How to reduce capital gains from sale of residential plot – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-how-to-reduce-capital-gains-from-sale-of-residential-plot/article65537354.ece Exemption under Section 54F can be claimed if the seller satisfies the conditions I have a detailed query on capital gains tax pertaining
*****CBDT issues guidelines on TDS applicability on non-salary perquisites | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/cbdt-issues-guidelines-on-tds-applicability-on-non-salary-perquisites/2563493/ According to the guidelines, it is not necessary for the payer/deductor to check the taxability of the sum in the hands of the
*****CBDT tightens curbs on high-pitched tax assessments | The Financial Express
lipped from: https://www.financialexpress.com/money/income-tax/cbdt-tightens-curbs-on-high-pitched-tax-assessments/2563503/ “This instruction also provides for initiation of suitable administrative action against the officer concerned, in cases where assessments are found by the local
*Income Tax: Delisted company’s shares cannot be cited as losses | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-delisted-companys-shares-cannot-be-cited-as-losses/2557720/ Loss can be claimed only when the company goes into liquidation or the shares are actually transferred by you to another person for
*****Calculating capital gains from equity MFs – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-calculating-capital-gains-from-equity-mfs/article65508509.ece LTCG over and above ₹1 lakh a year is taxable at a rate of 10 per cent I had been investing in an
*****Know these special tax provisions on NRI investment income – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/know-these-special-tax-provisions-on-nri-investment-income/article65507982.ece These are applicable on specified investments in India done by non-residents in foreign currency In order to make tax compliance easier for non
*****Understanding capital gains tax exemption under Section 54 | Business Standard News
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
*****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
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