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
Category: Income Tax
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
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
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