Clipped from: https://economictimes.indiatimes.com/wealth/tax/these-tax-payers-cant-use-new-rule-to-update-income-tax-returns-says-budget-2022/articleshow/89271063.cmsSynopsis As per the budget memorandum, individual taxpayers will not be able to use this facility if the updated return leads to lesser total
Category: Income Tax
Section 80dd Tax Relief: Budget 2022 introduces new tax relief for parents of disabled under Sec 80DD – The Economic Times
lipped from: https://economictimes.indiatimes.com/wealth/tax/budget-2022-introduces-new-tax-relief-for-parents-of-disabled-under-sec-80dd/articleshow/89272780.cmsSynopsis Earlier the Section 80DD allowed deduction on the premium amount to the proposer of the policy if it was a term plan where
Long term capital gain surcharge capped at 15% for all assets, how will it impact you – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/long-term-capital-gain-surcharge-capped-at-15-for-all-assets-how-will-it-impact-you/articleshow/89273498.cmsSynopsis “The long-term capital gains on listed equity shares, units etc. are liable to maximum surcharge of 15 per cent, while the other long
Budget 2022 proposes to notify income tax reliefs for Covid – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/budget-2022-proposes-to-notify-income-tax-reliefs-for-covid/articleshow/89273254.cmsSynopsis Budget 2022 has clarified that money received by individuals either as one-time ex-gratia from an employer or for treatment of covid-19 will not
TDS on property sale to be levied on higher of stamp duty value or sale amount: Budget 2022 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/tds-on-property-sale-to-be-levied-on-higher-of-stamp-duty-value-or-sale-amount-budget-2022/articleshow/89271898.cmsSynopsis As per income tax laws, an individual is required to deduct tax if the sale value of an immovable property exceeds Rs 50
Budget 2022 Income Tax Highlights | Key income tax, personal finance highlights from Budget 2022
Clipped from: https://economictimes.indiatimes.com/wealth/personal-finance-news/key-income-tax-personal-finance-highlights-from-budget-2022/articleshow/89272198.cmsSynopsis Here is a look at key tax related and personal finance highlights from Budget 2022, according to a PIB press release. Even though
standard deduction budget 2022: Budget 2022: Any change in standard deduction for salaried, pensioners in FY2022-23? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/budget-2022-any-change-in-standard-deduction-for-salaried-pensioners-in-fy2022-23/articleshow/89269237.cmsSynopsis There was an expectation of hike in the amount available to claim as standard deduction due to the higher cost borne by employees
budget 2022 section 80c changes: Was section 80C limit increased in Union Budget 2022? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/was-section-80c-limit-increased-in-union-budget-2022/articleshow/89268899.cmsSynopsis There has been long-standing demand to hike the deduction limit under section 80C as the limit was last hiked in financial year 2014-15,
Budget 2022 bars set off of losses against undisclosed income found in tax raids – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/budget-2022-bars-set-off-of-losses-against-undisclosed-income-found-in-tax-raids/articleshow/89270396.cmsSynopsis It has been observed that in many cases where undisclosed income or suppression of sales etc. is detected, payment of tax is avoided
After Delhi and Allahabad, Rajasthan HC quashes assessment notices issued under Section 148 of the Income Tax Act – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/policy/rajasthan-hc-followed-delhi-allahabad-hc-in-quashing-reassessment-it-notices-issued-on-or-after-april-121/article64944869.ece Centre’s plea against Allahabad HC to be heard soon in the Supreme Court After the Delhi and Allahabad High Courts, the Rajasthan High
BS Number Wise: A case for taxing India’s rich on stock market profits | Business Standard News
Clipped from: https://www.business-standard.com/article/markets/bs-number-wise-a-case-for-taxing-india-s-rich-on-stock-market-profits-122012801798_1.html As economic inequality in the country widens, crorepatis pay very little on long-term capital gains Billionaire Warren Buffett, in a column written more
‘Remove MAT for troubled firms under resolution’ – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/money-and-banking/exempt-cos-admitted-by-nclt-for-resolution-from-mat-edelweiss-arc-chief/article64941378.ece Edelweiss ARC seeks level playing field vis-a-vis other stressed asset investors A company admitted by the National Company Law Tribunal (NCLT) for resolution should
A case for taxing India’s rich on stock market profits | Business Standard News
Clipped from: https://www.business-standard.com/article/markets/bs-number-wise-a-case-for-taxing-india-s-rich-on-stock-market-profits-122012801798_1.html As economic inequality in the country widens, crorepatis pay very little on long-term capital gains Billionaire Warren Buffett, in a column written more
Your queries (Income Tax): Use ITR Form 2 to file tax on capital gains on sale of property – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-use-itr-form-2-to-file-tax-on-capital-gains-on-sale-of-property/2415834/ Discharge tax liability by payment through an authorised bank or through the internet by availing e-Tax payment facility. The long-term capital gains arising
Gentle nudge – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/tax-regime/article64940882.ece The Budget should aim to make the new tax regime more attractive for individuals India’s direct tax collections have shown significant buoyancy this
Will property become Benami if you purchase Relatives Name?–Taxguru.in
Clipped from: https://taxguru.in/income-tax/property-benami-purchase-relatives-name.html?utm_source=feedburner&utm_medium=email It is very common to purchase property in the name of our close relatives like spouse, children, parents and siblings. However it is
Corporate tax cuts do boost investments – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/corporate-tax-cuts-do-boost-investments/article64938246.ece A study based on tax cuts of September 2019 shows that firms that benefited invested more in asset creation Given that the Union
Income Tax return: File a rectification request to expedite stuck refund | Business Standard News
Clipped from: https://www.business-standard.com/article/pf/income-tax-return-file-a-rectification-request-to-expedite-stuck-refund-122012400557_1.html Correct your mistake or provide additional information required by Department so that your return gets processed If you had filed your Income-Tax Return (ITR)
Reforming individual income tax – The Financial Express
Clipped from: https://www.financialexpress.com/opinion/reforming-individual-income-tax/2413793/ Replace the six-slab tax structure with a new three-slab structure with no deductions and exemptions, except towards insurance premium and donations Senior citizens
Smartly tweak tax treatment for savings – The Economic Times
Clipped from: https://economictimes.indiatimes.com/opinion/et-editorial/smartly-tweak-tax-treatment-for-savings/articleshow/89047684.cmsSynopsis The existing tax-exempt limit under Section 80 C of the I-T Act is ₹1.5 lakh, while the annual standard deduction is ₹50,000. A
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