Category: Income Tax

lipped from: https://economictimes.indiatimes.com/wealth/tax/itr-filing-how-to-submit-annual-information-statement-ais-feedback/articleshow/93109316.cms Synopsis The AIS Consolidated Feedback file (ACF) allows taxpayers to obtain all of their AIS feedback, excluding feedback, ‘Information is correct,’ in one

Clipped from: https://www.financialexpress.com/money/income-tax/income-tax-return-ltcg-on-equities-up-to-rs-1-lakh-is-tax-free-but-you-may-still-end-up-paying-tax/2606280/ Despite keeping the aggregate income within Rs 5 lakh and LTCG within Rs 1 lakh, you may still end up paying tax. You

Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-income-tax-exemption-limit-for-senior-citizens/article65671759.ece The basic exemption limit available is currently ₹3 lakh for senior citizens I am a senior citizen. In FY 2021-22 I have earned

Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/simply-put-tds-vs-total-tax-liability/article65670149.ece TDS doesn’t mean all that you are obliged to pay has been paid  Two friends meet at a bowling alley and the following

lipped from: https://economictimes.indiatimes.com/opinion/et-commentary/how-to-value-valuation-right-its-time-for-taxmen-to-get-pragmatic/articleshow/93060657.cms Synopsis Tax authorities tend to challenge the valuation by claiming that the projections used are not realistic. Consequently, they claim that the shares

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