Aug 05, 2022 An appropriate late fee will be applied if you have missed the deadline of July 31, 2022, for filing an income tax return (ITR) but file by the last date of Dec 31, 2022, for the financial year 2021-2022. Also, a PAN card is mandatory for claiming TDS returns, even for NRE accounts.
Jul 30, 2022 Both the employee’s contribution as well as interest accrued on employer’s as well as employee’s contribution is considered taxable under ‘income from other sources’. A salaried employee can opt to choose between the new and the old tax regime if filing returns before due date
Jul 23, 2022 If you are unlikely to have any tax liability, you can submit For 15 G to the company paying you dividend income to avoid tax deduction at source. Gift received from parent is not treated as income and is thus, not taxed
Jul 15, 2022 A resident individual taxpayer can claim a rebate of up to Rs. 12,500 under Section 87A, provided the net taxable income after all deductions doesn’t exceed Rs. 5 lakh. One can file tax return under new regime even if deductions have been done under old regime if it is filed before due date
Jul 08, 2022 Shortfall in tax has to be paid as self-assessment tax along with interest. Tax on share investments arise only when they are sold .
Jul 01, 2022 Interest earned on SCSS does not cease at the account holder’s death, but is paid at the rate applicable on post office saving accounts from the date of death to the day the sum is actually withdrawn. When the karta of a Hindu Undivided Family dies, the senior-most coparcener becomes the karta
Jun 24, 2022 Anything received under a Will or as legal heirs under personal law as inheritance is not taxed. Taxpayers can disclose their income either on accrual or receipt basis for income falling under the heads “profits and gains of business activities” or “income from other sources”
Jun 17, 2022 If the house is completed within the year and you take ownership of the house throughout the year, you can claim the interest paid for the entire year. Also, NPS contributions are eligible for a tax deduction under Section 80 CCD of the Income Tax Act, 1961
Jun 10, 2022 If the total taxable income for the year does not exceed Rs 5 lakh, a resident individual is eligible for a tax rebate of up to Rs. 12,500 under Section 87A. Also, in case of inherited land, the cost used to calculate capital gains will be deducted from the price paid by the previous owner
Jun 03, 2022 Under Income Tax laws, income earned on the gifts made by a spouse is required to be clubbed with the income of the spouse giving the gift
May 28, 2022 There are no tax restrictions that limit how many properties one may own or how much home loan benefit one can receive. But Section 80C benefit under home loans will be limited to Rs 1.5 lakh per annum
May 20, 2022 Even where the cost of acquisition for inherited shares is nil, one will still get a deduction for the deemed cost of acquisition for tax calculation purposes.
May 13, 2022 Short-term capital gains from all other capital assets are treated as regular income and are required to be added to your regular income and taxed at the applicable slab rate
May 07, 2022 If you have earned long-term capital gain on the sale of a residential house, then you need to utilise it towards the construction of another house within a stipulated time period to save tax