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Balwant Jain
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ITR for FY21-22: PAN Card Must For TDS Return, Late Fee Applicable If Not Filed By Deadline

ITR for FY21-22: PAN Card Must For TDS Return, Late Fee Applicable If Not Filed By Deadline

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.

Provident Fund Withdrawal Before Five Years Of Service Is Taxable For Employee

Provident Fund Withdrawal Before Five Years Of Service Is Taxable For Employee

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

Submit Form 15 G To Receive Dividend Income Without Tax Deduction At Source

Submit Form 15 G To Receive Dividend Income Without Tax Deduction At Source

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

ITR Must If Aggregate Of Total Taxable Income Before Deduction Exceeds Exemption Limit - Tax Queries

ITR Must If Aggregate Of Total Taxable Income Before Deduction Exceeds Exemption Limit - Tax Queries

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

When Switching Jobs, Disclose Correct TDS Details To Your New Employer For Proper Taxation

When Switching Jobs, Disclose Correct TDS Details To Your New Employer For Proper Taxation

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 .

Interest Earning On SCSS Does Not Cease With Death Of Account Holder

Interest Earning On SCSS Does Not Cease With Death Of Account Holder

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

Anything Received In Inheritance Is Tax-Free In Hands Of Receiver

Anything Received In Inheritance Is Tax-Free In Hands Of Receiver

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”

Interest Paid For Entire Year Can Be Claimed If Person Has Ownership Of House

Interest Paid For Entire Year Can Be Claimed If Person Has Ownership Of House

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

Long-Term Capital Gains Are Taxed At Special Rate Of 20% Irrespective Of Tax Slab

Long-Term Capital Gains Are Taxed At Special Rate Of 20% Irrespective Of Tax Slab

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

Gifts Received From Spouse Is Not Treated As Income Under Income Tax Laws

Gifts Received From Spouse Is Not Treated As Income Under Income Tax Laws

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

You Can Have Maximum Two Self-occupied Houses Under Income Tax Regulations

You Can Have Maximum Two Self-occupied Houses Under Income Tax Regulations

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

Full Value From Sales Proceeds Of Inherited Shares Will Not Be Taxed As Capital Gains

Full Value From Sales Proceeds Of Inherited Shares Will Not Be Taxed As Capital Gains

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.

If You Sell Your House Before Two Years, You Will Be Taxed For Short-Term Capital Gains

If You Sell Your House Before Two Years, You Will Be Taxed For Short-Term Capital Gains

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

Long-Term Capital Gain From Sale Of House: Here’s How It Is Calculated For Tax  Purpose

Long-Term Capital Gain From Sale Of House: Here’s How It Is Calculated For Tax Purpose

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

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