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Income Tax Act

CBDT Issues Guidelines For Compounding Of Offences

The Central Board of Direct Taxes (CBDT) issues guidelines for the compounding of offences under the I-T Act, 1961.

17 September 2022

Dear Landlord! Hiding Your Pan Details From Tenant Could Put You In Peril With Tax Lord

A rent transaction is a two-way street, and if you think that you will not share your PAN details with your tenant and evade taxes, then you cannot be more mistaken. There are some duties on the part of the tenant, too,...


Savings

Benefits Of Post Office Small Savings Schemes - Higher Returns, Tax Benefits

Post office schemes are government-backed instruments, and therefore, risk-free and secured


What To Do When You Get An Income Tax Notice?

It would be wise to file your income tax correctly and on time to avoid scrutiny by the income tax department.

17 September 2022

The last date to file income tax returns for individual taxpayers was December 31, 2021.

Income Tax Refund: Six Ways To Make The Most Of It

Did you just get your income tax refund and wondering whether to save it, invest it, or splurge it? It would be wise to make the optimum use of it for your future benefit


Education loan

Section 80C Benefit On Children’s Education Applicable Only If Education Pursued In India

Parents can claim benefit under Section 80E of the Income-tax Act, 1961 in respect of interest paid on loan taken for higher education abroad. The applicability of long-term or short-term capital gains tax on sale of...

27 August 2022

Advance tax, or pay-as-you-earn tax, should be paid in advance instead of lump sum payments at year-end.

Advance Tax Payment: Second instalment Date Nears, What you need to know

If you miss advance tax payments or delay them, you will have to pay penal interest on the taxes due.

13 September 2022

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Guide To PPF Interest Rates And Taxation For New Investors

Guide To PPF Interest Rates And Taxation For New Investors

PPF interest rates are still attractive. New investors can find details about PPF rates, taxation, and its fungibility aspects here.

02 August 2022

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29 July 2022
Here’s How You Can File An Income Tax Return On Arrears Received For Previous Years

Here’s How You Can File An Income Tax Return On Arrears Received For Previous Years

If your total income includes past dues received as arrears this year, you need not worry about having to pay higher taxes. Here’s how to go about it


23 July 2022
Here’s Why You Should Not Wait Till The Last Day To File Your Income Tax Return

Here’s Why You Should Not Wait Till The Last Day To File Your Income Tax Return

There are implications of late filing of income tax return, including penalty. But that’s not all. The government is unlikely to extend the last date of...


23 July 2022
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

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...


24 June 2022
I-T Department Takes To Twitter, Urges Taxpayers To File Returns Early

I-T Department Takes To Twitter, Urges Taxpayers To File Returns Early

As people tend to miss out on their tax filing date, the I-T department has reminded people to file their returns within the due date.


18 June 2022
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

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,...


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04 June 2022
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

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


19 May 2022
If You Don’t File Your I-T Returns, You Will Face Higher TDS. Read Here To Know More

If You Don’t File Your I-T Returns, You Will Face Higher TDS. Read Here To Know More

The Central Board of Direct Taxes (CBDT) has issued a circular regarding this under sections 206AB and 206CCA of the Income Tax Act, 1961


25 April 2022
Income Tax Return Filing Amendment – Financial Year 2021-22 (Assessment Year 2022-23)

Income Tax Return Filing Amendment – Financial Year 2021-22 (Assessment Year 2022-23)

Are you unsure about whether you should file an income tax return (ITR) in India? Read on to know more


10 April 2022
What Are The Best ways To Make Your Retirement Corpus Last?

What Are The Best ways To Make Your Retirement Corpus Last?

Pay as much attention to the spending stage of retirement as you did to the accumulation stage. Here are a few ways in which you can make your retirement...


09 April 2022
Why You Should Invest In Retirement Mutual Funds And How To Choose One

Why You Should Invest In Retirement Mutual Funds And How To Choose One

A vast majority of Indians do not invest in dedicated retirement funds. They are likely to invest in instruments that will help them save taxes now, rather...


07 April 2022
I-T Department Issues Summons To TMC's Saket Gokhale In Tax Case

I-T Department Issues Summons To TMC's Saket Gokhale In Tax Case

The officials said the investigation pertains to a tax probe against the Mumbai-based TMC leader. "And there we go! Within 24 hrs of me approaching the Supreme...


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