Wednesday, Aug 10, 2022
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Indian Air Force Begins Selection Process Under Agnipath Scheme

Indian Air Force Begins Selection Process Under Agnipath Scheme

The government had on June 16 increased the upper age limit for recruitment under the scheme to 23 years from 21 for the year 2022. Those recruited under the Agnipath scheme will be called 'Agniveer'.

24 June 2022
Anything Received In Inheritance Is Tax-Free In Hands Of Receiver

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

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...

25 June 2022

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.

CBDT Issues Guidelines On Applicability Of New TDS Provision

CBDT Issues Guidelines On Applicability Of New TDS Provision

The Central Board of Direct Taxes (CBDT) also said that the payer/deductor need not check the taxability of the sum in the hands of the recipient, and the...

17 June 2022

I-T Dept. Charms Kids With ‘Snakes And Ladders’; Hopes For Next Gen. Of Honest Taxpayers

The Income Tax Department has come out with popular snakes and ladders board games and Motu-Patlu comic strip to spread tax literacy among children and young...

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11 June 2022
June 15 Is Due Date Of First Instalment Of Advance Tax For FY 2022-23

June 15 Is Due Date Of First Instalment Of Advance Tax For FY 2022-23

Advance tax needs to be paid all through the year in four instalments in the current financial year. The date of first instalment is on June 15 in this year.


11 June 2022
Number Of Income Tax Returns Rising: CBDT Chairman

Number Of Income Tax Returns Rising: CBDT Chairman

Talking to PTI, Singh said the number of income tax returns last fiscal was 7.14 crore against 6.9 crore in the preceding financial year, showing a clear growth


11 June 2022
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

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....


07 June 2022
I-T Portal Marred With Another Glitch On First Anniversary; Infosys Directed To Fix Issue

I-T Portal Marred With Another Glitch On First Anniversary; Infosys Directed To Fix Issue

After many users complained of issues while accessing the I-T portal and reported that it was hacked on Tuesday, which also happens to be the first launch...


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


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31 May 2022
India's Per Capita Income Remains Below Pre-Covid Level In 2021-22

India's Per Capita Income Remains Below Pre-Covid Level In 2021-22

However, the per capita income based on Net National Income (NNI) at constant price grew by 7.5 per cent in FY22 over the previous year.


28 May 2022
You Can Have Maximum Two Self-occupied Houses Under Income Tax Regulations

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

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...


23 May 2022
Selling A House As An NRI? Here’s How The Capital Gains From The Sale Will Be Taxed

Selling A House As An NRI? Here’s How The Capital Gains From The Sale Will Be Taxed

If you are selling a house in India as an NRI, know the rules regarding the taxes on the capital gains and TDS. You can also make use of the available...


21 May 2022
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

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.


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


14 May 2022
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

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...


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10 May 2022
Are You Done Filing Your ITR? Start Investing, Suggests Andromeda

Are You Done Filing Your ITR? Start Investing, Suggests Andromeda

If you are someone who is facing an internal battle between saving & investing, and not able to decide which way to go, it is always a good idea to learn about...


10 May 2022
How Are Different Forms Of Gold Investments Taxed? Read Here To Find Out

How Are Different Forms Of Gold Investments Taxed? Read Here To Find Out

A lot of people are investing in gold, thanks to the global instability and uncertainty. But they should also keep themselves updated on how each of these...


07 May 2022
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

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...


05 May 2022
When Can Income Tax Returns Assessment Be Reopened And What Can You Do?

When Can Income Tax Returns Assessment Be Reopened And What Can You Do?

What should you do if you fail to file or correctly file your income tax return? Should you go for reopening your assessment or file an updated tax return?...


01 May 2022
Govt Notifies Updated ITR Forms For FY2020, FY2021

Govt Notifies Updated ITR Forms For FY2020, FY2021

The new form (ITR-U) will be available to taxpayers for filing updated income tax returns for 2019-20 and 2020-21 fiscals. 


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


22 April 2022
Five Major Changes Taxpayers Should Know While Filing Their Income Tax Return This Year

Five Major Changes Taxpayers Should Know While Filing Their Income Tax Return This Year

There are no major changes seen in the income tax return forms notified for FY 2021-22. However, there are five major changes that taxpayers need to keep in...


18 April 2022
Financial Instruments To Invest In For Your Retirement Planning

Financial Instruments To Invest In For Your Retirement Planning

Retirement planning is a vague concept in India, and many do not plan for it while in their working years. As a result, they either invest too little or in the...


11 April 2022
The Simple 2-Step Way To Plan Your Taxes This Year 

The Simple 2-Step Way To Plan Your Taxes This Year 

For financial year 2022-23, an early start in tax planning will help make the right decisions. Here’s a simple 2-step approach along with easy-to-understand...


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