Benefit of house rent allowance is not available if you are the owner of the house. Any profit or loss from dealing in futures & options have to be reported under the head “Profit and gains from business or profession”....
Interest earned from recurring deposit is taxable; and, if any property is received as a gift from a relative, then the same would not be taxed in the hands of the recipient; tax deducted from monthly salary is based on...
You may have to pay tax on capital gains even in case of deferred payment. Wedding gifts are not taxable in hands of bride and groom, irrespective of value. If you gift your house to your brother, you will have to pay stamp...
Before buying a house, assess factors like location, budget, amenities, legal clearance, and essential documents like title deeds, property tax receipts, etc.
It is important to correctly report any income you receive through moonlighting, while filing your income tax return in order to avoid getting pulled up by the tax authorities
If you have missed the deadline of July 31, 2023, to file Income Tax Returns (ITR), you can still file a belated return by paying a penalty before December 31, 2023.
The Central Board of Direct Taxes (CBDT) on August 18 notified amendments to the Income Tax Rules for valuing perquisites of rent-free or concessional accommodation by employers to employees. The rules will come into effect...
The Voluntary Provident Fund is an extension of the Employees’ Provident Fund and allows employees to make additional voluntary contributions to their EPF accounts over and above the mandatory contribution
The deadline for individuals to file their income tax return for the assessment year 2023-24 was July 31, 2023. In case you missed filing your return by the...
As per the Income Tax Act, a minor’s income must be added to the parent’s income; however, if the child earns it from his special talent, it is taxed in...
Index funds and exchange-traded funds (ETFs) are popular passive investing options. Read on to learn about risks, liquidity, and costs to help you make better...
The last date for filing income tax return is July 31, 2023. If you have not done it yet, you should do it now
Each such reinvested dividend will have a lock-in period of three years. You will get a standard deduction of 30 per cent of the rent received, while the...
Punjab National Bank has introduced the government’s Mahila Samman Savings Certificate scheme. It offers an attractive rate of interest of 7.5 per cent. Read...
Learn how to file income tax returns without Form 16 in this guide. Learn from expert insights and step-by-step instructions to ensure a hassle-free ITR filing...
The I-T Department clarified that NRIs must update their residential status with supporting documents to reactivate their PANs. It also urged disclosure of...
Learn about essential metrics like PE ratio, PEG ratio, ROE and ROCE to evaluate stocks and make informed investment decisions for your financial goals
You should furnish details of salary received from your first employer to your second employer for correct calculation of your tax liability. Gift received...
EPF is entirely tax-exempt, but only 60 per cent of the corpus in NPS is tax-exempt. Deduction under Section 80TTB is not available on NSC. Only interest...
AIS was launched in November 2021 on the income tax portal for taxpayers to refer to for getting adequate details for filing their taxes.
Maximise your tax savings on interest earnings from your savings bank account. Section 80 TTA and Section 80 TTB of the Income-tax Act 1961 allows for...
The Income Tax Department clarified the confusion surrounding Rs 7 lakh threshold for Tax Collected at Source (TCS) on Liberalised Remittance Scheme (LRS)...
July is an important month for taxation-related matters, but there are other important deadlines in this month that you must remember.
Filing taxes accurately is crucial to avoid notices from the IT department. Learn the common mistakes to ensure a hassle-free tax filing experience.
Life Insurance Corporation’s (LIC) Dhan Vriddhi Plan 869 is a non-linked, non-participating, single-premium life insurance plan with savings protection.
