TAX
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January 23, 2023, Monday
Avoid higher TDS with timely, accurate submission of investment proof
For investments made after proof has been submitted to the employer, claim refund in ITR
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January 17, 2023, Tuesday
Capital gains: Investment cut-off date extended, but there's a catch
Taxpayers may not be able to avail of it unless last date for filing revised ITR is extended
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December 28, 2022, Wednesday
Income tax exemption might be extended to Rs 5 lakh in budget, say sources
The government is likely to enhance the income tax exemption limit to Rs 5 lakh from the existing Rs 2.5 lakh in the forthcoming ...
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December 22, 2022, Thursday
File revised income-tax return to correct errors in original ITR by Dec 31
Any refund you are eligible for won't be processed unless you correct the mistakes in your return
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December 08, 2022, Thursday
Capital gains tax: A capital conundrum
Defenders of preferential tax treatment argue that capital gains tax is a form of "double taxation" as corporate profits are ...
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November 24, 2022, Thursday
Tax collections to cross budget estimates in current fiscal, says govt
Revenue Secretary Tarun Bajaj was quoted as saying that the growth in tax revenues will continue to be higher than the GDP ...
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November 14, 2022, Monday
Laid off? Seek advice before claiming tax exemption on severance pay
You can claim only if the payout is voluntary and you have documentary proof to this effect
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November 02, 2022, Wednesday
Presumptive tax scheme can reduce compliance burden, return filing
Simplifies ITR filing, but can be taxing if actual income is below 8% of turnover
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October 28, 2022, Friday
CBDT extends last date for filing TDS for non-salaried individuals
Form 26Q contains details of the total amount paid and the tax deducted on transactions other than the salary in a quarter
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September 27, 2022, Tuesday
Check ITR for discrepancies before responding to notice from tax dept
Respond on time, with expert help if required, to prevent further punitive measures
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September 05, 2022, Monday
Does your tax liability for year exceed Rs 10,000? Pay advance tax
While NRIs are liable to pay advance tax, senior citizens with pension and interest income are exempted
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August 25, 2022, Thursday
Paid tax abroad? Remember to submit Form 67 and proof at earliest
If you don't do so, both processing of your tax return and refund could get delayed
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August 18, 2022, Thursday
Cash transactions of Rs 2 lakh plus per day could incur a penalty: Experts
This applies even to transactions with close relatives; penalty can be up to 100% of amount received
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August 10, 2022, Wednesday
Tax benefit available only if death certificate mentions Covid, say experts
For exemption on Covid-19 payments, file revised return for FY 2021-22, updated return for earlier years
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August 02, 2022, Tuesday
ITR 2021-22: How to e-verify income tax return to complete filing process
If the income tax return (ITR 2021-22) is not verified before the last date, it is deemed invalid (not filed) by the Income Tax ...
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August 01, 2022, Monday
Verification of ITR timeline reduced to 30 days from 120: I-T Dept order
The I-T department has reduced the time limit for e-verification or hard copy submission of the ITR-V, post filing of returns by ...
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August 01, 2022, Monday
Income tax return: Missed ITR 2021-22 deadline? Here's what to do next
On the last day, July 31, over 6.5 million ITR were filed by 11 PM, according to the Income Tax Department
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July 29, 2022, Friday
ITR 2021-22: Top 5 benefits of filing ITR before the July 31 deadline
ITR is generally filed to claim the tax deductions and exemptions from the long-term capital gains, however, the benefits of ...
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July 27, 2022, Wednesday
Disclose your foreign assets and income in ITR or pay a hefty penalty
Clarity on relevant accounting period has been provided this year: it is January 1 to December 31, 2021
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July 26, 2022, Tuesday
ITR: What happens if you miss July 31 deadline for filing income tax return
For people with an annual income of over Rs 2.5 lakh, filing an ITR is mandatory. Failing to do so may attract fines and
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January 20, 2023, Friday
Budget 2023: Salaried class wants higher tax-free slab as inflation bites
From a tax-free slab of Rs 5 lakh to a higher exemption limit under Section 80C, here is what experts are hoping for in Budget ...
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January 04, 2023, Wednesday
The deadline to file updated income tax returns is March 31, 2023
It may entail a higher tax at this stage, however, the taxpayer avoids the risk of paying a penalty
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December 24, 2022, Saturday
PAN not linked with Aadhaar by end of March 2023 to be rendered inoperative
The Income Tax department Saturday issued an advisory that those permanent account numbers (PAN) which are not linked with ...
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December 13, 2022, Tuesday
CBDT exempts NR taxpayers from mandatory Form 10F e-filing for now
The form 10F is signed physically by the Non resident taxpayers and furnished along with the tax residency certificate to the ...
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November 24, 2022, Thursday
About Rs 400 cr tax deposited by filing 500,000 updated ITRs so far
The recently introduced provision of allowing taxpayers to update their tax returns has seen as many as 5 lakh re-filings with ...
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November 16, 2022, Wednesday
Over 68.5 mn I-T returns filed for FY22 so far, count expected to rise
Over 6.85 crore income tax returns have been filed so far for fiscal 2021-22 and the number is expected to go up further by ...
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November 08, 2022, Tuesday
Trip that includes a foreign leg is not eligible for LTC, say experts
This condition is not satisfied merely by the trip starting and ending in India
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November 02, 2022, Wednesday
Common ITR form will make tax-filing easier, reduce time taken, say experts
Its success, however, will hinge on the quality of online utilities launched along with it
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October 04, 2022, Tuesday
Apply for re-computation of income under Rule 132 to avoid tax penalty
Those with income from business or profession, who have availed deduction on cess/surcharge, must do so by March 31
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September 07, 2022, Wednesday
Address cause of tax refund failure, then request reissuance: Experts
Failure to verify return, incorrect bank address are key reasons for not receiving timely refund
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August 30, 2022, Tuesday
Experts raise several red flags around section 194R of the Income Tax Act
The section introduced in the Finance Act, 2022 to reduce evasion and widen the tax base has some conflicting provisions apart ...
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August 22, 2022, Monday
Omitted certain income in ITR? File updated return but caution is needed
Use this facility cautiously, since once filed the updated return can't be modified.
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August 18, 2022, Thursday
Sometimes, tax is payable on deemed income from unoccupied house
A house owner can claim only up to two properties as self-occupied
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August 04, 2022, Thursday
If you've missed July 31 deadline, file a belated ITR: What you should know
However, you will have to pay a penalty and won't be able to carry forward losses under certain heads
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August 01, 2022, Monday
7.24 million income tax returns filed in one day, a record: CBDT
On July 31, 7.24 million ITRs had been filed, shattering all previous single-day records (the maximum being 4.9 million in 2019)
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August 01, 2022, Monday
58.3 mn income tax returns filed till July 31, record 7.24 mn on last day
Over the last two financial years, the govt had extended the deadline for filing ITRs to ease compliance for taxpayers battling ...
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July 31, 2022, Sunday
FY22 ITR filing: Over 6.34 mn returns filed till 10 pm on last day
Nearly 34 lakh income tax returns were filed till 4 PM on the last day of filing ITR for 2021-22 fiscal by salaried individual, ...
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July 28, 2022, Thursday
ITR 2021-22: What do you lose if you file a belated income tax return?
Under section 234F of the Income Tax Act, 1961, the taxpayer is required to pay a penalty of Rs 5,000 for delaying the ITR and ...
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July 27, 2022, Wednesday
ITR 2021-22: Key points to keep in mind as the last date approaches
If the income is above Rs 2.5 lakh per annum, not filing the income tax return (ITR) can even land a person in jail
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July 25, 2022, Monday
ITR filing: Know how to file income tax return as the deadline approaches
According to the revenue secretary Tarun Bajaj, over 2.3 crore income returns have been filed by July 20. However, the numbers ...
