Mon, Jan 13, 2020
Income Tax: If you are a salaried employee and taxpayer, there are certain deadlines you need to keep in mind to ensure that you don't end up paying a hefty penalty. The Income-Tax department has already released a list of important dates which taxpayers should know for 2020.
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Tue, Dec 10, 2019
Income tax outgo can be saved by an earning individual if he or she takes advantage of these tips and thereby save money.
Mon, Oct 28, 2019
According to the CBDT, there was a demand by taxpayers across the country that the last date of ITR and tax audit report should be extended from 30 September to 31 October.
Thu, Apr 19, 2018
Tax Evasion is something which is totally against our national interest, illegal and outside the legal framework. When someone takes action which helps them reduce their tax liability either by way of increasing their deductions or exemptions or reducing their taxable income by not reporting it at all. All these sorts of activities are nothing but evading taxes, illegal means of saving taxes and our Income Tax Laws have been made stringent by incorporating many penalty provisions leading to prosecution as well.
Fri, Apr 13, 2018
When you sweep funds out of an equity or debt fund it will be treated as a sale and taxed accordingly. If you are sweeping money out of debt/liquid funds into equity then any sale before three years will be short-term capital gains (STCG) and will be taxed as per your slab rate. Alternatively, any sale after three years will be LTCG and will attract tax at 20% after indexation.
Fri, Mar 30, 2018
Income tax returns (ITR) filing: We as individual also have few task related to your finances that needs to be taken care before March 31, in order to avoid last minute error.
Tue, Mar 20, 2018
Income tax returns (ITR) filing: March 31, 2018 is the last date for taxpayers in filing ITR for the assessment year 2016-17 and 2017-18.
Thu, Mar 15, 2018
Income tax returns (ITR) filing: As the investments made are generally with a long term perspective, it is important that informed decisions are made based on the tax benefits available as well as risk appetite, time horizon and liquidity requirements of the investors.
Tue, Mar 13, 2018
Income Tax Returns (ITR) filing: When you use gift as a tool to save the income tax, then you need to be very careful. If you make any mistake in understanding the provision, then it could result in clubbing of income and you may need to pay tax on such transaction. You must discuss with your tax advisor/CA before using the ‘gifting’ provision to save the tax.
Mon, Mar 12, 2018
Income tax returns (ITR) filing: many countries all over the world including India do not yet recognise Bitcoin or other virtual currencies as legal tenders. Some countries like US, Canada and Australia have supported the use of Bitcoin. Regardless of its legal status, people still continue to invest in them as returns on them are very high compared to other financial instruments.
Fri, Mar 09, 2018
Income Tax Returns (ITR) filing deadline: From April 1, 2018, the penalty has been fixed at Rs. 5000 for all delayed ITR filings before Dec 31, 2018 and for earnings above Rs. 5000. However, the penalty has been set at Rs. 10,000 if the ITR is filed after Dec 31, 2018.
Wed, Mar 07, 2018
Income Tax Returns (ITR) filing: Women can save a huge amount of money and make the saved amount work for them to build a higher nest egg or even increase discretionary spend. In short, here is how women can empower themselves.
Tue, Mar 06, 2018
As per the Income-tax Act, all the companies and firms have to file the return irrespective of quantum of income or activity level. All individuals, HUFs and other persons whose total income exceeds basic exemption limit (before deductions under chapter VIA such as section 80C/80CCD/80DD/80TTA) have to mandatorily file return of income in the prescribed ITR form.
Fri, Mar 02, 2018
Income tax returns (ITR) filing is one of the biggest duties of a citizen that should be followed religiously every year. Having said that, the process can be confusing and cumbersome for many.
Thu, Mar 01, 2018
Income Tax Returns (ITR) filing: In case you have purchased a residential property on loan, but you live in another home which you pay rent for, you can claim available tax benefit for HRA as well as against the Home Loan. The condition however, is that both rented and owned property should be in different cities.
Wed, Jan 24, 2018
TDS has been regulated in India by Income Tax Act, 1961, through Central Board of Direct taxes under the Indian Revenue Services.
Fri, Jan 19, 2018
Taxable income are the final amount that you derive after making all adjustments on which income tax is levied as per the respective tax slab for an individual.
Wed, Oct 18, 2017
A taxpayer can get their doubt answered by entering on official website of IT-department. There is an icon at the right side of website.
Sat, Sep 02, 2017
The taxpayers who were suppose to file Income Tax Return and Audit Report by September 30, can now file by October 31.
Tue, Aug 15, 2017
In fourth speech as Prime Minister of the country, Narendra Modi spoke about demonetisation drive and continuous effort to fight with black money.
Mon, Aug 14, 2017
Though to file Income Tax Return, taxpayers were required to provide just Aadhaar number, but to process that IT return, taxpayers need to link PAN with Aadhaar. This is how you can do.
Sun, Aug 13, 2017
More than 9.3 crore Permanent Account Numbers (PAN) have been linked with Aadhaar, a senior Income Tax Department officer said. Of the total PAN-Aadhaar seeding, which is nearly 30 per cent of the total about 30 crore PAN holders, about three crore linkages were done in June and July.
Wed, Aug 09, 2017
A rectification request under section 154(1) is allowed by the Income Tax Department for correcting mistakes when there is an apparent mistake in your Income Tax Return.
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