A key mistake would be continuing to rely on provisions of the Income-Tax Act, 1961, where the new law now applies, and vice versa.
With Income Tax Act 2025 in force, your tax choice can quietly cost you big money if you're not paying attention. Ramalingam Kalirajan explains how
Avoid donating without checking the receipt proforma showing the political party's ECI registration number and PAN.
'The original provision will be restored. AMT is meant only for those claiming deductions, not for firms earning regular income like capital gains,' a senior government official said.
'If a charitable or religious trust sells a capital asset -- such as land, buildings, shares -- and makes a capital gain, it can avoid paying tax on that gain if it reinvests the proceeds in another capital asset for its charitable purposes.'
Deductions missed in Form 16 can still be claimed while filing ITR.
Besides wrong selection of ITR form, many professionals claim deductions they are ineligible for.
With a flair for combining comfort and style, Alanna effortlessly serves up looks that are imitation worthy.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The paper on Mahatma Gandhi will now be taught in semester VII, they said, adding this would mean students opting for a three-year graduation course instead of a four-year programme will not study Gandhi.
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
Missing the deadline for filing Income Tax returns can lead to consequences.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The US president announced the move during his first State of the Union address, reversing his predecessor Barack Obama's decision to close the controversial site "as soon as practicable".
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
Employers will now need to furnish detailed break-up of exemptions that an employee has claimed.
Thanks to investment based tax breaks for setting up 2 star or above category hotels across the country, Hotel sector was one of the major beneficiary of Union Budget 2010-11
Choosing the right ITR form for your income tax return filing can be quite confusing. Investmentyogi simplifies the ITR forms and all the jargon associated with it. Keep it handy for your returns in 2010.
Tax planning is a coherent part of any financial plan
In an online chat with Rediff.com readers, personal finance expert Anil Rego answered queries about the new tax regime announced in the Union Budget.
HUFs are not used for tax evasion but for tax avoidance/to save the tax within the four corners of the law. Experts say that there will be little or almost insignificant change in tax revenues.
Prohibitory orders were imposed in Delhi and parts of Karnataka. Police kept tight vigil in Kerala. In Gujarat, 50 people were arrested for Thursday's violence.
You need not worry even if there is a mismatch between your income and deduction in Form 16/16A and Form 26AS, says Ashley Coutinho
The AAP on Monday expelled rebel leaders Prashant Bhusan, Yogendra Yadav and two others for anti-party activities and "gross indiscipline".
An excerpt from 'Money Smart: The Indian Woman's Guide To Managing Wealth' by Reenita Malhotra Hora and Divya Vij that reveals various options to help you save tax as well as invest for creating long-term wealth.
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