'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
Form 16 contains details of salary income, deductions, and exemptions.
If gratuity is not paid within 30 days of termination, the employer must pay interest as set by the central government.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
A rider is a supplementary cover which can be purchased with the base policy by paying an additional premium.
'Tax is not required to be deducted from specified payments if a recipient files a self-declaration with the deductor for no deduction of tax.'
Streedhan refers to gifts, money or property that a woman receives before her marriage, at the time of her marriage, during childbirth or widowhood, primarily from her parents, relatives or in-laws.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
Gold is an excellent asset class for diversification and should be included in all long-term portfolios.
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
The choice of tax regime dictates how your income will be taxed. If you don't make the right pick, you might end up losing money.
FMPs remain an option for investors who believe interest rates could head downward over time and wish to lock in the current rates. TMFs have very low expense ratios, which makes them cost-efficient.
If you fail to make the lump sum deposit before April 5, do so at least before the 5th of the next month (May). That way you will only lose out on the interest for April.
Don't solely focus on tax-saving alone.
If the gift is received from a relative, there is no tax implication. But if the gift is received from a non-relative and exceeds Rs 50,000 in value during a financial year, the entire value of the gift is taxable.
In numerous instances, family members are unaware of an insurance policy's existence, let alone its details.
An individual can avail tax deduction on the amount spent during the year on a deferred annuity for self, spouse, or child.
Taxpayers with old, outstanding taxes will benefit from the CBDT's new scheme.
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