Many exemptions make little sense, such as a monthly exemption of Rs 100 for college education and Rs 300 for hostel fees.
The income tax department has allowed tax officials to either waive or reduce interest payable by a taxpayer, subject to specified conditions. Under the Income Tax Act Section 220 (2A), if a taxpayer fails to pay the tax amount specified in any demand notice, he/she is liable to pay interest at 1 per cent per month for the period of delay in making the payment. The Act also empowers Principal Chief Commissioner (PrCCIT) or Chief Commissioner (CCIT) or Principal Commissioner (PrCIT) or Commissioner rank officers to reduce or waive the amount interest due to be paid.
Ravi Singhal explains how a taxpayer can go about reducing her/his tax liability if they suffer losses while investing or trading in the stock market.
Section 80C investments can be a smart way not only to save taxes but help you generate good returns in today's uncertain times.
The Supreme Court has sought responses from the Centre and the Ladakh administration regarding the detention of climate activist Sonam Wangchuk under the National Security Act (NSA). Wangchuk's wife has filed a plea challenging the detention, claiming it violates his fundamental rights. The court has given the Centre and Ladakh administration 10 days to respond and has scheduled the next hearing for November 24.
'The adjustments (of tax slabs and standard deduction) will reduce the tax burden for salaried individuals with an income of around Rs 20 lakh by approximately Rs 18,000.' 'For non-salaried individuals with the same income level, the savings will be around Rs 10,000.'
Here are some of the important items of income, which are fully exempt from income tax and which can be utilised by a resident individual Indian assessee for the purpose of tax planning.
Taxpayers might face several issues while filing returns this year.
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.
rediffGURU T S Khurana answers readers' personal income tax queries.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
An Income-Tax Department internal committee reviewing the old direct tax law to pave the way for a new one has "largely" received suggestions for "simplifying" the language, better "structuring" the provisions and enlarging the ambit of schemes like presumptive taxation, CBDT chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also "studied" the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
All that you must know about the pros and cons of gift deeds, tax implications, essentials, documents required, conditions, etc...
Education loans are a convenient and popular option for many, to meet the cost of higher education. Did you also know that under Section 80E of the Income Tax Act, repayment of this education loan could be used to claim a deduction? Read on to find out, what this section offers and how to utilise it to your benefit.
In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26. Presenting the budget in Lok Sabha, the Finance Minister said, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh.
'If an individual makes significant financial investments, she should stick to the old regime.' 'If the individual prefers straightforward computation without any tax benefits, the new regime would be suitable.'
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.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
The government has decided to relax angel tax norms for startups, including increasing the investment limit to Rs 25 crore for availing income tax concessions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
One per cent TDS will apply on non-agriculture immovable property of over Rs 50 lakh on the basis of sale price or the stamp duty value, which ever is higher, after an amendment in the Income Tax Act.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Income Tax notice was recovered from the house of Baljeet Kaur at Shahabad in Kurukshetra in Haryana where Papalpreet and Amritpal had taken shelter on March 19 and 20 before fleeing from there.
While one can file an updated return, there are certain caveats, warns rediffGURU Mihir Tanna.
Several executives argue that UPI has the potential to grow tenfold, but warn that the absence of a monetisation model risks stagnating the real-time payments system, which has been recording all-time-high transaction volumes every year.
The party has contested the reassessment proceedings, claiming they were barred by limitation.
Banks offer a wide range of group insurance plans -- personal accident, health, hospital cash, home insurance, credit protection, and critical illness.
By acting now, you can step into 2025 with your finances in order and without unnecessary penalties.
With taxation anguish already upon you with the financial year about to end in a month, check out what income tax rebates are available to you.
The three year lock-in period enables ELSS fund managers to invest in high conviction stocks for a long period of time because of relatively less redemption pressure, says Dwaipayan Bose
Various start-ups have raised concerns on notices sent to them under the Section 56 of Income Tax Act to pay taxes on angel funds received by them.
Always remember to check whether the recipient of the charity has valid 80G approval
What many don't realise is that including their spouse and children in their tax planning can enable them to reduce their tax burden legally.
It's that time of the year again when one needs tobegin calculating their tax liabilities.
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