Quoting an incorrect PAN during property registration can invite penalties and prosecution.
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
The Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails.
Some individuals opt for the new regime without a comparative analysis of the tax liability under the two regimes.
Deductions missed in Form 16 can still be claimed while filing ITR.
The old tax regime remains unchanged. 'Taxpayers opting for it will continue to follow the existing slab rates and deductions.'
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
Long-term tax-saving FDs can also be considered after the PPF limit has been exhausted.
'Expectations are high regarding the change in LTCG with respect to equity investments.'
'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.'
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.
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.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
The new restriction will be challenging for businesses, as they will have to do regular follow-ups with their suppliers.
The reimbursement components of your salary require you to furnish bills before they become tax-exempt. Producing them may be difficult this year.
To overcome your fear of the property being taken over, draw an ironclad agreement with a good lawyer's help, recommends Sanjay Kumar Singh.
The Income Tax department has notified forms for filing I-T returns for 2020-21 fiscal, the Central Board of Direct Taxes said on Thursday. "Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change has been made to the ITR Forms in comparison to the last year's ITR Forms. "Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made," the Central Board of Direct Taxes (CBDT) said in a statement. The Income Tax returns (ITR) forms ask taxpayers if they are opting for a new tax regime.
IIT Roorkee has so far seen the highest domestic salary rise Rs 80 lakh, up by a third from Rs 60 lakh last year.
There can be as many as six co-applicants in a joint loan.
The government is planning to extend the electronic modes of tax payment to its own payments platform, Unified Payments Interface (UPI), credit cards of banks, or even a mobile wallet like Paytm.
Experts pointed out the move will only help taxpayers temporarily, as the tax liability remained the same and the date for advance tax has not been extended.
The department notified ITR 1-Sahaj and ITR 4-Sugam in January against the usual practice of notifying returns in April, with disclosure requirements related to cash deposits, spending on foreign travel, and electricity. The notification of the returns followed Budget announcements making income-tax return filing mandatory for certain persons even if their income was below the taxable limit.
While it is not clear whether the new form will be applicable from this year, some chartered accountants say that things can go both ways. The new deadline for filing ITR is November 30.
Amazon Web Services (AWS) on Friday announced setting up of its second data centre region in India in Telangana that will be operational by mid-2022, and will see the tech giant investing about Rs 20,761 crore. While AWS did not comment on the investment detail, Telangana IT and Industries Minister KT Rama Rao tweeted that AWS will invest Rs 20,761 crore ($2.77 billion) to set up multiple data centres in the state.
Industry had sought this 3-month extension, specifically for players struggling to collate the information that are required to be disclosed in the GST forms.
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.
Those people without the Aadhaar number have found a loophole in the system
Experts warn of over-interpreting the numbers and said their sustainability needed to be watched beyond November, says Indivjal Dhasmana.
Govt may tighten presumptive taxation norms and also do away with some deductions.
ITC was the top laggard in the Sensex pack, tanking 6.97 per cent, followed by L&T, HDFC, SBI, ONGC, ICICI Bank and IndusInd Bank.
Without Form 16, tax computation becomes cumbersome
How the Aadhar card would be linked to income tax return is yet not clear
You can reduce your tax burden by wisely using partially taxable allowances, suggests Bindisha Sarang.
Deduction on home loan interest cannot be claimed when the house is under construction
Tax planning should not be left for March. If you do so, you could face a severe cash crunch in that month, warns Sanjay Kumar Singh.
E-invoicing would be implemented on a voluntary basis by those having an annual turnover of above Rs 500 crore from January 1.
Incomes such as dividend, interest on tax-free bonds, eligible gifts, etc should also be reported even though they are tax exempt, suggests Sanjay Kumar Singh.
If you miss the July 31 deadline, there is a late filing fee of up to Rs 10,000. Also, you cannot file returns beyond March 31, 2019.
The point to note is that since the new rebate is up to a taxable income of Rs 5 lakh, if anyone earns even little more (say, even Rs 100 more) than this amount, he would have to pay all the taxes, according to the existing slabs.
Both NRIs and those who make payouts on sale of property need to understand the TDS provisions that are applicable or risk punishment, warns Sanjay Kumar Singh.
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