Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Filing a belated return is far better than not filing at all.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The Supreme Court has sought responses from the Centre and others on a plea challenging the validity of a provision of the Income Tax Act that allows political parties to receive "anonymous" cash donations below Rs 2,000.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
rediffGURU T S Khurana answers readers' personal income tax queries.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Ask rediffGURU Reetika Sharma your insurance mutual fund and personal finance-related questions.
rediffGURU T S Khurana answers readers' personal income tax queries
'The new Bill introduces no policy or rate changes, leaving financial planning strategies largely unaffected.'
'The considerations for choosing between the old and new tax regimes remain essentially unchanged.'
The return filed could be treated as defective, invalid, or even be considered as not filed at all.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
rediffGURU T S Khurana answers readers' personal income tax queries.
As per the Budget memorandum, the government has proposed amendment to Sub-Section 2 of Section 23 of Income Tax Act, which relates to determination of annual value of house properties.
The income tax department has notified ITR forms 1 and 4 for assessment year (AY) 2025-26 that are to be filed by individuals and entities with total income of up to Rs 50 lakh a year. Now individuals having long-term capital gains of up to Rs 1.25 lakh in a fiscal year can also file ITR-1.
The income tax department has notified all seven income tax return forms for assessment year 2025-26. While ITR forms 1 and 4, which are filed by small and medium taxpayers, were notified on April 29; ITR-7, filed by trusts and charitable institutions, was notified on May 11.
Until now, salaried individuals having income under the head LTCG were required to file Form ITR-2.
More than 58% of individual housing loans disbursed in 2023-2024 were more than 25 lakh in size.
Besides wrong selection of ITR form, many professionals claim deductions they are ineligible for.
Housing sales are estimated to decline 23 per cent annually to nearly 1.06 lakh units during January-March across nine major cities on subdued demand due to high prices and concern over economic growth, according to PropEquity.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
rediffGURU T S Khurana answers readers' personal income tax queries.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
The Budget announcement of zero tax for earnings upto Rs 12 lakh per annum and the rejig of tax slabs across the board should prompt more than 90 per cent of individual taxpayers to embrace the new tax regime as compared to the about 75 per cent as of now, CBDT Chairman Ravi Agrawal said. Agrawal also highlighted the government's focus on "non-intrusive" tax administration through enhanced use of Artificial Intelligence (AI) and simplified tax processes for common taxpayers. He emphasized the benefits of the new tax regime (NTR), which offers simple calculations and allows taxpayers to file their ITR without professional help. The CBDT chief stated that the Budget provisions related to income tax payment benefit all income earners, not just those earning Rs 12 lakh per annum, creating a positive sentiment in the economy and propelling growth. The department is also harnessing technology, including AI and data analytics, to widen and deepen the tax base, resulting in increased compliance and tax revenue. Agrawal further highlighted the positive impact of data availability and simplified tax processes on compliance rates, citing examples of taxpayers filing revised returns and paying taxes after being prompted by the department's data analysis.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
The apex court said when a particular structure is chosen all of a sudden for demolition and the rest of similarly situated structures in the same vicinity are not even being touched, "mala fide may loom large".
rediffGURU Samkit Maniar answers readers' personal income tax queries.
New Delhi slipped by two positions to rank 39th globally in terms of price appreciation of prime residential properties during the September quarter, according to Knight Frank. Mumbai ranked 40th, same as the June quarter, while Bengaluru moved up one spot to 42nd rank. New Delhi stood at the 37th rank, while Mumbai and Bengaluru were at 40th and 43rd positions, respectively, during the second quarter of 2021 calendar year. In its 'Prime Global Cities Index Q3 2021' report, Knight Frank tracked the movement in prime residential prices in local currency across 45-plus cities worldwide.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The government on Tuesday announced central assistance of Rs 2.2 lakh crore over the next five years to meet housing requirement of 1 crore urban poor and middle class families under the Pradhan Mantri Awas Yojana-Urban and proposed interest subsidy to provide loans at affordable rates. In her Budget speech, Finance Minister Nirmala Sitharaman said, "Under the PM Awas Yojana Urban 2.0, housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of Rs 10 lakh crore." "This will include the central assistance of Rs 2.2 lakh crore in the next 5 years," she added.
The registration of residential properties in Mumbai fell 42 per cent in April to 10,136 units as compared with the previous month, as fresh demand was affected due to the second wave of the COVID-19 pandemic and expiry of the reduced stamp duty period, according to Knight Frank India. The fall would have been steeper as over 90 per cent of the registrations were of the properties on which the stamp duties were already paid by the homebuyers before April 1 in order to avail lower stamp duties. From September 2020 to March 2021, the Maharashtra government reduced the stamp duty by 2-3 per cent to boost housing demand amid the pandemic.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
In the case of double-income couples, not more than 40 per cent of the net income of one partner should be the EMI for the property.
'Earlier there was no provision for considering TCS collected from the taxpayer for overall tax computation.' 'Now, credit will be given by the employer for TCS already collected to consider net tax to be deductible.'
The government's move to tweak the long-term capital gains (LTCG) tax regime proposed in the Finance Bill 2024 and re-introduce the indexation benefit is likely to boost the investments and spur housing sales in the country, industry executives believe. "By enabling taxpayers to choose the lower tax burden between the new and old schemes, the amendment is poised to drive investment and enhance sales across housing segments," said Niranjan Hiranandani, chairman of the Hiranandani Group. In Budget 2024, Union Finance Minister Nirmala Sitharaman proposed an overhaul in the capital gains tax regime, including lowering the LTCG tax to 12.5 per cent from 20 per cent.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
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