In an online chat with readers on July 8, Anil Rego answered their tax queries. Here's the chat transcript in case you missed the chat
Not mailing ITR-V on time has many negatives. You might be fined Rs 5,000 a return for failing to file returns by the end of the assessment year.
Most buyers are forced to back off in the face of delays because of the appreciation of the property.
Cap on bank withdrawals to be reviewed after Dec 30, says finance secy.
How the Aadhar card would be linked to income tax return is yet not clear
If a house is sold and the proceeds are used to buy another, whoever contributed to the purchase of the first house can claim exemption on capital gains tax
Indians having undisclosed property abroad will have to pay tax and penalty.
Physical assets such as gold and real estate have their own positives and negatives, while other financial assets such as mutual funds, stocks and bonds come with their pluses and minuses. Let us look at both options in a little more detail.
The 40 per cent exemption benefit is applicable only for employees.
It is best to invest long-term surplus in stocks or equity mutual funds.
A sum of Rs 7060 crore is provided in the current fiscal for the project of developing one hundred Smart Cities.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
Income-tax data released by FinMin after 15 years
Not doing so might mean a penalty, not being able to revise returns or carry forward losses and forfeiture of interest on refund
Savings in deposits by the households rose, however, to Rs 1 trillion (17 per cent) in the year to Rs 6.91 trillion in FY14 as against Rs 5.91 trillion in 2012-13.
Rental real estate aggregators can help you earn Rs 3,000-5,000 rent daily
Banks to be permitted to raise long-term funds for lending to infrastructure sector with minimum regulatory pre-emption such as CRR, SLR and Priority Sector Lending.
Dubai, Singapore, London are the top overseas markets for Indians
Suitors came with all-cash offers but were rebuffed
A dummy's guide to all you must know about before availing an education loan
Unless they have capital gains or assets abroad, most individuals will need to file ITR-1 or ITR-2A.
Income from renting of properties is taxed at a flat rate of 10%.
Right steps you can considerably reduce the tax outgo.
Launches and sales of house property have seen a continuous drop.
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