rediffGURU T S Khurana answers readers' personal income tax queries.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with annual total income of up to Rs 50 lakh for FY 2023-24 (AY 2024-25). Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can start filing returns for the income earned this financial year.
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.
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
rediffGURU Samkit Maniar answers readers' personal income tax queries
rediffGURUS Hardik Parikh, Tejas Chokshi, Mihir Tanna and Sanjeev Govila answer your tax related queries.
rediffGURU Mihir Tanna answers your income tax queries.
While one can file an updated return, there are certain caveats, warns rediffGURU Mihir Tanna.
The bulk of an investor's portfolio should be in shorter-duration funds of up to one year portfolio duration.
Failure to disclose any income can lead to penalties and legal issues.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Having called as "deeply disturbing" the video of two women being paraded naked in Manipur, the Supreme Court on Tuesday said there was a long delay in registering the FIR in connection with the incident.
India's housing sector is witnessing probably the "biggest boom" in the last one and half decade driven by various factors such as affordability and customers aspiration to own homes, HDFC Capital Advisors Managing Director and CEO Vipul Roongta said on Tuesday. Addressing a real estate summit organised by FICCI, he noted that the residential real estate segment has revived strongly after going through a lot of pain due to new realty law RERA and demonetisation. "In the last one and half decade, I think this is probably the biggest boom I am personally seeing as an organisation on the residential segment, whether it is affordable mid-income and premium housing properties," said Roongta, who is also co-chairman, FICCI Real Estate Committee.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
If an assessee misses the December 31 deadline, s/he can file a belated tax return by paying a late filing fee. 'This must be done within three months from the original filing date.'
Assessment year 2020-2021 saw returns filed fall to 69.7 million and stood at 71.4 million in assessment year 2021-2022.
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'Many non-resident taxpayers faced issues in filing Form 10F since the portal didn't allow those who didn't have PAN to file the form.'
'By filing a belated return, you can avoid the consequences of non-disclosure of income.' 'You can also avoid a notice from the I-T department for not filing an ITR.'
The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT chairman Nitin Gupta said. Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under the new tax regime is to gradually "do away with deductions and exemptions" so that the "long-standing demand of reduction of taxes for individual taxpayers and entities can be met." Finance Minister Nirmala Sitharaman, while presenting the Budget 2023-24 in the Parliament on Wednesday, said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'If you miss the deadline, you can still file a belated tax return till March 31, 2021, with a fee under Section 234F, which could be up to Rs 10,000, in addition to an interest under Section 234A and 234B of the Act.'
Several income tax proposals, including 30 per cent tax on income from trade in cryptocurrencies will come into effect from Friday. Also, the revised norms for levy of 1 per cent TDS (tax deducted at source) on sale of immovable property exceeding Rs 50 lakh will come into effect from April 1, the beginning of the new financial year. As per the revised norms, TDS of 1 per cent shall be deducted on consideration or stamp duty value, which ever is higher, as against the earlier provision of consideration.
Housing sales mostly declined during the first and the second wave of the coronavirus pandemic but prices did not fall in most of the cities but rather increased in some cities, according to the Economic Survey 2021-22. The pre-Budget document also highlighted that the housing demand recovered after both the waves on the back of pent up demand, low interest rates on home loans and reduction in stamp duty by some states. The survey has analysed the National Housing Bank's data on change in housing transactions in Q1FY21 (first COVID-19 wave) and Q1FY22 (second COVID-19 wave) over the pre-pandemic levels of Q1FY20. It also looked into change in housing prices index during this period.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The government is open to 'some tinkering' in the varied rates and holding period for computation of capital gains tax on shares, debt and immovable property, in a bid to make it simple, revenue secretary Tarun Bajaj said on Wednesday. Under the Income Tax Act, gains from sale of capital assets, both movable and immovable, are subject to 'capital gains tax'. The Act, however, excludes movable personal assets such as cars, apparels, furniture from this tax.
Registration of housing properties in the Mumbai municipal region increased 35 per cent year-on-year to 7,556 units during this month on rising demand, according to Knight Frank. The registrations for September 2021 were 87 per cent higher compared to the pre-pandemic period of September 2019. "Mumbai BMC region (Churchgate to Dahisar and Colaba to Mulund) recorded its best September month performance. Recording 35 per cent YoY growth in property registrations in September 2021, 7,556 units is a 10-year best performance in the month of September," Knight Frank said in a statement.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Abhijeet and Devoleena's friendship is on the rocks. All's not well between lovebirds Karan and Tejasswi either.
Usually, the Income Tax Department notifies the ITR forms in the first week of April of the relevant assessment year. However, in contrast to the old practice, it has notified two ITR forms ITR-1 and ITR-4 for the assessment year 2020-21 in the first week of January.
If you are merely letting out the property and enjoying the rent as an individual or as a company, in most cases, you will need to mention rental income under the head 'income from house property' in the income-tax return form, points out Tinesh Bhasin.
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