Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
If your equity gains are less than Rs100,000 in a financial year, you can breathe easy.
Besides LTCG tax relief, permitting taxpayers to declare two houses as self-occupied brings a huge relief.
It's better to inform your new employer about income earned and deduction availed with the previous one.
'To save the LTCG, it's always better that the owner of the property that was sold also becomes the title holder in the new one.'
Miss the March 31, 2018 deadline to file belated tax return for FY16, and risk an I-T notice and a hefty fine.
Taxing SoftBank, the largest shareholder in Flipkart with a little over 20 per cent stake, however, will be easier.
If your case is picked up for random scrutiny, any of the tricks that you or your financial advisor may have used to avoid tax will be easily detected.
The Panama Paper leaks were originally revealed by the International Consortium of Investigative Journalists on April 4, 2016, following which, the government had set up the MAG to probe the matter.
Define ownership proportionately at the time of registration to ensure that you don't face problems on taxation front.
The new ITR forms have shifted the entire onus on the taxpayers to prove their claim for deductions, expenses or exemptions.
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