Avoid donating without checking the receipt proforma showing the political party's ECI registration number and PAN.
Quoting an incorrect PAN during property registration can invite penalties and prosecution.
'Legally clean farmland is difficult to find. It requires time, money, and legal effort to verify the title.'
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
'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 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.
Review your family emergency fund and replenish it if needed. Revisit financial goals to see if there is any change in timeline or the corpus required.
Market downturns or regulatory shifts can reduce liquidity, making it harder to buy or sell assets when needed.
The old tax regime remains unchanged. 'Taxpayers opting for it will continue to follow the existing slab rates and deductions.'
If you lack an emergency fund or it is depleted, use part of your bonus to build or replenish it.
'If you invest in a rush at the last moment, you could compromise on selecting the best tax-saving options.'
'Any earnings, regardless of location, will be subject to Indian income tax.'
'File all the supporting documents in response to the allegation since there is a possibility of the proceedings getting dropped at that stage if the reply is satisfactory.'
It is advisable to file your ITR right away and not rely on potential extensions.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
Form 16 contains details of salary income, deductions, and exemptions.
'The adjustments (of tax slabs and standard deduction) will reduce the tax burden for salaried individuals with an income of around Rs 20 lakh by approximately Rs 18,000.' 'For non-salaried individuals with the same income level, the savings will be around Rs 10,000.'
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
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.
Everyone (with some exceptions) whose estimated tax liability is Rs 10,000 or more in a financial year must pay advance tax.
Municipal corporations penalise late property tax payments. 'Penalties can include attachment of properties, bank accounts, rent and other movable assets," says Anand Moorthy, co-founder, Square Yards.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
What many don't realise is that including their spouse and children in their tax planning can enable them to reduce their tax burden legally.
A taxpayer paying rent to his/her spouse is entitled to claim HRA benefit under relevant sections and within prescribed limits.
Their downside is that the donor relinquishes all control over the transferred property, and certain tax implications may also arise.
Employees who benefit from rent-free accommodation should pay heed to these new regulations, especially if they are in the higher salary brackets.
If you have any grievances or disputes regarding the demand stated in the notice, consider seeking professional help.
Non-compliance can also result in legal complications and disputes with the tax authorities.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
The Income-Tax (I-T) department has issued around 8,000 notices to salaried employees, self-employed individuals, and companies who made significant donations to charitable trusts. The department suspects potential tax evasion, as records of these donations do not correspond with the income and expenses of those making them. Sandeep Bajaj, managing partner, PSL Advocates & Solicitors, says, "Notices were issued for donations made during the assessment years of 2017-18 through 2020-21."
Employees should review the accuracy and completeness of the information provided in Form 16. They should confirm that all the tax deducted has been credited correctly.
'The number of leave accumulated sometimes goes up to 300.' 'The encashed amount is equivalent to almost 10 months' salary.'
'If a taxpayer opts for the new tax regime once, he can only switch back to the old tax regime once in his lifetime.'
Several changes were made to the new income-tax regime in Budget 2023. The old income-tax regime was not tinkered with and is still available.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
Chartered accountancy firm Lodha & Co has resigned as a statutory auditor for Birla Global Finance.
As these forms are quite elaborate, their early notification will give assessees more time to get the documentation and paperwork ready, and hence make complete disclosures while filing their returns.
Missing the deadline for filing Income Tax returns can lead to consequences.
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