It is advisable to file your ITR right away and not rely on potential extensions.
When submitting house rent allowance receipts, claiming that you pay rent to a close relative like parents, siblings or spouse, ensure that you have supporting documents to substantiate it.
Form 16 contains details of salary income, deductions, and exemptions.
A number of tax department officials PTI spoke to said the circular does not state that such a document has to be a 'sworn affidavit' or a 'notarised document'.
Can one claim both HRA and home loan benefits? This seems to be a confusing factor for most tax payers.
Home loan expert Harsh Roongta has the answer.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Employees who benefit from rent-free accommodation should pay heed to these new regulations, especially if they are in the higher salary brackets.
Finance Minister Nirmala Sitharaman in her fifth Union Budget made five major announcements for the income tax assesse. She announced no changes in the old tax regime and confined her relief measures to the new tax regime. There have been no changes under the old tax regime.
rediffGURU Mihir Tanna answers your income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Finance Minister Nirmala Sitharaman 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. The Budget 2023-24 has proposed changes in the optional tax regime, which was introduced in 2020-21. Speaking to reporters after presentation of the Budget, Sitharaman said the country has been waiting for a direct tax regime which is simplified and easy in compliance.
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.
Your financial goals are of utmost importance and the tax saving is an added incentive, advises Dwaipayan Bose.
There are many tax components you need to be clear about and also figure out how to plan your investments to gain maximum returns as well as maximum tax benefits.
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.
You can reduce your tax burden by wisely using partially taxable allowances, suggests Bindisha Sarang.
'I believe the modified scheme is much more beneficial and simpler.'
Eminent economist Arvind Panagariya has said India is on the cusp of returning to a high growth trajectory and voiced confidence that the country will become the world's third-largest economy by 2027-28. Currently, India is the fifth largest economy "so it's another five years.We are already in (the year) 2023. "So 2027-28, India should be the third-largest economy," Panagariya, Columbia University Professor and former Vice Chairman of NITI Aayog, told PTI in an interview in New York.
With the revision of the HRA, which was extended to include the west coast of India in 2010, some of the country's maritime security concerns like floating armouries and proliferation of private security are likely to be addressed, the Navy said.
In an online chat with Rediff.com readers, G Srikanth, partner, GSV Associates, chartered accountants, Chennai and member of the Institute of Cost and Management Accountants, answered queries about the new income tax proposals mooted in the Union Budget 2020-2021.
Most taxpayers will benefit from being in the old tax regime, assuming they optimise their salary for tax benefits and claim the deductions available to them.
Gifts are not allowed as an expenditure and hence you can not claim any benefit out of gift given, says direct tax expert Vikas Gandhi.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
As the MPC is mandated to target CPI inflation rate at 4 plus minus 2 per cent, any measurement error in CPI is likely to have grave consequences for monetary policy.
If you have traded in shares, your income will be considered as business income. Hence you will have to prerpare a profit and loss account, similar to that prepared by a trader and cliam all the expenses that you incurred for purchase and sale of shares. However while doing keep in mind that you will not be able to claim Securities Transaction Tax (STT) as expenses from the income, says direct tax expert Vikas Gandhi.
If your house owner does not have a PAN, you need not worry, as long as he/she is ready to sign a self declaration stating he does not have a PAN. You can submit a copy of this declaration to your employer and avail of the HRA deduction.
CBDT recently lowered threshold for this to Rs 8,333 a month. If you don't furnish this, a higher tax will be deducted at source from your income.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
RBI retained the GDP growth for the financial year 2018-19 at 7.4 per cent.
The 6-member Monetary Policy Committee, headed by Reserve Bank of India Governor Urjit Patel, in its fifth bi-monthly review, kept the repo rate unchanged at 6 per cent and reverse repo at 5.75 per cent.
Here we can highlight two-way benefits on HRA (house rent allowance) along with home loans.
Archana Ramanan, a homemaker from Tamil Nadu, tells Rediff.com's A Ganesh Nadar what she would like to see in Finance Minister Nirmala Sitharaman's Budget.
While diligent paperwork helps claim tax benefits, with employers under pressure from the government, any lapse in documentation by an employee will lead to sharp cuts in salary.
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