'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
It's tax returns season. Ask our tax experts Mihir Tanna, Hardik Parikh, Tejas Chokshi and Sanjeev Govila.
Quoting an incorrect PAN during property registration can invite penalties and prosecution.
rediffGURU T S Khurana answers readers' personal income tax queries.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
'If an individual makes significant financial investments, she should stick to the old regime.' 'If the individual prefers straightforward computation without any tax benefits, the new regime would be suitable.'
Deductions missed in Form 16 can still be claimed while filing ITR.
A speeding Lamborghini, allegedly driven by the son of a tobacco trader, injured at least six people in Kanpur after hitting pedestrians and two-wheelers.
Scammers sometimes misuse personal information collected during tax preparation, leading to identity theft or unauthorised financial transactions.
'The AIADMK and DMK have 75% of the total votes. 25% of the voters do not support the two majors,' says DMK spokesperson Saravanan Annadurai.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Regular money talks, setting up joint goals, and regular reviews can help couples stay aligned.
Regular money talks, setting up joint goals, and regular reviews can help couples stay aligned.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
rediffGURUS Hardik Parikh, Tejas Chokshi, Mihir Tanna and Sanjeev Govila answer your tax related queries.
According to experts, even if an additional 5 per cent of people opt to buy new vehicles, it may bring a huge boost to the sector.
Understanding severance pay isn't just for those who are losing their jobs
West Bengal Chief Minister Mamata Banerjee on Thursday dramatically turned up at the residence of Indian Political Action Committee (I-PAC) chief Pratik Jain amid an ongoing Enforcement Directorate raid, alleging that the central agency was attempting to seize the Trinamool Congress's internal documents, hard disks and sensitive data linked to its election strategy.
What does this mean for you? Ramalingam Kalirajan explains.
While one can file an updated return, there are certain caveats, warns rediffGURU Mihir Tanna.
To offer additional support at the low end of the income ranges, the Centre will consider a large-scale jump in exemption rates under the old income-tax regime in the vote on account, or interim Budget, according to a senior official in the know. Those will include an extension of the income tax exemption rates close to Rs 7 lakh and additional measures for women farmers.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
Saurav Ghosh's step-by-step guide will help you understand what bonds are, how they help investors make money, how much money they make and which bonds to invest in.
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
'The hearing is not adversarial but inquisitorial in nature -- it allows Sebi to examine the context, the strategy, and the intent behind the trades, particularly when algorithmic and expiry-day trading are involved.'
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.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
'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.'
Talking to reporters in New Delhi, Angmo challenged authorities to an open debate on the allegations, including those suggesting links to Pakistan, and said neither she has been able to contact Wangchuk nor has she been provided with formal documents detailing the charges against him by the administration.
The purge in Washington does not pause the war. Strikes continue, Hormuz remains closed, and Brent crude is still dancing around $109 a barrel. For India, the command chaos in the Pentagon is another layer of uncertainty piled on five weeks of conflict that was already straining every buffer Delhi has.
Finance Minister Nirmala Sitharaman on Saturday said she is likely to introduce the new income tax bill, which will replace the six-decade-old I-T Act, in the Lok Sabha in the coming week.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
'The voice which came wherever I travelled was that we are proud taxpayers. We are honest taxpayers. We want to continue to serve the country by being good taxpayers.' 'But what do you think about the kind of things you can do for us?'
In September last year, India received financial information from over 108 countries regarding foreign accounts and income in the form of interest and dividend earned outside India.
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.
'There is a challenge in repositioning yourself, maybe reinventing yourself.'
Some individuals opt for the new regime without a comparative analysis of the tax liability under the two regimes.
When investing in fixed-income products, balancing considerations like safety, liquidity, and income is essential.
