rediffGURU Samkit Maniar answers readers' personal income tax queries.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
The income tax department on Wednesday issued FAQs on changes in the capital gains tax saying the idea behind it was to simplify the tax structure and promote ease of compliance. The holding period for various asset classes for the purpose of short- and long-term capital gains tax has been rationalised. The holding period of all listed assets will be now one year for the purpose of long-term capital gains tax (LTCG).
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.
The Centre is considering amendments to the Recovery of Debt and Bankruptcy Act in the Budget to allow some Debt Recovery Tribunals to focus only on high-value cases.
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Filing your income tax return online this year? 5 points you should know to avoid hassles later.
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Some important FAQs on who is exempted from filing of income tax returns as provided by Income Tax Department in their web site...
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Take these simple precautions and file your taxes online without fear.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
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.
Amit Gupta examines the taxation of dividend-paying stocks, share buybacks, and bonus shares.
rediffGURU T S Khurana answers readers' personal income tax queries.
Amit Gupta, MD, Sag Infotech, answers your personal income tax queries.
rediffGURU T S Khurana answers readers' personal income tax queries.
'Foreign capital will continue to come directly into India, but companies have realised that GIFT City is a more cost-efficient way of channelling funds.'
The new forms, 8 in number, are between 2 and 20 pages. There's a list of instructions too
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Assessment year 2020-2021 saw returns filed fall to 69.7 million and stood at 71.4 million in assessment year 2021-2022.
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Tuesday gave its approval to Vedanta Limited's demerger proposal, clearing the way for the group to reorganise its operations into five distinct, sector-specific entities.
On the face of it, there could be a bump up in tax filings, but its impact on tax collections is not that straightforward
A day after Finance Minister Nirmala Sitharaman flagged technical glitches on the income tax department's new e-filing website, IT major Infosys said it expects the system to stabilise in the course of this week. On Tuesday, Sitharaman had asked Infosys and its chairman Nandan Nilekani to fix technical glitches being encountered on the income tax department's new e-filing website, after users flooded her Twitter timeline with complaints.
Every taxpayer should prefer filing income tax return online in order to avail full benefits associated with it and to remain hassle free.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
A taxpayer whose deductions and exemption claims are less than Rs 3.75 lakh annually would be advised to opt for the new income tax regime and pay less tax than they gave in the old regime, a senior finance ministry officer said on Wednesday. The Income Tax Department has arrived at the figure after making due calculations for ensuring a "hassle-free and less tax rate" filing regime for the assessees, he said. Union Finance Minister Nirmala Sitharaman, while presenting the Budget for 2023-24, said the government has made the new income tax regime more attractive for taxpayers bringing "substantial changes" in its structure for the benefit of the middle class.
It's better to inform your new employer about income earned and deduction availed with the previous one.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
'With new technology and stricter checks, cheating on taxes is just not worth it anymore.'
By acting now, you can step into 2025 with your finances in order and without unnecessary penalties.
Don't feel miserable if you missed the cut-off date for filing income tax returns for financial year 2013-14, which was, July 31, 2014. You have another chance to e-file your tax return before March 31, 2015. Don't miss this one.
It helps in applying for a loan, travelling abroad.
If you fall under any of these six categories, you better file your income tax returns on or before July 31, 2014.
Taxmantra has come up with few points which should be kept in mind before filing income tax return. This will enable you to file return without any encumbrances.
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.
The tax department conducts about 100-150 "full blown" searches and surveys in a financial year, and this enforcement action is not aimed towards the common taxpaying individual or entity.
'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?'
