The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
With incomes rising, property and home purchases have grown exponentially in recent years. Being large-ticket investments, it's important to be savvy about the tax breaks and pitfalls that lie en-route.
Besides LTCG tax relief, permitting taxpayers to declare two houses as self-occupied brings a huge relief.
Cholamandalam Investment and Finance's (Chola) share has yielded one of the best returns in the last month. The company has sustained assets under management (AUM) growth at 7 per cent quarter-on-quarter (Q-o-Q), and 35 per cent year-on-year (Y-o-Y) in Q1FY25. Scaling up of new businesses now contributes to 13 per cent of loans (vs 10 per cent in Q1FY24).
The attached properties include 14 assets of Tuteja worth Rs 15.82 crore, 115 properties of Anwar Dhebar, the elder brother of Raipur Mayor and Congress leader Aijaz Dhebar, worth Rs 116.16 crore, properties of Vikash Agarwal alias Subbu worth Rs 1.54 crore and 33 properties of Arvind Singh worth Rs 12.99 crore, it said in a statement.
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.
If you are merely letting out the property and enjoying the rent as an individual or as a company, in most cases, you will need to mention rental income under the head 'income from house property' in the income-tax return form, points out Tinesh Bhasin.
The finance ministry is looking at rationalising long-term capital gains tax structure by bringing parity between similar asset classes and revising the base year for computing indexation benefit to make it more relevant, an official said on Friday. Currently, shares held for more than one year attract a 10 per cent tax on long-term capital gains. Gains arising from sale of immovable property and unlisted shares held for more than 2 years and debt instruments and jewellery held for over 3 years attract 20 per cent long term capital gains tax.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The recent stimulus measures announced by China have seen most analysts sit up and take notice.
A land-owning class, the Jats are a powerful community and account for 28 per cent of Haryana's population. The time, they believe, has now come for them to take revenge.
'Planning for the transfer of assets to the next generation is an important aspect of financial and estate planning.'
Their downside is that the donor relinquishes all control over the transferred property, and certain tax implications may also arise.
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
The real estate sector wants "high-impact" measures, like special schemes and tax breaks for developers, to revive the fortunes of the affordable housing segment in the country, multiple executives told Business Standard. This segment has been struggling since the Covid-19 outbreak, in contrast to larger and costlier homes which have been selling like hot cakes. The demand comes at a time when the government is taking suggestions from industry players before tabling the General Budget in the Parliament next month.
'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.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
rediffGURU Dev Ashish answers your personal finance and mutual fund queries
The serial defeat in elections has earned him the title of "Indori Dharti Pakad", drawing the name from late Kaka Joginder Singh aka 'Dharti Pakad', from Bareilly in Uttar Pradesh who had contested and lost several elections in the country.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
You can invest the proceeds in capital gains bond or reinvest in another residential property.
The project, code-named MF101 by Foxconn, will be spread across 1,500 acres at Talegaon or Khopoli.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
India has rejected New York City's contention that it is using the 26-storey building owned by it near the United Nations in Manhattan for commercial purposes.\n\n\n\n
'By filing a belated return, you can avoid the consequences of non-disclosure of income.' 'You can also avoid a notice from the I-T department for not filing an ITR.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The high court was hearing a plea moved by Swamy seeking to lead evidence before the trial court in the National Herald case, in which the Gandhis and others are accused.
In his poll rallies, Modi framed Pitroda's comments in his wider onslaught against the Congress, asserting that they have exposed its hidden agenda and that the party has become so removed from the country's social and family values that it wants to legally rob people of their assets and lifelong savings they want to bequeath to their children.
New house need not be in the tax payer's name only.
The government is open to 'some tinkering' in the varied rates and holding period for computation of capital gains tax on shares, debt and immovable property, in a bid to make it simple, revenue secretary Tarun Bajaj said on Wednesday. Under the Income Tax Act, gains from sale of capital assets, both movable and immovable, are subject to 'capital gains tax'. The Act, however, excludes movable personal assets such as cars, apparels, furniture from this tax.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Responding to a question, he said, "It may also deal with fake news, though there is no specific mention in this regard."
West Bengal BJP chief claimed that there are two crore "Muslim infiltrators" in the country.
The BMC election will hold the key to a new shift in political power -- not just in Mumbai but in Maharashtra, reports Sarthak Choudhury.
An angry Banerjee slammed a minister, a former Trinamool Congress mayor and a few bureaucrats for their "below-par performance".
The properties the government is eyeing to dispose of this year are located in prime locations of cities like Delhi, Mumbai, Surat, Ahmedabad, Bengaluru and Chennai.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
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.
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