Kalki 2898 AD has been doing so well at the box office that it has moved up on Deepika Padukone's biggest hit list.
Form 16 contains details of salary income, deductions, and exemptions.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
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.
Employees who benefit from rent-free accommodation should pay heed to these new regulations, especially if they are in the higher salary brackets.
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.
Non-compliance can also result in legal complications and disputes with the tax authorities.
If you have any grievances or disputes regarding the demand stated in the notice, consider seeking professional help.
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.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
Missing the deadline for filing Income Tax returns can lead to consequences.
'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.
Did you know that an individual can, in addition to the tax benefits she/he is entitled to, also leverage the benefits available to family members to reduce this liability?
NRIs can repatriate the proceeds from the sale of a residential property in India, provided they meet a few conditions.
Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 in Parliament on February 1. The Budget is a statement of the government's estimated receipts and expenditures for a fiscal year (April 1 to March 31). It's divided into Revenue and Capital Budget. The Revenue Budget includes the government's revenue receipts and expenditures while the Capital Budget includes its capital receipts and payments.
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.
If an ITR is not filed or the tax due is not paid on the deceased person's behalf, there can be penal consequences.
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.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
The reimbursement components of your salary require you to furnish bills before they become tax-exempt. Producing them may be difficult this year.
Under Section 80D, you can avail of deduction on payment made towards preventive health check-ups.
Treat silver as part of the procyclical or growth assets in your portfolio, advises Sanjay Kumar Singh.
If you are scouting for a property, finalise the deal within the next seven months and benefit from this measure, suggests Bindisha Sarang.
Companies are looking to combine risk management with strategy.
'If you miss the deadline, you can still file a belated tax return till March 31, 2021, with a fee under Section 234F, which could be up to Rs 10,000, in addition to an interest under Section 234A and 234B of the Act.'
Finance Act, 2019 has made it mandatory for certain categories of taxpayers to file their ITR, even though their income may be below the taxable threshold. read on to find the details.
While using the family to save tax is legal and smart, ensure you use the ones where clubbing income laws isn't a concern, advises Bindisha Sarang.
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.
Titan Industries Ltd, leading manufacturer and retailer of watches and jewellery, is anticipating a business of over Rs 3,000 crore by the end of this financial year.
According to PRIME Database, there are nine companies with active buyback programmes of Rs 8,605 crore. Among these, Infosys's share repurchase programme is the biggest at Rs 8,260 crore.
There are judicial precedents where it has been held that if payment is made for temporary disablement, it would be taxable, points out Tinesh Bhasin.
The Tokyo-based Shinsei Bank is all set to foray into the Indian mutual fund business by forming a joint venture asset management company with Andhra Bank.
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