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.
Calculate the tax already paid via TDS, and accordingly arrive at your tax liability for the year.
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.
Once the income has been classified as either business income or capital gains, be consistent.
Whether you give stocks held for more/less than a year, benefits are nominal; donating cash is better.
The government has also developed a PAN activity monitoring.
It's not unusual for the tax departments to freeze bank accounts and there have been instances of the authorities recovering the outstanding from the bank, though such course of action is not common.
Some of the disclosures in the ITR form, under review at present, increases procedural hassles for expats
Both NRIs and those who make payouts on sale of property need to understand the TDS provisions that are applicable or risk punishment, warns Sanjay Kumar Singh.
Based on the holding period, the profit you make is liable to short-term or long-term capital gains tax, experts tell Tinesh Bhasin.
Incomes such as dividend, interest on tax-free bonds, eligible gifts, etc should also be reported even though they are tax exempt, suggests Sanjay Kumar Singh.
Besides LTCG tax relief, permitting taxpayers to declare two houses as self-occupied brings a huge relief.
If you receive an email claiming to be from the income tax department that there's an outstanding tax demand that you need to pay immediately, don't get alarmed. Get cautious.
Check the status and immediately act on it
While the crackdown is a major step in combating tax evasion and improving transparency, it might also impact the flexibility and genuine corporate structures created to achieve legitimate objectives, says Suresh Surana.
If you were deputed abroad, filing income tax can be tricky.
'The professional or the freelancer needs to pay taxes from his pocket first and then wait for payments from his clients.'
Taxpayers might face several issues while filing returns this year.
New ITR form may be simpler, but some changes could stump you.
Unless they have capital gains or assets abroad, most individuals will need to file ITR-1 or ITR-2A.
This taxation applies to all types of transfer of property.
As protectionism grows from the United States to Australia, Sanjay Kumar Singh draws up a comprehensive financial checklist for those shifting to India.
Do not declare them under Income Tax.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances