Quoting an incorrect PAN during property registration can invite penalties and prosecution.
This taxation applies to all types of transfer of property.
Finance Minister Nirmala Sitharaman on Friday proposed to double the limit for Tax Deduction at Source (TDS) on interest income for senior citizens to Rs 1 lakh, and also increase the threshold to Rs 6 lakh on rent from the current Rs 2.4 lakh.
Form ITR-B allows the assessee to claim TDS (tax deducted at source) and TCS (tax collected at source) credit against undisclosed income.
Taxpayers should consider ITR-U if they omitted income, wrongly claimed deductions or exemptions, or made reporting errors that led to a shortfall in tax payment.
Deductions missed in Form 16 can still be claimed while filing ITR.
Think again. Not filing could cost you. Here's who must file, who should, and why it matters. What's more, the deadline to file your ITR has been extended till September 15, 2025
The old tax regime remains unchanged. 'Taxpayers opting for it will continue to follow the existing slab rates and deductions.'
Finance Minister Nirmala Sitharaman on Saturday unveiled 'transformative' tax reforms that ranged from a simpler income tax law to higher TCS threshold for remittances and income tax benefits for middle class.
The income tax department will allow people to file 'belated return' until December 31.
'If you invest in a rush at the last moment, you could compromise on selecting the best tax-saving options.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
rediffGURU T S Khurana answers readers' personal income tax queries.
Organise your PAN, Form 16, Form 26AS, AIS, and all other proofs before e-filing.
rediffGURU T S Khurana answers readers' personal income tax queries.
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
There are a number of steps taken that will leave more money in the hands of the taxpayers.
These include the reduction in tax rates under the new tax regime, increase in standard deduction, allowing tax collected at source to be adjusted against tax deducted at source from salaries, notes Harsh Roongta.
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.
Besides wrong selection of ITR form, many professionals claim deductions they are ineligible for.
As the policy was going to be revised, the BCCI staff including the finance, operations and media department were not paid their daily allowances for the IPL and WPL but now that the policy has been formulated, their dues should be cleared soon.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
Net direct tax collection grew 13.13 per cent to over Rs 21.26 lakh crore so far this fiscal aided by by higher advance tax mop up, government data showed on Monday. During the year, the government collected Rs 10.44 lakh crore from four instalments of advance tax as against Rs 9.11 lakh crore in the previous fiscal, registering a growth of 14.62 per cent.
'Don't wait until the last minute. Instead, cultivate the habit of monitoring your Form 26AS throughout the year.'
Form 16 contains details of salary income, deductions, and exemptions.
It is important to have the necessary documents on hand to verify the information in the form.
rediffGURU T S Khurana answers readers' personal income tax queries
The time limit is proposed to be extended from the current two years to four years.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
Non-resident Indians (NRIs) haven't gone big on the Indian stock market story despite the post-pandemic boom. While domestic participation through mutual funds (MFs) and dematerialised accounts has soared, NRI participation figures show limited signs of a similar rise.
Everyone (with some exceptions) whose estimated tax liability is Rs 10,000 or more in a financial year must pay advance tax.
Tax experts answer your budget-related queries
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
As part of Budget 2013-14 proposals, it is considering widening the scope of source-based taxation to more areas to improve reporting mechanism for transactions.
Salaried persons whose liability is fully deducted as tax deducted at source by their employer need not worry about advance tax payments, unless they have other sources of taxable income.
Use forms 15G and 15H to avoid tax at source.
'Tax officials view most taxpayers as evaders.' 'The I-T department has a perverse incentive to raise unreasonable demands since the one-fifth tax collected counts towards officials' collection targets,' observes Harsh Roongta.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Real estate developers are hoping that the slew of tax concessions announced in Union Budget 2025, set to take effect this financial year, will spur demand for affordable and mid-segment housing, even as the broader housing market shows signs of fatigue.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
