I plan to opt for the new tax regime when filing my ITR for AY 2025-26. Currently, I am on the old tax regime, so the 12% of my salary to the Employee Provident Fund (EPF) will continue through the rest of the financial year. Is it correct that I cannot claim a tax exemption … Read more
More than 9.54 lakh people with income of ₹1 crore and above filed their income tax (I-T) returns until October 31, the data on the Income Tax portal revealed. The latest data for the financial year 2024-25 shows that a total of 2.76 lakh individuals in the ₹1-crore club filed their tax returns in October. … Read more
Have you received an expensive gift from someone this Diwali? It could be an expensive watch, a rare painting, a piece of jewellery, or even a pair of branded shoes. Although a gift is typically considered tax-free, when its value is more than ₹50,000, it is liable to income tax in the hands of the … Read more
Starting 15 October, salaried individuals can adjust such TCS payments against the tax deducted at source (TDS) on their salaries. Previously, they could only claim a refund of the TCS when filing their tax returns. This affected salaried individuals in particular as professionals could always factor in the TCS while computing advance tax, said Prakash … Read more
In India, where family ties are deeply rooted, it’s common for grandparents to think about the future financial well-being of their grandchildren. This cultural tradition stems from a sense of legacy, love, and responsibility. Grandparents, having lived through various financial ups and downs, often want to secure a stable foundation for the next generation. Beyond … Read more
Direct Tax Vivad Se Vishwas Scheme, 2024, was enacted to resolve disputes regarding pending income tax litigation. The scheme aims to give taxpayers peace of mind by settling legal disputes. This scheme was notified on October 1, 2024. After this, several queries were received from the stakeholders seeking guidance in respect of various provisions. Following … Read more
I had invested in Sovereign Gold Bond (SGB). I opted for early redemption after the completion of five years. Are the profits made on such early redemption also tax-exempt, like redemption on maturity? Am I required to declare long-term capital gains on these bonds in my ITR2? A Sovereign Gold Bond (SGB) is the best … Read more
Following the announcement made by the Union Finance Minister Nirmala Sitharaman during Budget 2024, the Central Board of Direct Taxes (CBDT) has set up an internal committee to oversee a comprehensive review of the Income Tax (I-T) Act. The key goal of this review is to make the income tax law concise, clear and easy to understand … Read more
The Bombay High Court has recently held that employees cannot be penalised for employer’s failure to deposit tax deducted (TDS) from salary. “The object and purpose behind the provision is to the effect that when an obligation to deposit the tax as in the present case, is on the employer and if the employer has defaulted, … Read more
I filed my income tax return (ITR) as a non-resident Indian (NRI) and it has been processed. If I want to revise the ITR before 31 December do I need to file an updated ITR? I forgot to show some interest income that is taxable at 12.5% under a double taxation avoidance agreement (DTAA). – … Read more