income tax

Income tax: Scores of taxpayers get I-T notices under section 148; can be challenged, says ICAI ex-chief Ved Jain

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Income tax: Scores of taxpayers get I-T notices under section 148; can be challenged, says ICAI ex-chief Ved Jain

Some income taxpayers have reportedly received notices under section 148, which is related to the reopening of assessments for the assessment years 2014-15, 2015-16, 2016-17 and 2017-18. A former president of the Institute of Chartered Accountants of India ((ICAI), the chartered accountants’ professional body, believes that these tax notices are wrongly sent since the limitation … Read more

Retired in February but leave encashed in April. When is the benefit of exemption applicable?

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Retired in February but leave encashed in April. When is the benefit of exemption applicable?

Salary is taxable on a ‘due’ or ‘receipt’ basis, whichever is earlier. As you have retired in February 2024, the leave encashment became due to you in February 2024 itself. While section 10(10AA) of the Income Tax Act, 1961, provides an exemption for ‘payment’ towards leave encashment received, one would need to read the exemption … Read more

Influencers rush to seek help on taxes to financial planning

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Influencers rush to seek help on taxes to financial planning

Independent content creators who have seen a spike in their earnings are flocking to financial advisers, wealth managers and chartered accountants (CAs) to avoid tax troubles and plan investments in everything from financial instruments and real estate to startups. “The broad theme that we have learned while working on content creators’ portfolios is that the … Read more

Personal Loan: Want to renovate your house? You may want to opt for THIS loan to save money

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Personal Loan: Want to renovate your house? You may want to opt for THIS loan to save money

It is understandable that procuring a personal loan is the last resort for a lot of people. Every time a salaried individual encounters financial trouble, the first option that s/he thinks of is to procure a personal loan. A personal loan is an unsecured loan which can be processed seamlessly by applying with a bank or an NBFC and … Read more

Income Tax: Is your refund being held up over defective I-T return? This is what you should do

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Income Tax: Is your refund being held up over defective I-T return? This is what you should do

The deadline to file an income tax return (ITR) passed on July 31, 2024, following which eligible taxpayers received either a refund or an income tax (I-T) notice intimating them that there was something amiss in their income tax return (ITR). It could be because of a defective I-T return or a pending assessment. Let … Read more

America’s rich never sell their assets. How should they be taxed?

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America’s rich never sell their assets. How should they be taxed?

What is income, really? Ask an economist and they might describe “Haig-Simons” income—the value of a person’s consumption of goods and services, plus the change in their net worth over a certain period. A lawyer might refer to Section 61(a) of the IRS Code 26, which defines “gross” income as “all income from whatever source … Read more

ITR refund scam: Income tax department warns taxpayers on fake messages, mails

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ITR refund scam: Income tax department warns taxpayers on fake messages, mails

ITR refund scam: The Income Tax Department (IT) has cautioned taxpayers to beware of scams. According to the IT department advisory, taxpayers should stay vigilant against online scams such as fake calls and pop-up notifications stating that they can avail of tax refunds. ऑनलाइन धोखाधड़ी से सावधान रहें pic.twitter.com/UtGD7QAWLG — Income Tax Mumbai (@IncomeTaxMum) August … Read more

What are the tax implications of receiving a gift?

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What are the tax implications of receiving a gift?

No, you aren’t. However, if the gift were from a non-relative, let’s say a friend, you would’ve needed to pay taxes to be on the right side of the law. When it comesto the tax treatment of gifts, the rules are pretty specific. Gifts received from relatives are fully exempt. Gifts from non-relatives up to … Read more

Budget 2024 has laudable goals but misses a few tricks

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Budget 2024 has laudable goals but misses a few tricks

The Union budget 2024-25 was presented in Parliament by a coalition government. While it broadly signals ‘change with continuity’, it has some interesting dimensions beyond the numbers and the fiscal math. For one thing, there are references to reviews of certain key policy frameworks and other initiatives such as on foreign direct investment (FDI) and … Read more

Budget 2024: FM announced these changes to make taxpayer’s lives easier, reduce litigation

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Budget 2024: FM announced these changes to make taxpayer’s lives easier, reduce litigation

Offering a sense of relief to taxpayers, Union Finance and Corporate Affairs Minister Nirmala Sitharaman in Budget 2024 announced a number of key changes with regards to reopening and reassessment of old income tax returns (ITR) filed by taxpayers. In Budget 2024, Finance Minister Nirmala Sitharaman proposed that reopening and reassessment of income tax returns will be allowed in … Read more