If you have not received your income tax refund so far, there is good news for you. The Income Tax (I-T) Department has set April 30 as the deadline for approving pending refunds, reported Business Line The department has prepared an interim action plan for tax refunds in this fiscal and set a timeline for various actions related … Read more
Rejecting media reports suggesting the large-scale reopening of cases related to incorrect house rent allowance (HRA) claims, the Central Board of Direct Taxes (CBDT) on Monday, April 8 clarified that “apprehensions about retrospective taxation on these matters and re-opening of cases are completely baseless.” Also Read: Income Tax: Rent paid to spouse can be claimed … Read more
Tax evasion and tax avoidance are distinct concepts, despite both aiming to minimise tax payments. Tax planning and avoidance employ legal strategies, whereas tax evasion is unlawful and can result in severe penalties. Interpreting tax evasion Tax evasion relies on deliberately deceiving tax authorities. This deceit can manifest in various ways, including: Concealing income: Not … Read more
With fewer than 48 hours to go before the financial year draws its curtains, investors are rushing to invest into a plethora of investment options in order to save their income tax for fiscal 2023-24. There is no denying the fact that most investment options, particularly the ones in equity have already become unfeasible from … Read more
As the financial year draws to a close, various income tax-saving investment avenues, such as the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), and National Pension System (NPS) necessitate minimum contributions to maintain their active status. Therefore, if you hold an account in any of these schemes and haven’t made any deposits for the … Read more
I am planning to buy a residential property from a person who is a resident of Australia for ₹75 lakh. I understand that since the sale consideration exceeds 50 lakhs I have to deduct tax at 1% of the sale consideration. Is my understanding correct? What are the other formalities that I need to comply … Read more
If you want to save income tax for the investments made in this financial year (2023-24), do not forget to invest before March 31 this year. With only a few days remaining in this financial year, taxpayers are urged to invest as soon as they can. Meanwhile, RBI has told all agency banks dealing with … Read more
ITR filing: When filing your income tax return (ITR), it’s important to pick an investment plan that can save you money on taxes. So, while aiming for investment returns, don’t forget about potential tax savings. Understanding the tax implications of stock market investments is crucial for optimising returns. According to experts, individuals investing in the … Read more
New Delhi: Union finance minister Nirmala Sitharaman on Thursday announced measures to withdraw outstanding disputed tax demands for specific periods, a move she said will benefit 10 million taxpayers by ending disputes going back decades. “In line with our government’s vision to improve ease of living and ease of doing business, I propose to withdraw … Read more