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
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
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
You will need to disclose only the interest accrued during the current year on the certificate and not the interest received on withdrawal as you have already offered the interest on accrual basis in the earlier years. This interest will be taxed as income from other sources and will be disclosed in Schedule OS (other … Read more
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
Have you ever wondered what is the way out when your demands or desires outstrip your economic potential? For example, you may want to go to a European destination with your partner for a week-long trip, but do not have the adequate money in your bank, or want to add a small extension to your new … Read more
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
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
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