December 28, 2023 09:34 AM ISTYou must have received a mail this time around from your HR or the financial department regarding the submission of investment proof. But what if you haven't made enough investments? Can you still make the best of the deductions? Watch this video as we explain 5 such ways.
December 27, 2023 03:58 PM IST Several taxpayers have received messages from the Income Tax Department alerting them about possible non-disclosure of high-value transactions such as property sales and purchases, foreign investments and remittances overseas, investments of over Rs 10 lakh in mutual funds, and capital gains made on the sale of equity shares.
December 25, 2023 07:00 AM IST Tax-saving FDs are one of the least risky investment options in the crowded 80C benefit. They have a lock-in period of five years and premature withdrawals are not allowed. The interest in this investment is taxable
December 21, 2023 03:03 PM IST Gifts received on the occasion of a wedding from relatives, friends and acquaintances are tax-free. However, if exemption is claimed on gifts received from a relative or friend well in advance, be prepared for queries from the income tax department.
December 15, 2023 07:39 AM IST According to Section 208 of the Income-tax Act, any individual with an estimated tax liability of Rs 10,000 or more for the year is required to make advance tax payments in four tranches, with the third part falling due on December 15.
December 13, 2023 10:23 AM IST You can use your income to buy an asset for your spouse. But any income from that asset will be clubbed with your income and taxed accordingly. This can’t be taxed as part of your spouse’s income. Doing so can get you an income tax notice.
December 12, 2023 07:30 AM IST Providing evidence of investments and expenses eligible for tax deductions is a crucial responsibility. However, it is of paramount importance to refrain from submitting false claims or incomplete documentation, as it could lead to potential complications and issues.
December 04, 2023 02:12 PM IST There are tax implications on gains made on share sales within a day of listing. Read on to find out what they are.
December 12, 2023 01:28 PM IST Budget 2024: Many double taxation avoidance treaties have been forged and annual information statements capture tax details, but there is a need to shift procedures to digital mode for NRIs too.
November 30, 2023 06:07 PM IST From Assessment Year 2023-24, individuals will have the flexibility to submit a fresh ITR after discarding the previous submission, without having to verify the original, discrepancy-ridden return
December 11, 2023 05:07 PM IST Budget 2024-25: The Central Board of Indirect Taxes and Customs (CBIC) is currently analysing the technological requirement and upgrade needed and is debating the additional cost impact vis-a-vis the slowdown of processes
December 11, 2023 05:49 PM IST Interim Budget 2024: Technology has eased tax-filing thanks, in part, to pre-filled forms. But mass tax-notices and erroneous notices have caused confusion. And dispute resolution needs to improve.
December 11, 2023 11:16 PM IST Budget 2024: The government has made the process for filing returns easier and accessible, but more reforms are needed, particularly with respect to long term capital gains tax. Also, over the last decade filing returns has become completely automated but getting timely redressal remains an issue.
November 22, 2023 11:09 PM IST This is the second time the Commissioner of Income Tax-Appeals has confirmed tax demand on IndiGo, as a similar order was passed in 2015
November 22, 2023 08:26 PM IST According to the survey, 87 percent of individuals and 89 percent of firms said that claiming income tax refund (ITR) has becoming convenient as ITR refund gets automatically generated after filing the returns
November 22, 2023 10:38 AM IST An income-tax notice cannot be issued if three years have passed since the end of the relevant assessment year. However, if there is evidence of concealment of income of at least Rs 50 lakh, a notice can be issued beyond three years but within 10 years of the end of the relevant assessment year.
December 11, 2023 10:38 PM IST Interim Budget 2024: Affordable housing and the introduction of the real-estate regulator were the biggest moves. But a lacklustre approach towards the rental housing market was arguably a big miss.
November 18, 2023 03:17 PM IST The penalties have been imposed for the tax period between April 2016 to March 2017 and April 2017 to March 2018
November 08, 2023 01:59 PM IST The number of people declaring Rs 10 lakh-plus annual income has grown nearly fourfold in the past 10 years. While inflation could explain part of this rise in income levels, and a part by more toning of the tax administration nudging people towards more income disclosures, a substantial part of this 93.7 million taxpayer base is a reasonable proxy of growing formalisation, rising incomes, and better affordability that have turned yesterday’s luxuries into today’s necessities
November 04, 2023 10:00 PM IST Crypto gifts received will be taxed as ‘income from other sources’ at regular slab rates if the total value of gifts is more than Rs 50,000.
November 01, 2023 07:13 PM IST Planning to buy gold this festive season, but confused about the taxes? If you’re looking forward to buying, investing, exchanging, or selling gold, this video will tell you all about it. In this video, we explain taxes on gold, short & long-term capital gains, and how tax on gold varies from purchase to purchase. Watch!
November 01, 2023 04:33 PM IST Lakhs of notices have been sent to companies and individuals. Has the GST reform gone awry? What can you do if you have received a notice? And how soon can you expect relief. Shweta Punj chats with experts who decode for you #gst #notice #tax
November 01, 2023 02:55 PM IST Income-tax rules mandate that you disclose all your assets and income, especially if they are held outside India. Employees of multinational companies such as Amazon, Google, Microsoft etc. must be diligent in filing their tax returns
October 28, 2023 08:47 AM IST CoinDCX, like other Indian digital-asset exchanges, is seeking to diversify revenue streams by looking abroad or expanding into different projects.
October 25, 2023 07:42 PM IST With effect from October 1, 2023, the new TCS regulations apply to your international spending such as overseas tour packages, forex, remittances, and so on. Whether you're a business owner, a frequent international traveller, or simply curious about how the TCS would be levied, this video is a must-watch.
