Tag: income tax return

Know how you can save tax on interest income of up to ₹17,000 in a year

If you are filing your tax return, don’t forget to claim these deductions and exemptions to save tax on interest income. Most of you would...

Legal heir has to file income tax return on earnings of deceased

Death and taxes are inevitable. As weird as it may sound, even if a person has died, taxes have to be paid on his or...

Banks can deduct higher TDS for these customers

From 1 July, new rules for tax deduction at source (TDS) under Section 206AB have come in effect. Under this new section of the Income...

Filing your ITR? Know these rules regarding clubbing of income

Generally, you are required to pay tax on your income. However, under certain circumstances you may be required to club the income of your family...

Why it is important to show tax-exempt income in I-T return

Income tax return (ITR) should be filed with utmost care, but people make some common mistakes during the process, which may have consequences. One common...

PF accounts earn interest till retirement age

I am a trader. Is it mandatory that I file income tax returns for the profits and losses in trading that I booked? What is...

Know how to file ITR using the new tax filing portal

In order to ease the tax filing process and tasks, the income tax department has launched a new web portal which is more interactive and...

Four things to keep in mind while filing income tax return this year

Every year, the income tax department introduces certain changes in the tax-filing process or the tax forms. It is important for a taxpayer to know...

An ROR is required to report all foreign assets in India ITR

I’m an OCI cardholder and have been working solely in India as a self-employed doctor and paying my taxes in India for the past 15...

Any dividend income from shares is taxable

Is dividend income accrued from shares to a non-resident Indian taxable? —Name withheld on request Effective FY21 and onwards, any dividend income from shares of...

Pre-filled returns of income could prove to be a headache for taxpayers

In her budget speech, the finance minister announced that pre-filled income tax returns, which so far came filled in with details of salary, tax payments...

Things to know while making investment declaration for FY22

If you are a salaried person, your employer might have asked you to make the investment declaration for the financial year 2021-22. Employers are required...

Tax department has launched new ITR filing utility for AY2021-22. Details here

To improve the tax filing process, the Income Tax Department has done away with the excel and java-based utility and has launched a new offline...

Income Tax Return or ITR forms for AY 2021-22 issued. Details here

The Central Board of Direct Taxation (CBDT) has notified new income tax return forms — ITR-1 to ITR-7 — for the assessment year 2021-22, the...

Senior citizens may end up paying higher TDS under the new rules

The new proposed TDS (tax deducted at source) rules which will be applicable from 1 July may result in banks deducting TDS at higher rates...

Haven’t got income tax refund as yet? You may need to confirm it to the tax dept

Your income tax refund may be held up pending your confirmation about its accuracy if there was a significant difference in incomes or deductions that...

new tax regime: Opting for New tax regime for FY 2020-21? You will have to fill this additional form

The Central Board of Direct Taxes (CBDT), via a notification dated October 1, 2020, has clarified that individuals opting for the new tax regime for...

Taxpayers have to give details of each MF, stock that they sold: What it means?

If you redeemed your mutual funds or sold shares in the financial year 2019-20, you will have to give the details of each sale transaction...

Some taxpayers are getting SMS or email from tax department. Know why

Income tax department has been sending SMSes and emails to taxpayers to file their income tax return (ITR) for financial year 2018-19. This is in...

Who can file ITR-1 (Sahaj)?

The deadline for filing income tax returns or ITRs has been extended to 30th November 2020 as compared to normal deadline of July 31. The...

Advance tax isn’t applicable to senior citizens with no income from business or profession

I had gifted some shares to my husband five years ago. If he wants to sell them now, how will the gains be taxed and...

You may have to file ITR this year even if your income is below taxable limit

You may be liable to file your income tax return (ITR) this time even if your income was below the taxable limit in financial year...

New ITR filing criteria introduced from this year that you should know about

In its endeavor to widen the tax base, the government has been taking several measures to catch the tax evaders. In line with this, the...

Widening the scope of SFT can affect taxpayers in many ways

The government is planning to widen the scope of the statement of financial transactions (SFT). It is an initiative under which various institutions report specified...

PF account becomes inoperative if an employee retires after 55 years of age

I want to understand the income tax treatment on the interest part of the Employees’ Provident Fund (EPF). I started working in May 1984 and...