Tag: income tax return

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...

Catching elusive taxpayers still a work in progress

A tweet from a government handle, now deleted, was the cause of much upset with social media going a little nuts on the increasing compliance...

Be careful when filing ITR, tax dept may be watching

MyGov, the government’s citizen engagement platform, tweeted on 14 August that it will bring specific transactions under its scanner. But the post was later deleted....

What govt must do to make the new tax charter more effective

Prime Minister Narendra Modi last week announced tax reforms, which includes a new charter defining the rights as well as the obligations of assessees. Clarity...

Redeemed your MF? It’s important to report capital gains or losses in ITR

With companies starting to issue Form 16 to their employees, many individuals have begun the process of filing the income tax return (ITR) for the...

An NRI can file ITR and claim credit or refund due out of tax deducted in India

I am a non-resident Indian (NRI) living in the UK. We recently partitioned our ancestral properties and I got my share of ₹75 lakh. I...

An ROR must file income tax return in India if he or she holds any foreign asset

I am a 64-year-old US citizen. I spend some time in the US and some in India. Before moving out from India, l had bought...

How new Form 26AS will help in reducing errors when filing ITR

The newly notified Form 26AS displays more information about taxpayers, including some of the high-value transactions done by them during the financial year. This is...

The big-ticket transactions that can bring you under the radar of the I-T dept

To widen the tax net, the income tax department is using analytics to scrutinize data to find out people who haven’t filed income tax returns...

IT department may soon reach out to you if you did a high-value transaction in FY 2018-19 and haven’t filed tax return

The tax department said in a notification issued on Saturday that it will start an 11-day e-campaign starting from 20 July to reach out to...

You have time till 30 Sept to rectify incomplete tax returns of last five years

New Delhi: Taxpayers who have filed tax returns electronically in the last five years but have not completed the filing process by authenticating these either...

Govt may need to extend ITR deadline if COVID-19 cases rise: Experts

INDIA : Amid rising number of coronavirus cases, the tax department may have to come out with more measures and further extend the timelines to...

You are required to pay advance tax if your estimated tax liability is more than ₹10,000

I am a freelancer and have income from multiple sources. Most of the sources cut tax deducted at source (TDS) at the rate of 10%...

Planning to file ITR early? You may have to wait longer for your Form 16

The government in its 24 June notification had announced relaxations in various tax-related deadlines, including the extension of the date of filing of the TDS...

New TDS rates on high-value cash withdrawals apply from today. Know the details

In order to tighten the noose on those who don’t file income tax returns (ITR) despite earning taxable income and discourage cash transactions, the Finance...

Income tax department opens ITR filing window for those using ITR 1 form

NEW DELHI : The income tax department today announced that it has opened the window for filing of income tax returns (ITR) for financial year...

CBDT introduces separate table for investments in April-June

The Central Board of Direct Taxes (CBDT) has notified the income tax return (ITR) forms for the assessment year 2020-21. The ITR forms will have...