Tag: Income tax

Claiming TDS credit will be difficult if bank doesn’t have PAN data

Have you submitted your permanent account number (PAN) to your bank? If not, the bank can deduct TDS (tax deducted at source) at a higher...

Govt set to overshoot FY22 tax collection target as Q1 mop-up reaches Rs 5.6 lakh cr: Icra

With the first quarter gross tax mop-up reaching Rs 5.6 lakh crore, Ratings on Friday said the government is set to exceed the budgeted tax...

Segregating income in these 5 heads can simplify ITR filing

Income tax calculator: While filing income tax return (ITR), it’s important for the taxpayer to know the various categories of income segregated by the income...

Dividend earned by NRIs is taxable in India

My son runs a business abroad and lives there. He has a non-resident Indian (NRI) account and invests in fixed deposits (FDs) in banks and...

I cover most of my parent’s expenses — what tax breaks am I eligible for?

Do you pay over half the cost of supporting a parent? If so, your parent is your dependent for federal income tax purposes. As such,...

Key things to remember during income tax planning for FY 2021-22

Income tax planning for FY 2021-22: First quarter of FY 2021-22 is gone and if you haven’t done your income tax planning,, then it’s not...

What to keep in mind while filing I-T return of FY21

The income tax department (ITD) launched a new e-filing portal (www.incometax.gov.in) on 7 June, as part of project CPC 2.0. It aims to provide improved...

LTCL can be carried forward for eight FYs

My father is over 80 years old and his income for financial year 2020-21 is as follows: short-term capital gain of ₹1.2 lakh; long-term capital...

Bought land for ₹5 lakh and sold at ₹59 lakh. How to save income tax

Question: I had purchased a plot of land in January 2004 for Rs. 5 lakh and sold it in March 2021 for 59 lakh. How...

Shouldn’t income tax be payable only on income?

Income tax is a tax payable on income. Unfortunately, at times, the tax laws end up taxing receipts that are not really incomes, or which...

Income tax benefit on home loan under affordable housing explained

Home loan interest rates coming down to the tune of around 7 per cent (SBI home loan interest rate starts at 6.70 per cent per...

How is interest income taxed?

For those investors who want to make safe investments irrespective of not so lucrative returns, bank fixed deposit (FD), Public Provident Fund (PPF), Sukanya Samriddhi...

10 big tax reliefs announced by the government for taxpayers

The government has announced several measures to ease income tax compliance and additional relief measures for taxpayers during the coronavirus pandemic. From further extension of...

Residential status definition varies in laws

My daughter has been staying and working in the US on an H-1B visa for the past two years. Does she qualify as a non-resident...

A paradigm shift in Indian revenue audits

Modus operandi Faceless assessment is administered through separate units within the tax department each of which has specific and important role in the process, viz...

How much income tax will Biden and Harris pay under their proposed hikes? These accountants say they’ve found an answer

President Joe Biden has been touting his proposed tax hikes on the rich by saying they need to start “paying their fair share.” If his...

I sold a house which was jointly owned by my wife. How income tax is calculated

Question: I had bought a house in joint names of me and my wife in March, 1995 for Rs. 8 lakhs. I was the first...

IRS investigating leak of tax returns from Elon Musk, Warren Buffett and other billionaires

Hours after an investigative news outlet said it obtained years of tax returns showing that billionaires including Amazon AMZN, +1.35% founder Jeff Bezos and Tesla...

All you need to know about the new tax filing system

The old income tax portal, incometaxindiaefiling.gov.in, was shut for users from 1 to 6 June as the government worked on launching its new income tax...

What users are saying about glitches in new tax portal

NEW DELHI: The government has launched a new tax portal that is supposed to improve taxpayers’ experience. However, the glitches in the portal are giving...

Gifts from specified relatives are not taxed

My wife and I would like to sell our apartment in Chennai, which is worth approximately ₹65 lakh. After the transaction, I would like to...

New income tax e-filing portal to be launched from June 7, payment services from June 18

The income tax department will launch a new e-filing portal on June 7, which will be integrated to immediately process returns and issue refunds. The...

When a relative abroad repays loan, forex gains are not taxable

Sometimes, taxpayers can land in a unique situation. They could make some monetary gains that are not specified under income tax laws. In such cases,...

Delhi HC grants more time to Robert Vadra to reply to I-T notices under black money law

The Delhi High Court Friday granted three more weeks to businessman Robert Vadra to respond to the notices issued to him by the Income Tax...

Form 16 delayed, Income tax filing due date extended and more

Amid, the severe Covid-19 pandemic, the income tax (I-T) department has extended the I-T return filing deadline for 2020-21. The extension in timelines will help...