Tag: itr

ITR filing of deceased person: Documents required, steps to be taken by legal heirs

Even after death, a person cannot be absolved of his tax liability. The legal heirs of such deceased person are required to pay the tax...

Seniors over 75 should declare pension, interest income for ITR filing exemption

NEW DELHI: For senior citizens of 75 years and above looking for exemption from filing income tax returns, the Central Board of Direct Taxes (CBDT)...

Do you have to disclose assets in your ITR?

In order to detect the cases of disproportionate increase in the assets as compared to known source of income, the government has mandated individual tax...

Which form to select for income tax return?

After we discussed as to who can use ITR 1 in the article last week, let now see who can use ITR 2, ITR 3...

Mental account lessons from Dustin Hoffman

Decades ago, when Gene Hackman and Dustin Hoffman were struggling actors, Hackman visited Hoffman’s home and Hoffman asked him for a loan. Hackman agreed to...

Tax experts bat for restoration of old site until new one is fighting fit

Against this backdrop, we asked a few experts if switching back to the old portal was a possible solution to taxpayers’ woes right now. Here...

Mistakes one should avoid while filing ITR

Most of the individual taxpayers file their own ITR themselves. Since income tax is a complex law, an ordinary taxpayer is bound to commit certain...

Things you should remember to do

Here is the list of things a taxpayer should be mindful of while filing ITR:  Choosing the right assessment year Taxpayers often get confused about...

It is important to check pre-filled tax forms

If you are filing your income tax returns (ITR) online this year, you are likely to get certain information pre-filled in the tax forms. The...

Incomes which we generally forget to include in our ITRs

Many salaried and retired taxpayers file their Income Tax Return (ITR) themselves and they are bound to commit certain mistakes due to absence of proper...

Income Tax implication of gift given by a member to own HUF

I am Karta of my HUF. In FY 2020 – 2021 I have invested my personal tax paid amount in my HUF account, which is...

Revamped tax-filing portal is still giving taxpayers trouble

The government has launched a revamped income tax filing portal—www.incometax.gov.in—aimed at improving the experience of taxpayers and to make the process of filing of income...

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...

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...

Know when and how to file ITR of a deceased person

NEW DELHI: Death and taxes are inevitable. As weird as it may sound, but even on death, outstanding tax liabilities must be repaid. The legal...

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...

Know these rules before filing ITR if you had pay cuts or withdrew PF

The tax-filing season has started. Last year, due to the pandemic, many people faced certain unprecedented situations such as pay cuts, pay deferments and job...

Interest paid on student loans is eligible for tax deduction

I aspire to study abroad (Germany) and might need a student loan for the purpose. I have a master’s degree in biotechnology from a reputed...

Tax implications for individuals working from India due to covid pandemic

It has been more than a year since the pandemic began to rage across the world. During this period, travel restrictions were imposed, and borders...

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...

Tax department must introspect on failure in technology implementation

The launch of the new income tax portal has brought home the truth about how the tax department has made taxpayers dependent on technology in...

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...

Users of new Income tax return portal continue to face glitches

A week after the Income Tax Department’s much publicised new e-filing portal went live, users continued to face technical glitches ranging from longer than usual...