Tag: Tax

How to manage finances while transitioning into startup realm after leaving job?

NEW DELHI: After working and gaining decades of experience, many professionals dream of becoming their own boss. While going through this transition phase of becoming...

Is monthly income from systematic withdrawal plan taxable?

I am a 63-years-old lady doctor. For my retirement and because of covid I have sold one of my clinics. I have invested that amount...

Know when you can claim both home loan and HRA deduction

I stay in a rented house in Delhi because I want to avoid a long commute to work. I have also bought a house in...

Renovate your home, save on capital gains tax

Most of you would know that if you sell a property, you can save capital gains tax by investing in another property or buying 54EC...

Private inequity: How a powerful industry conquered the American tax system

There were two weeks left in the Trump administration when the Treasury Department handed down a set of rules governing an obscure corner of the...

India cuts taxes on medicines and equipment to treat COVID-19

India on Saturday cut taxes on medical equipment such as oxygen concentrators and drugs used to treat COVID-19 infections, after widespread criticism over healthcare costs...

Global tax still far from becoming reality

After the accolades, an agreement among the world’s wealthiest countries to set a global minimum tax on the biggest companies now faces a long, bumpy...

No tax implications for gifting gold coins

I had invested in gold coins in 2010-11 at an average rate of ₹28,000-30,000. If I sell, will capital gains tax be applicable, and at...

LTCG on shares applicable to HUFs as well

I am the karta of a Hindu Undivided Family (HUF). I have been filing my tax returns regularly. In FY20, the HUF made ₹18,000 in...

Know the change in eligibility criteria of newly notified ITR1, ITR 4

NEW DELHI: The Income Tax Department notified tax forms ITR 1 to ITR 7 for the assessment year FY22 on Thursday. Given the pandemic, the...

Daughter will be liable to pay LTCG tax if gifted shares are sold after a year

My father and mother bought shares of blue-chip firms before 1994, some of them in jointly and others individually. My father died in 1994. Shares...

Expenses against which you can claim income tax deductions

31 March is the last date for making tax saving investments for financial year 20-21. Those who haven’t done their tax saving investments for the...

No process yet to shift PF balance to NPS a/c

I joined a school (where employee provident fund—EPF—deduction was being made) as faculty in January 2012 and worked there continuously for a period of three-and-a-half-years....

Short of cash? Don’t borrow to invest in tax-saving avenues

Many look at tax-saving as a chore and invest in tax-saving instruments towards the end of the fiscal without aligning them to their other investments....

15th Finance Commission opted for continuity, predictability in deciding tax devolution to states: N K Singh

The 15th Finance Commission opted for continuity and predictability and hence retained the share of tax devolution to states at 41 per cent of the...

Tax-related tasks you need to perform before 31 March deadline

The end of the financial year 2020-21 is approaching soon. There are a few tasks that one needs to perform before the 31 March deadline....

New PF taxation rules yet to be prescribed

Is the PF tax proposal in Budget 2021 applicable to PF investments made in the past? Or are they applicable to fresh investments made after...

income tax: Experts do not expect any major income tax relief in Budget

New Delhi: Salaried class or middle class might be disappointed from the Union Budget, which Finance Minister Nirmala Sitharaman is going to present on February...

APAS: Focus back on 800 pending APAs as taxman attempts to ring fence revenues

Mumbai: Concerned over the impact of Joe Biden’s tax policies on the outsourcing industry, India’s revenue department is seeking to conclude agreements with multinationals to...

ITAT gives relief on DDT by local companies on dividends to foreign shareholders

NEW DELHI: The Delhi Income Tax Appellate Tribunal (ITAT) ruled that dividend distribution tax (DDT) payable by Indian companies on dividends distributed to non-resident shareholders...

Ways to keep your demat account safe

Investors faced a similar problem when scandal at Karvy Stock Broking came to light. Recently, many are facing the same problem with Anugrah Stock and...

Gifts given to some relatives are tax-exempt

During the last financial year, I worked for seven months in India and the rest five months overseas. How will my earnings be calculated? Will...

Interest paid on refinanced loan may get tax break

With the drop in interest rates on home loan, many borrowers are realizing that they are paying fairly high rates in comparison. At times, the...

Income earned and directly received outside India not taxable for RNORs

—Ajay Gupta View Full Image Photo: iStock Effective financial year (FY) 2020-21, two new conditions have been added to determine residential status in India. The...

Exemption for leave travel allowance will not be available if you opt for the new tax regime

My salary was cut by 10% in April. While the company hasn’t touched my basic pay, it has reduced some of the allowances. How will...