Income Tax: How to check whether employer is depositing TDS with the tax department?

Income Tax: How to check whether employer is depositing TDS with the tax department?

The Bombay High Court has recently held that employees cannot be penalised for employer’s failure to deposit tax deducted (TDS) from salary. “The object and purpose behind the provision is to the effect that when an obligation to deposit the tax as in the present case, is on the employer and if the employer has defaulted, … Read more

More than 7 crore ITRs filed till 7 pm on 31 July: Income Tax Department

More than 7 crore ITRs filed till 7 pm on 31 July: Income Tax Department

Income Tax Department on Wednesday said more than 7 crore ITRs (income tax returns) have been filed till 7 pm on 31 July. Out of this number more than 50 lakh ITRs were filed on Wednesday till 7 pm, said the tax department. Urging all those taxpayers who have not filed ITR for financial year … Read more

Income Tax department’s big warning: Exaggerated, bogus claims for refunds punishable offence

Income Tax department’s big warning: Exaggerated, bogus claims for refunds punishable offence

The Income Tax Department has asked all citizen filing income tax returns to not make bogus claims for expenses, under-report their income or exaggerate deductions, this is a punishable offence causing delays in the issuance of refunds, reported PTI on Sunday, July 28. The income tax return (ITR) filing session for the assessment year 2024-25 … Read more

Govt has no plan to reconsider real estate LTCG tax changes, says report

Govt has no plan to reconsider real estate LTCG tax changes, says report

Amid concerns about the removal of the indexation benefit for property sales under the Long Term Capital Gains (LTCG) tax, there will be no reconsideration of the changes made in the Union Budget, according to news agency ANI. “There will be no rethink on LTCG provisions made in the budget as it is beneficial for … Read more

Tax impact of crowdfunding for cancer treatment: Key insights

Tax impact of crowdfunding for cancer treatment: Key insights

My relative was diagnosed with a rare form of cancer requiring treatment of several lakhs. To support him, a few extended family members plan to create a corpus of ₹20 lakh to ensure a regular income stream to meet his basic expenses. Against this backdrop, kindly advise on the following: 1. Will the corpus we … Read more

Income tax return filing: Requirements of disclosure of assets owned by you in ITR

Income tax return filing: Requirements of disclosure of assets owned by you in ITR

ITR filing: The income tax department wants certain taxpayers to report various assets and liabilities to detect cases of disproportionate assets owned by a taxpayer compared to his known sources of income. The report can be divided into two parts: first, those taxpayers with incomes over 50 lakh rupees, and second, foreign assets owned by … Read more

Income Tax Return: How to choose the correct ITR form for tax filing

Income Tax Return: How to choose the correct ITR form for tax filing

Filing income tax returns (ITR) is an essential responsibility for every taxpayer in India. The process begins with selecting the appropriate ITR form, which varies depending on your income sources, residential status, and other financial particulars. Choosing the correct form ensures compliance with tax laws and helps in accurate reporting of income. This article serves … Read more

Government should raise I-T exemption limit under new tax regime from ₹3 lakh to ₹5 lakh: EY

Government should raise I-T exemption limit under new tax regime from ₹3 lakh to ₹5 lakh: EY

Budget 2024: Tax and consultancy firm EY, as quoted by Moneycontrol, said in a report on June 27 that the government should raise the basic exemption limit under the new tax regime from ₹3 lakh to ₹5 lakh to provide taxpayers with more disposable income. The firm also suggested that the standard deduction should be … Read more

Changing jobs often? Here’s why Form 16 is critical for your income tax return

Changing jobs often? Here's why Form 16 is critical for your income tax return

Form 16 holds significant importance for employed individuals in India during the income tax filing process. It includes comprehensive information such as salary details, claimed deductions, and the tax deducted at source (TDS) by the employer throughout the fiscal year. This data automatically populates most sections of your tax return, streamlining the filing process by … Read more

Furniture and fixtures can save you capital-gains tax and stamp duty. But only if you do it right.

Furniture and fixtures can save you capital-gains tax and stamp duty. But only if you do it right.

For the buyer, this meant stamp duty savings on the ₹16 lakh portion. It seemed like a win-win until the NRI tried transferring the sale amount to his US bank account. When an NRI wants to remit money abroad, they must obtain certificate 15CB from a chartered accountant (CA) to prove the source of funds; … Read more