No sooner had the new financial year started than the income tax return (ITR) filing process commenced for FY 2024. The income tax department (ITD) has already enabled all the return filing forms – ITR-1, ITR-2, ITR-4 and ITR-6 — for filing the returns at the e-filing portal. The department has released the excel utility of … Read more
The Income Tax (I-T) Department has received as many as 6 lakh returns in the first month of Assessment Year 2024-25 (FY25). Significantly, nearly two-thirds of the verified returns have already been processed, reported Business Line. Over 5.92 lakh returns were filed by April 29. Out of these, over 5.38 lakh had been verified and … Read more
As May approaches, it brings with it a series of important dates and deadlines for taxpayers to remember. From depositing taxes deducted or collected to issuing TDS certificates and filing various statements, May is a crucial month in the income tax calendar. To help you stay on top of your tax obligations, here’s a comprehensive … Read more
For both seasoned and new investors, real estate investment’s changing dynamics highlight the balance between profits and liabilities. Mastering tax optimization is key to maximizing your real estate portfolio’s potential. Tax planning is fundamental to building wealth through real estate. Deduction Dominance This could boost housing demand and drive up prices in a specific area. … Read more
If you have not received your income tax refund so far, there is good news for you. The Income Tax (I-T) Department has set April 30 as the deadline for approving pending refunds, reported Business Line The department has prepared an interim action plan for tax refunds in this fiscal and set a timeline for various actions related … Read more
Rejecting media reports suggesting the large-scale reopening of cases related to incorrect house rent allowance (HRA) claims, the Central Board of Direct Taxes (CBDT) on Monday, April 8 clarified that “apprehensions about retrospective taxation on these matters and re-opening of cases are completely baseless.” Also Read: Income Tax: Rent paid to spouse can be claimed … Read more
Tax evasion and tax avoidance are distinct concepts, despite both aiming to minimise tax payments. Tax planning and avoidance employ legal strategies, whereas tax evasion is unlawful and can result in severe penalties. Interpreting tax evasion Tax evasion relies on deliberately deceiving tax authorities. This deceit can manifest in various ways, including: Concealing income: Not … Read more
With fewer than 48 hours to go before the financial year draws its curtains, investors are rushing to invest into a plethora of investment options in order to save their income tax for fiscal 2023-24. There is no denying the fact that most investment options, particularly the ones in equity have already become unfeasible from … Read more
As the financial year draws to a close, various income tax-saving investment avenues, such as the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), and National Pension System (NPS) necessitate minimum contributions to maintain their active status. Therefore, if you hold an account in any of these schemes and haven’t made any deposits for the … Read more
I am planning to buy a residential property from a person who is a resident of Australia for ₹75 lakh. I understand that since the sale consideration exceeds 50 lakhs I have to deduct tax at 1% of the sale consideration. Is my understanding correct? What are the other formalities that I need to comply … Read more