What are the tax implications of receiving a gift?

What are the tax implications of receiving a gift?

No, you aren’t. However, if the gift were from a non-relative, let’s say a friend, you would’ve needed to pay taxes to be on the right side of the law. When it comesto the tax treatment of gifts, the rules are pretty specific. Gifts received from relatives are fully exempt. Gifts from non-relatives up to … Read more

ITR refund scam: Income tax department warns taxpayers on fake messages, mails

ITR refund scam: Income tax department warns taxpayers on fake messages, mails

ITR refund scam: The Income Tax Department (IT) has cautioned taxpayers to beware of scams. According to the IT department advisory, taxpayers should stay vigilant against online scams such as fake calls and pop-up notifications stating that they can avail of tax refunds. ऑनलाइन धोखाधड़ी से सावधान रहें pic.twitter.com/UtGD7QAWLG — Income Tax Mumbai (@IncomeTaxMum) August … Read more

ITR filing: How can taxpayers check their income tax refund status online? A step-by-step guide

ITR filing: How can taxpayers check their income tax refund status online? A step-by-step guide

Now that you have filed your income tax returns, you must be wondering when you will receive your income tax (I-T) refund. And if you have not yet filed your return, you can still file a belated return before December 31, 2024, by paying a penalty. For more details about filing a belated return, you … Read more

Is new income tax regime on way to make the old tax regime irrelevant? What ITR filing 2024 data reveals

Is new income tax regime on way to make the old tax regime irrelevant? What ITR filing 2024 data reveals

With a notable increase in taxpayers opting for the new tax regime while filing their income tax returns (ITR) for FY 2024, experts predict the Finance Ministry may consider phasing out the old tax regime within the next year or two. The key question is: When will the government officially end the old tax regime? … Read more

Income Tax: Want to update your ITR? You can file an updated tax return; Here’s all you need to know

Income Tax: Want to update your ITR? You can file an updated tax return; Here’s all you need to know

The deadline to file income tax return expired on July 31, taxpayers can, meanwhile, file a belated income tax return (ITR) before December 31, 2024 after paying a penalty. It is noteworthy to mention that a record 7.28 crore tax returns were filed by July 31, 2024 with 72 percent of tax filers opting for … Read more

ITR filing: When will you get income tax refund? Key questions answered

ITR filing: When will you get income tax refund? Key questions answered

The last date to file an income tax return (ITR) ended on July 31, 2024, and taxpayers are now awaiting the refund of excess tax paid. The income tax (I-T) department’s latest data reveals that more than 7.28 crore ITRs were filed till July 31, 2024, 7.5 per cent higher than the 6.77 crore ITRs … Read more

Have you missed ITR filing deadline? You can still file belated income tax return. Check details

Have you missed ITR filing deadline? You can still file belated income tax return. Check details

Although more than seven crore income tax returns (ITR) were filed until 7 pm on July 31, 2024, there would still be hundreds of thousands of taxpayers who have yet not filed their income tax returns. Such taxpayers who missed filing their income tax returns on time, i.e., before the July 31 deadline, can file … Read more

Successfully filed ITR? Tax refund may still get delayed this year due to THIS reason says CA, netizens disagree…

Successfully filed ITR? Tax refund may still get delayed this year due to THIS reason says CA, netizens disagree…

Despite successfully filing your income tax returns or ITR for this assessment year, your tax refund may be delayed, a social media user claiming to be a Chartered Accountant said. CA Anand Luhar, who claims to be associated with the Institute of Cost & Works Accountants of India (ICWAI), in a post on X (formerly … 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

Sold house in last 2 years? You may get both indexation benefit and lower 12.5% tax rate

Sold house in last 2 years? You may get both indexation benefit and lower 12.5% tax rate

The Budget has dealt a blow to property owners by removing the indexation benefit. Previously, sellers could adjust the purchase price of a property for inflation, which would significantly reduce capital gains tax. The silver lining, however, is that the long-term capital gain (LTCG) tax has been reduced to 12.5% from 20% earlier. But, those … Read more