Sending money abroad? Here’s all you need to know about the RBI’s Liberalised Remittance Scheme

Sending money abroad? Here's all you need to know about the RBI's Liberalised Remittance Scheme

Here’s everything you need to know about it. Investments LRS allows Indians to invest in listed foreign securities – both equity and debt. You can invest in mutual funds, exchange traded funds (ETFs), venture funds, and real estate (with some caveats). You can also invest in listed debt securities such as bonds, but not unlisted … Read more

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

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

Income Tax Return filing: Salaried individuals need to be aware of these 5 key points

Income Tax Return filing: Salaried individuals need to be aware of these 5 key points

If you are a salaried income tax payer, the process to file income tax return is quite simple, to say the least. You only need to file your return via form 1 i.e., ITR-1.  The income tax return form number -1 can be filed by a resident individual whose income does not exceed ₹50 lakh … Read more

Income tax: Close to 6 lakh IT returns filed within 30 days of portal’s opening, two-thirds processed, says report

Income tax: Close to 6 lakh IT returns filed within 30 days of portal’s opening, two-thirds processed, says report

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