BUSINESS
Tax tasks you must complete in April itself
From choosing your income-tax regime and telling your employer about it to furnishing Forms 15 G and 15 H, make sure you complete these tasks in April itself
BUSINESS
New income tax return forms for AY2021-22 notified; here are a few changes that matter
The Income tax department has notified all the ITR forms (ITR-1 to ITR-7) for AY2021-22, however utilities for only ITR-1 and ITR-4 are available so far. Here’s what this means.
BUSINESS
Getting emails and messages for not filing income-tax returns for FY 2019-20? Here’s what to do
Did a high-value purchase in 2019-20? Or invested large sums in mutual funds? If you haven’t filed income-tax returns for income earned in 2019-20, then March31 is the last date for filing or else furnish reasons for not filing income-tax returns
BUSINESS
March 31 deadline: Here are lesser-known deductions to axe your income tax
Health check-up costs, rent paid to parents and stamp duty on house registration can be claimed for tax deductions
BUSINESS
Today is the deadline to pay 100% of your advance income tax liability. Don’t miss it
Income tax rules state that if your annual estimated income tax in the current financial year is at least Rs 10,000, then you have to pay advance income tax in four installments throughout the year. Your last installment deadline for income earned in 2020-21 is March 15, Monday.
BUSINESS
Clarity emerges on income tax rules for NRIs stranded in India due to COVID-19
Many non-resident Indians couldn’t return to their countries due to the lockdown. The tax department has clarified the rules for determining their residential status
BUSINESS
Code of Wages: Lower take-home pay today, for a larger retirement corpus tomorrow
The government's new wage code requires basic pay to be 50 percent of your total salary. Provident fund deductions will, therefore, increase.
BUSINESS
Affordable housing: Low ceiling on value limits income tax benefits from home loans
The Rs 3.5 lakh of deduction available for affordable housing made sense when the interest rates on home loans were 8-9 percent
BUSINESS
Budget 2021: Interest deduction on loans for affordable housing extended till March 2022
This deduction is over and above the deduction of Rs 2 lakh for interest payments available under Section 24(b) of the Income Tax Act, 1961
BUSINESS
Should Budget 2021 increase the price limit for affordable housing? 4 experts weigh in
At present, an affordable house is supposed to have a carpet area of up to 60 square metres in metros and up to 90 square metres in non-metros.
BUSINESS
Budget 2021: Does the new tax regime need a tweak for a facelift? 4 experts weigh in
The choice between the new and existing tax regimes has confused many taxpayers. Four tax experts weigh in on how to improve the new tax regime
BUSINESS
Why the tax department did not extend return filing deadlines any further
The tax department stated that any further extension would affect the collection of revenue
BUSINESS
Missed the income tax return deadline? You can still file it with a fine
You can still file your returns till March 31, after paying the prescribed late fee
BUSINESS
How taxation on housing transactions changed under the Modi government
While the intention has been to help middle and lower-income sections buy houses by giving sops, tax benefits have been pruned systematically
BUSINESS
Tax return filing deadlines extended: Complete the process quickly to save on interest and penalty
The income Tax return filing deadline for the assessment year 2020-21 has been extended for the third time to January 10, 2021
BUSINESS
Should you buy a property when a bank auctions it?
Real-estate experts say that auctions can sometimes offer heavy discounts, which is not available anywhere else
BUSINESS
How to arrive at the right price of a house in the resale market
Property prices in resale markets are fixed arbitrarily by sellers. Home buyers should do their research well
BUSINESS
New code of wages: Your provident fund and gratuity components are set to rise
But if your salary is over Rs 15,000 the new Code of Wages may not materially impact your salary
BUSINESS
Bought a new house by selling a couple of old properties? You can still claim relief from capital gains tax
The beneficiary must be an individual or a HUF and the residential properties being sold should have been held for more than two years
BUSINESS
FM’s Diwali gift: Increased allocation to PMAY-U to boost housing demand
By allocating an additional Rs 18,000 crore to urban housing, the finance minister has given a push to the stagnant real estate sector
BUSINESS
FM’s Diwali gift to home buyers: Tax relief on difference between circle and market rates
This measure will reduce hardships faced by both home-buyers and developers and help in clearing unsold inventories
BUSINESS
SBI, Kotak cut home loan rates: Now is the best time to buy a house
Rock-bottom interest rates on home loans, offers and the availability of ready-to-move-in properties mean that buyers can swoop in on good deals
BUSINESS
Couldn’t invest house sale proceeds to avoid capital gains tax? Here’s what you must do
Long-term capital gains from sale of property are exempt from income tax if you invest the proceeds within two years.
BUSINESS
How to track your income tax refund status online
Use your PAN number to track the income tax refund status online
