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Ashwini Kumar Sharma

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Tax tasks you must complete in April itself

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

New income tax return forms for AY2021-22 notified; here are a few changes that matter

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.

Getting emails and messages for not filing income-tax returns for FY 2019-20? Here’s what to do

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

March 31 deadline: Here are lesser-known deductions to axe your income tax

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

Today is the deadline to pay 100% of your advance income tax liability. Don’t miss it

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.

Clarity emerges on income tax rules for NRIs stranded in India due to COVID-19

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

Code of Wages: Lower take-home pay today, for a larger retirement corpus tomorrow

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.

Affordable housing: Low ceiling on value limits income tax benefits from home loans

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

Budget 2021: Interest deduction on loans for affordable housing extended till March 2022

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

Should Budget 2021 increase the price limit for affordable housing? 4 experts weigh in  

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.

Budget 2021: Does the new tax regime need a tweak for a facelift? 4 experts weigh in

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

Why the tax department did not extend return filing deadlines any further

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

Missed the income tax return deadline? You can still file it with a fine

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

How taxation on housing transactions changed under the Modi government

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

Tax return filing deadlines extended: Complete the process quickly to save on interest and penalty

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

Should you buy a property when a bank auctions it?

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

How to arrive at the right price of a house in the resale market

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

New code of wages: Your provident fund and gratuity components are set to rise

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

Bought a new house by selling a couple of old properties? You can still claim relief from capital gains tax

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

FM’s Diwali gift: Increased allocation to PMAY-U to boost housing demand

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

FM’s Diwali gift to home buyers: Tax relief on difference between circle and market rates

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

SBI, Kotak cut home loan rates: Now is the best time to buy a house

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

Couldn’t invest house sale proceeds to avoid capital gains tax? Here’s what you must do

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.

How to track your income tax refund status online

BUSINESS

How to track your income tax refund status online

Use your PAN number to track the income tax refund status online

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