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Ashwini Kumar Sharma

Contributor

Contributor

London, Dubai, NY: How to buy a property abroad

BUSINESS

London, Dubai, NY: How to buy a property abroad

Indians are among the largest foreign nationals buying properties in many cities across the world. Better returns on portfolio, future prospects, lifestyle and children’s education are the main reasons. The outward remittance from India to buy immoveable assets abroad reflects the trend

Filed your taxes? Now, what to do if you get a notice?

BUSINESS

Filed your taxes? Now, what to do if you get a notice?

Many taxpayers have been getting letters from the income tax department about tax calculation differences. But not all such letters demand additional payment.

Revised, belated and updated income tax returns: Do you know the difference between them?

BUSINESS

Revised, belated and updated income tax returns: Do you know the difference between them?

The due date for filing your income tax return for the assessment year 2022-23 is past. But you can still revise the return if there is a need, file a belated return or an updated return.

Tax-payers now have 30 days to verify returns; here's how you can do it

BUSINESS

Tax-payers now have 30 days to verify returns; here's how you can do it

The process of filing of I-T return is not complete unless you verify the filing either online or offline. For returns filed before July 31, 2022, the time limit is up to 120 days. For returns filed on or after August 1, it is 30 days

Last minute tax-filing: 5 types of incomes you must not forget

BUSINESS

Last minute tax-filing: 5 types of incomes you must not forget

Irrespective of the amount and whether it is taxable or exempt, make sure you disclose in your tax returns any income, windfall gains, capital gains, interest income, etc., you may have had during the financial year

Income Tax Return Filing | Deadline for I-T Return filing should be extended, chartered accountants say

BUSINESS

Income Tax Return Filing | Deadline for I-T Return filing should be extended, chartered accountants say

The due date to file income tax returns is July 31. However, various stakeholders are demanding an extension, citing delays in getting documents needed to reconcile figures.

ITR filing | Four ways to file income tax return

BUSINESS

ITR filing | Four ways to file income tax return

You can file your income tax return on your own through the income tax department’s e-filing website, or take the help of experts like tax return preparers (TRPs), e-filing intermediaries, or chartered accountants.

I-T Return Filing | Interest, penalties on the cards if failed to file returns by July 31

BUSINESS

I-T Return Filing | Interest, penalties on the cards if failed to file returns by July 31

The due date to file income tax return is July 31. A return can be filed after the due date, but it attracts penalties, interest and has its own limitations.

Income-Tax Return Filing | How to select the right form?

BUSINESS

Income-Tax Return Filing | How to select the right form?

The choice of income-tax return forms depends on your source of income, income level, and so on. This year, there are a few changes in the details sought and some new disclosure norms have been introduced.

Want a loan or credit card? File your income tax return first

BUSINESS

Want a loan or credit card? File your income tax return first

Filing income tax return may not be mandatory if your income is below the basic exemption limit. But several benefits and the right to claim tax refunds are open to only those who file their income tax returns

Selling cryptocurrencies bypassing exchange? Here’s how to do 1% TDS deduction

PERSONAL-FINANCE

Selling cryptocurrencies bypassing exchange? Here’s how to do 1% TDS deduction

TDS need to be withheld from July 1 on crypto transactions above Rs 10,000 annually and the same need to be deposited with the I-T department within the stipulated time frame.

TDS on cryptocurrency transfers from July 1: Onus on buyers, brokers, exchanges to withhold TDS

BUSINESS

TDS on cryptocurrency transfers from July 1: Onus on buyers, brokers, exchanges to withhold TDS

TDS of 1 per cent on transfer of cryptocurrencies is set to come into force from July 1. The responsibility of withholding this tax will be on the buyer, crypto exchanges and brokers, depending on the type of transaction, CBDT has clarified.

Cost Inflation Index value increases to 331: How does it help in big tax savings?

BUSINESS

Cost Inflation Index value increases to 331: How does it help in big tax savings?

On June 14, the government released its annual cost inflation index number. For those who wish to save on long-term capital gains tax levied on debt mutual funds, property and other assets, the index is important.

June 15 is the deadline for the first advance tax instalment. Here’s how to calculate your liability

BUSINESS

June 15 is the deadline for the first advance tax instalment. Here’s how to calculate your liability

The advance tax has to be paid in four instalments over the course of the financial year. Any delay will lead to penal interest being levied.

Capital Gains Bonds: Should you invest in 54EC bonds or are there better alternatives?

BUSINESS

Capital Gains Bonds: Should you invest in 54EC bonds or are there better alternatives?

You can save tax on long-term capital gains arising from transfer of property by reinvesting the gains in Capital Gains Bonds, as also by reinvesting in another residential property. What makes sense?

Revisiting home truths: Given current conditions, should one buy a house or stay on rent?

BUSINESS

Revisiting home truths: Given current conditions, should one buy a house or stay on rent?

The perpetual debate is rekindled in the wake of better regulations and low-interest rates, but it should be a financially driven decision rather than an emotional one.

Five things to consider before you opt for premature withdrawal from sovereign gold bonds

BUSINESS

Five things to consider before you opt for premature withdrawal from sovereign gold bonds

Maturity period in case of SGBs is eight years but premature withdrawal is allowed after fifth. Should you opt for it?

PAN, Aadhaar a must for cash transactions above Rs 20 lakh a year

BUSINESS

PAN, Aadhaar a must for cash transactions above Rs 20 lakh a year

CBDT’s move aimed at curbing unaccounted financial transactions and keeping a check on cash transactions, say tax experts

Property papers lost, damaged, destroyed? Get a ‘Certified or True Copy’

BUSINESS

Property papers lost, damaged, destroyed? Get a ‘Certified or True Copy’

Property registration papers are essential documents that establish your ownership. Here’s what you should do if you lose them.

Deposited more than Rs 50 lakh in savings account in a single year? Filing ITR has become compulsory

BUSINESS

Deposited more than Rs 50 lakh in savings account in a single year? Filing ITR has become compulsory

The central Board of Direct Taxes has just added four new conditions that make income-tax filing mandatory.

Sold a property and faced with capital gains? Look at REC Capital Gains Tax Exemption Bonds-Series-XVI

BUSINESS

Sold a property and faced with capital gains? Look at REC Capital Gains Tax Exemption Bonds-Series-XVI

You can invest up to Rs 50 lakh in a financial year in capital gains tax exemption bonds to minimise liabilities on long-term capital gains from transfer of capital assets.

RBI Credit Policy: Cheaper interest rates on home loans to continue for now

BUSINESS

RBI Credit Policy: Cheaper interest rates on home loans to continue for now

No change in repo rate, RBI extends COVID-period relaxation that facilitates lower interest rates for home loans with high loan-to-value ratio by a year

New income tax forms are out for new assessment year 2022-23. Find out which one you should use

BUSINESS

New income tax forms are out for new assessment year 2022-23. Find out which one you should use

The Central Board of Direct Taxes (CBDT) has notified the new ITR forms—ITR-1 to ITR-6—for Assessment Year 2022-23 to file return of income for Financial Year 2021-22.

No additional Rs 1.5-lakh housing loan tax break for affordable homes from April 1

BUSINESS

No additional Rs 1.5-lakh housing loan tax break for affordable homes from April 1

The limited period tax concession announced in Budget 2019 ended on March 31, 2022.

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