BUSINESS
Income tax returns: All you need to know about how to account for income from house property
Tax filing: Income from house property, rental income and housing loans are important aspects of declaring your income from house property. Make sure you choose the right ITR form as well.
BUSINESS
Understanding the tax implications on sale of property
When calculating capital gains on the sale of an immovable property, one crucial factor to consider is the cost of acquisition, which includes expenses of a capital nature incurred in connection with the purchase or completion of the property's title
BUSINESS
Tax filing: Five easy steps to file income- tax returns for the first time
Income tax returns: To file your ITR you have to register and create an account on the official portal of the Income Tax Department. Upon creating your account, it is highly recommended to prioritise setting up the e-filing vault. This additional security feature adds an extra layer of authentication when logging into your e-filing account, safeguarding your financial information from unauthorised access.
BUSINESS
How much health insurance should a fresher get?
It is wise to purchase a personal health insurance policy even if you have one through your employer
BUSINESS
Filing ITR for 2022-23: Salaried tax-payer? Know how to choose between forms ITR-1 and ITR-2
Tax filing: Income tax return-filing forms ITR-1 and ITR-2 are the key documents relevant for salaried individuals. Ensure that you select the right form and make all disclosures while filing the return for assessment year 2023-24 (financial year 2022-23)
BUSINESS
New vs old tax regimes: There is still time to weigh and choose the I-T regime that suits you
New vs old tax regime: Irrespective of what you have declared to your employer at the start of the financial year, you can reassess the benefits and determine the appropriate tax regime when filing your tax return.
BUSINESS
World Environment Day: Demand for green and sustainable homes gaining ground
In the last five years, there has been an over 30% increase in the supply of green-certified buildings across top cities.
BUSINESS
Five money mistakes to avoid after joining your first job
Avoid impulse buying. Understand tax implications on income and do not take on too much debt. Build an emergency corpus and go for long-term investment planning.
BUSINESS
ITR filing mistakes: Common errors to avoid while filing income tax return for FY 2022-23
The deadline for filing income tax returns, July 31, is two months away, but to avoid committing errors at the last minute, start the process as soon as you get access to your Form 16.
BUSINESS
How tax on foreign tour spends on credit cards will affect your holidays
International transactions via credit cards have been brought under the RBI’s Liberalized Remittance Scheme or LRS from May 16, 2023. From July 1, 2023, there will be 20 percent TCS on them with no minimum threshold.
BUSINESS
Planning to sell your property? Know your responsibilities as a seller
Complexities that property transactions entail can be challenging to deal with for sellers as well as buyers, particularly the taxation aspect of the entire process.
BUSINESS
Caveat Emptor: Deduct TDS on property purchases, or else…
If the property value exceeds Rs 50 lakh, the buyer is required to deduct TDS at a rate of 1 percent of the total value and deposit it with the government.
BUSINESS
How to use I-T department’s Excel utilities to file returns
The I-T department has made available Excel utilities for filing returns, meant for assesses who need to do so using ITR 1 and ITR 4 forms
BUSINESS
How Finance Act 23 offers marginal relief for income of slightly over Rs 7 lakh
Finance minister Nirmala Sitaraman proposed the amendment to introduce marginal relief, implying that the tax liability cannot be greater than the income that exceeds the threshold.
BUSINESS
Indexation benefits on debt funds will go away now
The amendment to the Finance Bill, 2023, proposes to bring taxation of debt mutual funds on par with other debt instruments, like fixed deposits, by abolishing long-term capital gains. This also closes the indexation facility that came with it.
BUSINESS
Income tax department launches AIS mobile app for taxpayers. Here’s what you should know
Taxpayers can use the mobile app to view their information related to TDS/TCS, interest, dividends, share transactions, tax payments, Income Tax refunds, Other Information (GST Data, Foreign Remittances, etc.) as available in the Annual Information Statement or Taxpayer Information Summary.
BUSINESS
Last-minute tax saving tips: If you haven’t submitted supporting documents to your employer, there’s trouble
Claims for certain expenses must only be routed through your employer. Leave Travel Allowance is one such. You cannot claim it directly while filing your returns.
BUSINESS
How to use IT department’s official tax calculator to choose between old and new tax regimes
You can compare your tax outgo under both and opt for the one where tax liability is lower.
BUSINESS
New ITR forms require details of virtual digital assets, share trading
There are no changes in ITR-1 used by salaried individuals and only a few changes in other forms. The notified ITR forms come into effect on April 1.
BUSINESS
Should you prepay your home loan now, after six hikes in policy rate?
The RBI increased the benchmark lending rate by 25 basis points; home loan rates are expected to go up further.
BUSINESS
Budget 2023: Home loan interest deduction cannot be part of acquisition cost while calculating capital gains
Deduction claimed against home loan interest cannot be part of acquisition cost while calculating capital gains.
BUSINESS
Highest surcharge rate on income tax goes down: Will HNIs benefit?
The Budget 2023 proposes to reduce surcharge rate for an income above Rs 5 crore from 37 percent to 25 percent under the new tax regime
BUSINESS
Budget 2023: New vs old income tax regime — which one should you choose?
The finance minister proposes to make the new income tax regime the default regime for taxation purposes
BUSINESS
For taxpaying professionals, budget offers relief with increased exemptions
The threshold limits for presumptive schemes of taxation for eligible businesses from Rs 2 crore to Rs 3 crore and for specified professions from Rs 50 lakh to Rs 75 lakh.
