BUSINESS
Budget 2023: What tax experts really want from the finance minister
Budget 2023 expectations: Moneycontrol spoke to four chartered accountants to understand their expectations from this year’s exercise.
BUSINESS
The last date for filing your tax return is December 31. Here’s what’ll happen if you don’t
If you’ve missed the July 31 deadline to file your ITR, you can file a belated return by December 31. Else, you may have to pay higher penalties and face heightened scrutiny.
BUSINESS
You can now recover GST paid on under-construction property if the deal is called off
Once the finer details are worked out, buyers of under-construction property will be soon able to reclaim the GST paid on the property directly from the government if the person opts out of the deal and the time period for the developer to refund the money has expired.
BUSINESS
Third installment of advance tax is due tomorrow. Missing the deadline may prove costly
Taxpayers — salaried, freelancers and businesses — whose estimated income results in tax liability of more than Rs 10,000 in a financial year are required to pay advance tax.
BUSINESS
With EMI burden rising, will Budget 2023 give more sops to home buyers?
Real estate experts say that tax deduction benefits to repay principal and interest amounts haven’t been raised in many years. Interest rate hikes and increased demand through the Covid pandemic should nudge the government to give sops to home-buyers, they add.
BUSINESS
Stuck while filing tax returns? Get live help from taxman through co-browsing
The income-tax department has launched a new helpdesk facility that can help you, in real-time, file your taxes. Although the facility was launched on November 14, it has still not gone live.
ECONOMY
Bibek Debroy of PM's Economic Advisory Council bats for new income-tax regime
Although Budget 2020 introduced a new income-tax regime, there have been few takers for it. Since its introduction, the government hasn’t tinkered with it. Yet, experts like Bibek Debroy feel that the future of direct taxes lies in removing all deductions and exemptions.
BUSINESS
Income-tax experts and CAs hail common tax filing form proposal
After the overhaul of the income-tax website to make tax-filing easier comes a proposal to have a common ITR form, which will ensure that taxpayers are asked only relevant questions, depending on the nature and level of their income.
BUSINESS
How one common ITR form will ease income tax filings
In the common ITR form, tax filers will be required to answer questions in 'yes' or 'no' format and additional information will be asked accordingly.
BUSINESS
Income-tax deductions on home loans made easy: Part 2
Yes, you can avail of some tax benefits on a home loan if you borrow the money from family, friends on new-age lenders. Read on to find out how and to learn more about other tax benefits on home loans.
BUSINESS
Income-tax deductions on home loans made easy: Part 1
You need to be a co-owner as well as co-borrower to claim a tax deduction against a home loan. Further a deduction cannot be more than the amount of your contribution. Read on to find out what other rules govern home loan deductions.
BUSINESS
ITR filing | Deadline to file returns with audit reports pushed back to November 7
In what appears to be a relief given to individuals and small businesses where audit reports are required to be attached with income-tax filings, due to the ongoing holiday season, the CBDT has extended the tax-filing deadline to November 7.
BUSINESS
Property deal below ready reckoner rate? Be prepared to pay higher tax, stamp duty
If the ready reckoner, or circle, rate is higher than the market rate then the buyer and seller are liable to pay tax on the difference between the two values, while stamp duty has to be paid fully on the circle rate.
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
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.
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.
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
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
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.
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.
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.
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.
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
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.
