BUSINESS
ITR Filing: TDS deducted on unpaid salary. Can a refund be claimed?
Your tax liability arises as soon as the salary becomes due, regardless of whether you receive it in the future.
BUSINESS
ITR Filing: Can NRIs claim refund on short-term capital gains tax if income is below the exemption limit?
As an NRI, you must pay the full tax on your STCG—20% on gains realized on or after July 23, 2024, and 15% on gains realized before this date.
BUSINESS
ITR Filing: Can you switch between the old and new tax regimes when your source of income changes?
As per current income-tax provisions, the new tax regime is the default option. If you wish to opt for the old tax regime and you have income under the head “Profits and Gains of Business or Profession”, you are required to file Form 10-IEA by the due date.
BUSINESS
ITR Filing: Do you need to declare Sovereign Gold Bond redemption in your income tax return?
The redemption of SGBs by an individual with the RBI is not treated as a “transfer” under Section 47(viiic) of the Income Tax Act.
BUSINESS
Tax rules for NPS Tier 2 withdrawals before and after July 23, 2024
Indexation benefit has been removed for all capital assets sold/transferred on or after July 23, 2024 except for the limited purpose of taxing sales of land and buildings acquired before the date by resident individuals and HUFs
BUSINESS
Can medical expenditure deduction be claimed if already covered under CGHS?
If no amount has been paid to buy or maintain a health insurance policy for the senior citizen or their parents, then a deduction of up to Rs 50,000 can be claimed for medical expenses actually incurred.
BUSINESS
A senior citizen accidentally made an intraday trade with a Rs 5 loss. Can it be treated as business income and make him liable to pay advance tax?
Senior citizens without business income are exempt from advance tax and can discharge their tax liability at the time of filing ITR.
BUSINESS
Here's why cash loan repayments over Rs 20,000 may get flagged by tax officials
Accepting a cash loan beyond Rs 20,000 is prohibited under Section 269SS of the Income Tax Act and a penalty equal to the loan amount can be levied on the person depositing the money in your account
BUSINESS
ITR filing: Can NRIs claim 80TTA and avoid TDS with Form 15G?
The rate of TDS for non-residents on bank interest, including interest credited in the savings bank account, is 30%.
BUSINESS
Old vs new tax regime: Can salaried employees switch tax regime at the time of filing ITR?
The actual exercise of choosing between the two regimes has to be done by the employee at the time of filing the ITR.
BUSINESS
ITR filing: Disclose inherited property in your ITR if income exceeds Rs 1 crore
Moneycontrol’s Ask Wallet Wise initiative offers expert advice on matters of personal finance and money. You can email your queries to askwalletwise@nw18.com and we will try and get a top financial expert to address your queries.
BUSINESS
ITR filing: Turn stock market capital gains into tax-free wealth with a smart Section 54F move
Investments beyond Rs 10 crore limit does not qualify for exemption under Section 54F.
BUSINESS
How do criteria for determining residential status under Income Tax Act differ from FEMA?
The criteria for determining residential status under the Income Tax Act differ from those under FEMA.
BUSINESS
How are capital gains on US stocks taxed, and where should foreign asset details be reported in ITR?
Investments made in the US market, like other investments, are treated as capital assets for taxation in India.
BUSINESS
ITR Filing: Should one report inheritance in income-tax return?
There is no need not disclose inheritance in the ITR but the it is important to preserve all relevant documents such as the copy of the will and probate
BUSINESS
How is capital gain computed on gifted shares bought before January 31, 2018?
For listed shares acquired before January 31, 2018, the fair market value of these on January 31, 2018 can be taken as the cost
BUSINESS
I am a senior citizen freelancing as a lecturer. Is presumptive taxation allowed for consultants?
Income earned through freelancing by lecturing in colleges is taxable under the head “Profits and Gains of Business or Profession.
BUSINESS
ITR Filing: Documents required to register as a legal representative for filing a deceased father’s ITR
Under Section 159 of the Income Tax Act, legal representatives are liable for the tax liabilities payable by the deceased.
BUSINESS
Are gifts from your father and father-in-law to your HUF tax-free? Here is what I-T law says
Any gift received from a member is not taxable for the HUF but clubbing provisions apply — meaning income earned from such a gift will be taxed in the hands of the member who gave the gift
BUSINESS
New Tax Regime: Can one claim LTA, profession tax, academic and uniform allowances?
Leave Travel Allowance (LTA), House Rent Allowance (HRA), children’s education allowance, and hostel allowance are now taxable if you opt for the new regime.
BUSINESS
I am 88 years old and got a share of terrace rent from a mobile tower company. Do I need to pay tax?
Since the rent from the tower company is received by the society, it is taxable in the hands of the society and not the members.
BUSINESS
ITR filing rules if you worked abroad and paid taxes overseas
Your residential status in India for the financial year and whether the income was earned, received, or accrued in the country or outside determine if you are liable to pay tax in India and file returns
PERSONAL-FINANCE
Paid income tax under new regime, but old regime shows zero tax liability—can I revise ITR and switch regime now for FY25
Moneycontrol’s Ask Wallet-wise initiative offers expert advice on matters related to personal finance and money-related queries
BUSINESS
ITR Filing: How to claim capital loss on shares of delisted companies?
The income tax act defines the term “transfer" to include extinguishment of the rights in the asset in addition to actual transfer of the asset.
