BUSINESS
Ghost income in tax statement: How to cope with AIS stricken with errors
ITR Filing: From cashbacks on credit cards being reported as income to joint holders of mutual funds and real estate sales being subjected to same income, your Annual Information Statement can show multiple errors. Correct it soon before it is too late.
BUSINESS
No benefit in buying gold from Dubai after customs duty cut, says Popley Jewellers' Rajiv Popley
Customs duty reduction, long-term capital gains tax at 12.5 percent and window shrinking to 24 months means the parallel trade or recycling of gold from abroad that was happening, but not recorded, will end. Popley says he foresees the rollout of a new government scheme for people to declare gold.
BUSINESS
Property values indexed up to 2001 are grandfathered for capital gains: FM clarifies
The abolition of indexation benefits in calculating capital gains tax on real estate and property will not affect everyone. Old properties held before 2001 would continue to get indexation benefits. Legacy assets and old properties will benefit.
BUSINESS
FM declines additional tax deduction for NPS Vatsalya for children: Budget 2024
No likelihood of offering more deductions in the future as we are moving to simplified tax regime
BUSINESS
Finance Minister declines clarity on future of old tax regime
About 70% of tax filers have opted for new tax regime for the last fiscal
BUSINESS
Indexation loss penalises long-term asset holders
The government silently took away the indexation benefit available to land and buildings among other assets
BUSINESS
Byju’s TDS default: Employee not handing over taxes to government, Budget announces measures
Compounding of non-payment of TDS by corporates to be rationalised
BUSINESS
Government to allow tax collected at source to be set off against TDS on salary: Budget 2024
Steeper 20 percent TCS paid on foreign tours and foreign investments needn’t wait for advance tax only
BUSINESS
Good news for domestic taxpayers: Re-assessment window has been shrunk
Reduced from 10 years to 5 plus one additional year
BUSINESS
Support through Employees’ Provident Fund for fresh employees: Union Budget
The government extended the direct benefit transfer for fresh workforce through the employee provident fund
BUSINESS
Lack of clarity on TDS, reduced ITR verification window among tax-related woes for NRIs
If returns aren’t verified within 30 days, then starting AY 2024-25, not only is the return considered invalid, but a penal interest is also levied. Additionally, all the consequences of a belated return would be applicable.
BUSINESS
No tax rebate for those who have short-term capital gains, says income-tax portal
While the old utility of income tax filing permitted the claim of Rs 25,000 worth of rebate, the altered utility — updated on July 5, 2024 — declines it, without any amendment in the Income Tax Act, 1961.
BUSINESS
Slowdown in access to AIS, ITR e-filing portal, resulting in delays, say chartered accountants
ITR filing process this year has been marred by constant updates to the AIS, delays in Form-16 receipt and hiccups in accessing AIS and the e-filing portal.
BUSINESS
Considering cholesterol-reducing jabs? Inform your insurer so
Insurers may selectively cover emerging cholesterol medication. But those who have taken the injection as part of a clinical trial need to inform the insurer as their risk assessment changes.
BUSINESS
ITR filing: Know the changes in income tax return forms for FY24
Tax return: In the new ITR forms released earlier this year, the income tax (I-T) department sought additional details around tax deductions such as donations to political parties, disabled dependents’ PAN and Aadhaar if you are availing of deductions under section 80DD, information on high-value policies and so on.
BUSINESS
Income tax filing | Missing Form 10BE: Why donors are forgoing tax deduction benefits
Income-Tax filing: The Government has shifted the tax compliance burden for donations on to charitable organisations. However, donation details aren’t getting pre-filled in tax returns as promised in Union Budget 2020.
BUSINESS
Personal accident insurance: Benefits, price and everything else you need to know
Regular health insurance policies cover hospitalisation due to an accident, but not disability, fracture and income loss. Assess the need for a personal accident cover only after taking into account the free personal accident policies and riders attached with life insurance covers
BUSINESS
Sold sovereign gold bonds at market highs? Here’s how to calculate your taxes
Sovereign Gold Bonds: When and how you sell your SGB units determines your tax liability. While interest earned is taxable as per your slab, the money earned on rising gold price too is taxed if you do not hold till the bond matures. Indexation benefit is available on SGBs.
BUSINESS
I-T dept flags financial reporting error after sending advance tax notices; asks tax-payers to wait for updates
The Income Tax department has clarified that due to a data reporting error by a yet-unnamed entity, taxpayers have received notices for paying higher advance tax for financial year 2023-24. The I-T department has now asked such taxpayers to wait for updated data.
BUSINESS
Small-cap fund, SIP, NFO…. Is that insurance or mutual fund? Here's how to avoid being mis-sold investment products
NFOs, index, fund, switch, NAV, SIIP, market risks…if this sounds like a mutual fund to you, you are mistaken. Now, insurance companies are launching ULIPs with commonly-used mutual fund terms. Be mindful of the differences.
BUSINESS
Can you claim tax deduction for electoral bonds bought before the SC verdict?
While usually court decisions and tax changes are applicable after the date of announcement, the income tax department will have to issue a clarification regarding electoral bonds purchases that offer 100 percent tax deduction
BUSINESS
Want to stick with the old income-tax regime? Don’t forget to fill this form first
Although the new income-tax regime has been made the default regime, you could still switch back to the old regime if you claim deductions and loan exemptions. But make sure you fill this form by July 31.
BUSINESS
New tax return forms for FY 2023-24 seek more details of tax deductions to eliminate false claims
While filing income tax returns for the financial year 2023-24 in July, you will now have to furnish additional information on tax deductions claimed, including break-up of donations made to political parties, details of disabled dependents for availing of deductions under section 80DD, information on receipts from high-premium life insurance policies and so on.
BUSINESS
Has Budget ignored electoral bonds in the election year?
Electoral bonds that have been garnering more than half of political party donations by individuals in 2021-2022 find no impetus as the country that aims to fight corruption races towards elections in mid- 2024.
