Last week, CBDT, Finance Ministry's apex direct tax policy making body, named Akhilesh Ranjan as the new convenor of the task force for drafting new direct tax legislation as the previous head Arbind Modi retired on September 30.
The new ITR form 1 (Sahaj) requires the individual assessees to provide detailed calculation in case of salary & house property income.
Don’t forget to verify ITR after E-Filing through ITR-V. ITR-V is the Income Tax Return – ‘Verification’ Form.
Make sure that you do not commit the mistake of ignoring the rules of taxation.
You should not be hesitant in filing your income tax returns yourself. There are several websites which can also help you file your returns effortlessly following certain steps.
The most important change in ITR 1 is that it can only be used by ‘Residents’ having income from salaries, one house property and income from other sources.
While you can claim up to Rs 150000 deduction for investment in ELSS scheme during the financial year, there are other tax implications on mutual funds which one should be aware of while filing their ITR.
If you are buying a health Insurance policy, you should know the recent tax changes associated with it.
As per a notification by the commerce and industry ministry, an angel investor picking up stakes in a startup should have a minimum net worth of Rs 2 crore or should have an average returned income of over Rs 25 lakh in the preceding three financial years.
As a taxpayer, it is necessary for you to keep abreast of the latest amendments to enable a salaried individual to compute taxes and file individual tax returns.
The final date of making investments is about to come, are you done with all your investments? If you still haven't invested your money in tax saving instruments and reduced your tax liability then also, you need not have to worry about it. Section 80C of Income Tax Act provides you with the benefit of doing tax savings of Rs 1.5 lakh in a particular financial year. Here are nine tax savings solutions.
Form 26AS, also known as Annual Statement, is a document that provides details of TDS, refunds associated with a PAN in a particular financial year
The Mumbai Income Tax Tribunal, recently delivered a very important decision on the claim for tax exemption on HRA (House Rent Allowance). Let us analyse the decision in details, with its ramification and relevance R
Taxation of rent received The Income Tax Act of India has a specific head of income, titled â€˜Income from house property‘, to tax the rent received by an owner of a property. So, any R
The rental housing market has many options, available at various rates. Consequently, it may be difficult for a prospective tenant to figure out how much to spend as rent. The answer to this, depends R
Significant element of coercion, government's fequent change of stance and lack of trust brought in a confrontationist attitude and led to the failure of Pradhan Mantri Garib Kalyan Yojana.
Existing TDS provisions on rent paid Tax deduction at source (TDS), is a process in which the payer of the income, pays you the income after deducting tax at the prescribed rates. The existing R
Non-Banking Finance Companies (NBFCs) cannot lend more than Rs 25,000 in cash against gold, the Reserve Bank said today.
As per provisions in the Income Tax Act, the amount transferred from recognised PF/superannuation fund to NPS will not be treated as income of the current year and is hence not taxable.
Keeping up the heat, the income tax department will issue statutory notices to all those who have failed to respond to its SMS and e-mail queries seeking explanation on bank deposits made after demonetisation.
As per the income tax laws, any profit on sale or transfer of your house or land becomes taxable, in the year in which you transfer the same. As per the Transfer of Property R
Financial planners and experts seem to be in agreement that Equity Linked Savings Schemes (ELSS) is the best investment avenue under Section 80C of the Income Tax Act since it outscores other options in terms of liquidity and returns.
As a consultant you are required to pay a flat 10 per cent tax on income while an employee is taxed as per applicable slab, the highest being 30 per cent along with surcharge.
Cash purchases of jewellery will attract 1 per cent TCS (tax collected at source) from April 1 if the amount exceeds Rs 2 lakh, as against the current threshold of Rs 5 lakh.
Stating that the tax incentive for second home loan borrowers is being virtually misused, revenue secretary Hasmukh Adhia, on February 4, 2017, citing limited resources, said that it was prudent to subsidise first-time buyers R