Legal heirs of the dead must file income-tax returns for income earned in the year the dead passed away. Legal heirs cannot just merge the income with their own income and file just one tax return
The Direct Tax Vivad se Vishwas Act, 2020 was enacted on March 17, 2020 to settle direct tax disputes locked up in various appellate forums.
The due date for filing income tax returns has again been pushed back to December 31. Avoid interest and penalties by filing income tax returns before the due date
For those who are required who are required get their ITR audited, the deadline for the procedure has been extended to January 31, 2021.
Filing your income-tax returns through the government’s e-filing portal is easy. Make sure you have all your documents ready
You can revise your income tax return as many times as you want. It’s useful if you forget to claim a deduction or declare an income while filing earlier
While claiming deductions, it is important to have proper knowledge of tax rules
Typically smaller banks offer higher rates than well-established banks
While opting for the LTC scheme, you must not end up overspending unnecessarily
Faceless assessment is expected bring positive changes to the assessment system, thereby saving travel time and cost for the taxpayer
It appears that the benefit of the LTC scheme will not be available to employees who have opted for the simplified tax regime
Seven ITR forms are available for you to file returns. Complete disclosure of your income is not enough. Make sure you use the correct form, too
So long as you make your tax-saving investments or incur certain expenses within March 31 (July 31 this year), you are still allowed tax deductions
Sale proceeds from mutual funds are taxed, depending on how long you’ve held on to them
To improve demand in the upcoming festive season, the finance minister announced additional leave travel allowance benefits to be used before March 31, 2021. But many clarifications are awaited
The money so received by employees cannot be withdrawn in cash.
Dividends would be taxed in the hands of the recipients and not companies or fund houses
The form reflects not just TDS deducted by your employer or bank, but also details of various financial transactions
You need to file returns even if your income falls below the basic threshold after all deductions
Brace yourself for a tedious process while disclosing LTCG in your income tax return forms
The government's net direct tax collection fell 31 percent year-on-year to Rs 1.92 lakh crore in April-August 2020, Minister of State for Finance Anurag Singh Thakur said in Parliament. Net direct tax collection was Rs 2.79 lakh crore in April-August 2019.
Finance Minister Nirmala Sitharaman has assured repeatedly that there will be no compromise on capital expenditure by the centre and the state-owned companies. However, data showed that the centre’s capital expenditure of Rs 22,598 crore in August was the lowest among all months so far this year
This tax was proposed in the Union Budget 2020 and will be applicable from October 1
So, what has promoted the IT department to introduce these changes. Let’s find out in this edition of Big Story
Tax breaks may be in the offing for the sector which could do with a boost after a punishing spell during the lockdown