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  • ITR filing: Salaried tax-payer? Know how to choose between forms ITR-1 and ITR-2 June 09, 2023 03:30 PM IST

    ITR filing: Salaried tax-payer? Know how to choose between forms ITR-1 and ITR-2

    Income tax return-filing forms ITR-1 and ITR-2 are the key documents relevant for salaried individuals. Ensure that you select the right form and make all disclosures while filing the return for assessment year 2023-24 (financial year 2022-23)

  • New vs old tax regimes: There is still time to weigh and choose the I-T regime that suits you June 05, 2023 12:18 PM IST

    New vs old tax regimes: There is still time to weigh and choose the I-T regime that suits you

    Irrespective of what you have declared to your employer at the start of the financial year, you can reassess the benefits and determine the appropriate tax regime when filing your tax return.

  • Holidays booked with foreign tour operators escape 20% TCS, but Indian tour operators must collect this tax June 05, 2023 10:42 AM IST

    Holidays booked with foreign tour operators escape 20% TCS, but Indian tour operators must collect this tax

    The 20% Tax Collected at Source (TCS) rule for overseas tour packages seems to have a loophole. Booking such a package with an Indian tour operator attracts TCS right away. With a foreign tour operator, you can escape TCS until international payments on your credit card cross Rs 7 lakh a year.

  • PAN-Aadhaar linking: Link your PAN and Aadhaar by June 30 to avoid PAN deactivation June 05, 2023 10:46 AM IST

    PAN-Aadhaar linking: Link your PAN and Aadhaar by June 30 to avoid PAN deactivation

    PAN-Aadhaar linking: Not linking PAN and Aadhaar will hinder income tax return-filing process, investments in mutual funds and stocks. You can seed your Aadhaar with PAN through the income tax e-filing website. You will, however, pay a late fee of Rs 1,000 before commencing the process. If you happen to miss this deadline, you can make your PAN operative again within 30 days by seeding your Aadhaar and paying a penalty of Rs 1,000.

  • G20: India hosts global taxation talks, discusses impact of Two-Pillar Solution on developing nations June 02, 2023 06:22 PM IST

    G20: India hosts global taxation talks, discusses impact of Two-Pillar Solution on developing nations

    The two-day event, held in Nagpur, concluded on June 2 and was attended by international tax experts from organisations such as the United Nations Tax Committee and Independent Commission for Reform of International Corporate Taxation, among others.

  • How 20% TCS on foreign remittances under LRS can impact overseas spend of Indians June 02, 2023 12:34 PM IST

    How 20% TCS on foreign remittances under LRS can impact overseas spend of Indians

    The new changes could impact high networth individuals making investments overseas and those making payments for the purchase of overseas tour packages.

  • ITR filing mistakes: Common errors to avoid while filing income tax return for FY 2022-23 June 09, 2023 03:53 PM IST

    ITR filing mistakes: Common errors to avoid while filing income tax return for FY 2022-23

    The deadline for filing income tax returns, July 31, is two months away, but to avoid committing errors at the last minute, start the process as soon as you get access to your Form 16.

  • Govt may cut solar panel import tax to make up domestic shortfall May 30, 2023 03:00 PM IST

    Govt may cut solar panel import tax to make up domestic shortfall

    India's renewable energy ministry has held talks with the finance ministry to approve its request to cut the import tax on solar panels from 40% to 20%, said the three sources, who declined to be identified as the decision has not yet been finalised.

  • Govt 'profiteering' through higher taxes at cost of people: Chidambaram on fuel prices May 30, 2023 10:41 AM IST

    Govt 'profiteering' through higher taxes at cost of people: Chidambaram on fuel prices

    The former Union minister attacked the government and urged Finance Minister Nirmala Sitharaman to read an editorial in an English newspaper in which it was noted that petrol prices were deregulated over the UPA and NDA governments between 2010 and 2014.

  • PwC Australia puts nine partners on leave amid tax leak scandal May 29, 2023 09:15 AM IST

    PwC Australia puts nine partners on leave amid tax leak scandal

    The "big four" firm is reeling after a former tax partner consulting on new anti-tax avoidance laws shared confidential drafts with colleagues that were then used to drum up business.

  • Tax collection in India one of the highest, reduce direct tax to 25% from 40%: Surjit Bhalla May 28, 2023 09:44 PM IST

    Tax collection in India one of the highest, reduce direct tax to 25% from 40%: Surjit Bhalla

    The Budget 2023-24 had lowered India's highest rate of income tax from 42.74 per cent, by reducing the surcharge applicable on high net-worth individuals.

  • Income tax returns for 2023-24: What is Form-16? All you need to know about Form-16 May 30, 2023 03:23 PM IST

    Income tax returns for 2023-24: What is Form-16? All you need to know about Form-16

    It is essential to cross-check and verify the information in Form 16 with your salary slips, Annual Information Statement), and Form 26AS before filing your ITR.

  • MC Explains: Higher tax exemption on leave encashment for non-govt employees May 27, 2023 12:33 PM IST

    MC Explains: Higher tax exemption on leave encashment for non-govt employees

    The tax exemption on leave encashment for private salaried employees has been raised eightfold.

  • TCS doesn’t apply only to your foreign currency spending, domestic purchases too can bear its brunt May 26, 2023 08:48 AM IST

    TCS doesn’t apply only to your foreign currency spending, domestic purchases too can bear its brunt

    Apart from paying Tax Collected at Source (TCS) on foreign remittances and on purchases of overseas tour packages, you also have to pay TCS if you buy a car that costs over Rs 10 lakh.

  • Leave encashment up to Rs 25 lakh to be tax-free for non-government workers May 26, 2023 06:42 AM IST

    Leave encashment up to Rs 25 lakh to be tax-free for non-government workers

    While such payments were tax-free only for government employees, the private sector was permitted only up to Rs 3 lakh worth of tax-free leave encashment. The new measure was announced in the February budget, but has been notified only now.

  • TDS, TCS aren’t money lost forever, you can adjust or claim it back May 25, 2023 03:07 PM IST

    TDS, TCS aren’t money lost forever, you can adjust or claim it back

    Low-income earners need to track tax collected and deducted to receive refunds. TDS is not final tax liability, total tax depends on your tax bracket.

  • Finmin's Rs 7-lakh relief to taxing foreign spends on credit cards can't resolve TCS crisis May 21, 2023 06:54 AM IST

    Finmin's Rs 7-lakh relief to taxing foreign spends on credit cards can't resolve TCS crisis

    International credit card spends are under LRS from May 16 and the 20 percent TCS will kick in from July 1, 2023. Until June 30, TCS at the rate of 5 percent will apply.

  • 20% TCS On International Credit Card Spends: The How, What, Why Answered! | Experts' Take May 19, 2023 01:48 PM IST

    20% TCS On International Credit Card Spends: The How, What, Why Answered! | Experts' Take

    TCS on international credit card spend means that your transactions made while on a foreign trip will attract a 20% TCS. Does this increase the Tax compliance burden for individual travellers, Yes! Will it increase your upfront international travel cost, Yes! So why has the govt decided to include credit cards under LRS and how should one go about claiming their TCS? We try to answer a few of those questions with experts DEEPAK SHENOY, Founder & CEO, Capitalmind and and RAVISUTANJANI KUMAR, Fintech influencer.

  • Govt out to tighten reins on royalty payments by OTT, IT and ITES: Sources May 16, 2023 04:39 PM IST

    Govt out to tighten reins on royalty payments by OTT, IT and ITES: Sources

    If some rights are being transferred by an entity, it constitutes royalty, according to Indian legislation. If an entity here has rights and is again distributing them, it will be considered royalty.

  • Got your first job? Here's how you can make tax-saving investments May 12, 2023 10:46 AM IST

    Got your first job? Here's how you can make tax-saving investments

    Do not invest with the sole purpose of saving income tax. It is important to clearly define your financial goals when planning tax-saving investments. Here are a few simple tips to save tax and also to push you closer to your financial goals

  • Planning to sell your property? Know your responsibilities as a seller May 11, 2023 11:39 AM IST

    Planning to sell your property? Know your responsibilities as a seller

    Complexities that property transactions entail can be challenging to deal with for sellers as well as buyers, particularly the taxation aspect of the entire process.

  • Wealthtech startup Fisdom to foray into asset management space May 18, 2023 02:23 PM IST

    Wealthtech startup Fisdom to foray into asset management space

    The startup is looking to launch a PMS license initially for its High Net Worth Individual (HNI) customers, which will be accessible through its Fisdom Private Wealth platform.

  • Caveat Emptor: Deduct TDS on property purchases, or else… May 09, 2023 09:41 AM IST

    Caveat Emptor: Deduct TDS on property purchases, or else…

    If the property value exceeds Rs 50 lakh, the buyer is required to deduct TDS at a rate of 1 percent of the total value and deposit it with the government.

  • Policy Next Karnataka Summit | Give us some time and we will solve angel tax issue, says Rajeev Chandrasekhar May 05, 2023 10:04 PM IST

    Policy Next Karnataka Summit | Give us some time and we will solve angel tax issue, says Rajeev Chandrasekhar

    An exemption for money raised from foreign investors under the angel tax regime has been done away with in the Finance Bill, 2023.

  • Faceless tax assessment scheme fuels deluge of appeals, puts taxpayers in limbo May 05, 2023 06:29 AM IST

    Faceless tax assessment scheme fuels deluge of appeals, puts taxpayers in limbo

    Over 6 lakh appeals are pending before the I-T department and tribunal; the finance ministry claims less manpower is leading to the pile-up.