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)
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.
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: 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.
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.
The new changes could impact high networth individuals making investments overseas and those making payments for the purchase of overseas tour packages.
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.
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.
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.
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.
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.
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.
The tax exemption on leave encashment for private salaried employees has been raised eightfold.
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.
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.
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.
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.
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.
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.
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
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.
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.
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.
An exemption for money raised from foreign investors under the angel tax regime has been done away with in the Finance Bill, 2023.
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.