Tue, Dec 17, 2024
How to save tax: With the right strategy and investment, anyone can save up to Rs 8 lakh in income tax. Here are 10 effective ways that will not only help you keep more of your income but also support your financial planning.
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Thu, Dec 12, 2024
Food delivery aggregator Zomato on Thursday said the GST department in Thane has imposed a tax demand of Rs 803.4 crore, including interest and penalty. The demand order has been received in respect of non-payment of GST on delivery charges with interest and penalty thereon, Zomato said in a regulatory filing.
This year-on-year surge showcases not only the capacity of the system but also the proactive engagement of taxpayers in adhering to filing deadlines.
Mon, Jul 10, 2023
The Income Tax department in a statement said the collection has touched 26.05 per cent of the total budget estimates of direct taxes for full 2023-24 fiscal of Rs 18.23 lakh crore.
Mon, Jul 03, 2023
If you have missed the deadline of linking the Aadhaar and PAN, then you can make your PAN operative by following a few simple steps. The deadline for linking PAN with Aadhaar was June 30.
Tax audits play a significant role in income tax compliance in India, governed by Section 44AB of the Income Tax Act, 1961. Businesses with sales or turnover exceeding Rs 2 crore, professionals with gross receipts exceeding Rs 50 lakh, and taxpayers opting for specific taxation schemes need to mandatorily get their accounts audited.
Sat, Jul 01, 2023
Clubbing of income happens when a person's income is included in the taxable income of another individual. Sections 60 to 64 of the Income Tax Act include provisions related to clubbing of income.
Tue, Jun 27, 2023
No income tax on wedding gifts: It is important to note that there are certain conditions that need to be met in order for the gifts to be exempt from tax.
Mon, Jun 26, 2023
If the equity shares are sold after 12 months of purchase, then the seller can make a long-term capital gain (LTCG) or incur a long-term capital loss (LTCL).
Sun, Jun 25, 2023
Share trading and investment in stocks has gained a lot of popularity, but not many are aware that gains from stocks must be declared in income tax return as well. In this week's Paisa Wasool 2.0 we discuss the definition of LTCG and STCG and the documents required and the ITR form to use while filing ITR to declare the income earned from buying and selling shares.
Sat, Jun 24, 2023
Cryptocurrency income is considered taxable in India, and it is important to understand the tax implications and reporting requirements. Under the new rules, cryptocurrency income needs to be reported under the ‘Schedule VDA’ in ITR Form 2.
Fri, Jun 23, 2023
Earlier the deadline to link PAN with Aadhaar was set for March 31, but it was later extended to June 30. Eventually, the PAN not linked to Aadhaar number will become inoperative from July 1.
Tue, Jun 20, 2023
The House Rent Allowance (HRA) calculation in income tax returns relies on factors such as salary, HRA component, rent paid, and location.
Mon, Jun 19, 2023
Under the Tax Deducted at Source (TDS), individuals who are unable to authenticate the origin of their income, may be served notices by the Income Tax department. These may further attract penalties if not resolved.
Sun, Jun 18, 2023
The Income Tax Act has provisions of incentives for resident senior citizens and super senior citizens. Their tax liabilities also differ as they see added exemptions and lower tax slabs. Apart from this, some senior citizens are also exempt from filing their annual income tax returns. We discuss this and the income tax slabs for senior and super senior citizens and much more in this video.
Fri, Jun 16, 2023
Form 16 is important for ITR filing as it is a TDS certificate issued by the employer with all the details of the tax deductions for a salaried taxpayer.
Thu, Jun 15, 2023
Currently, the capital gain tax in India is set between 10-20 per cent depending on class of asset and tenure of investment.
Mon, Jun 12, 2023
A resident Indian of 60 years of age or older is considered a senior citizen, and those of 80 years or above are considered as super senior citizens for the purpose of Income Tax Return (ITR) filing.
Sat, Jun 10, 2023
The annual window to file income tax return (ITR) is now open. As the process of filing ITR accurately and within the stipulated deadline can be intimidating, especially for first-time filers, we have summarised the A-B-Cs of filing income tax return and tips you must follow to avoid hefty fines and notices.
Wed, Jun 07, 2023
From July 1, 2023, PAN cards that have not been linked with Aadhaar will become inoperative.
Sat, Jun 03, 2023
The income tax you are liable to pay depends on your earnings in a financial year and the income tax slab applicable to it.
Missing ITR deadlines may result in penalties so it's wise to keep a tax calendar.
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