March 20, 2024 07:32 AM ISTBuy insurance, not just for income-tax breaks, but because you really need an insurance policy. Consider Public Provident Fund to be a great investment, even without tax breaks.
March 19, 2024 04:00 PM IST Section 80 CCD(1B) offers an additional deduction of Rs 50,000 – over and above the Rs 1.5-lakh section 80C limit – for investing in NPS. You can open an account online and invest before March 31 to claim these deductions.
March 19, 2024 10:02 AM IST Under the Income Tax Act, gifts from relatives are not taxed. Gifts received from one’s marriage or from a will are also not taxed, nor one’s inheritance. But gifts from non-relatives are taxed if the aggregate value exceeds Rs 50,000 annually. The limit is applicable separately on money and movable properties
March 17, 2024 08:16 PM IST Ashneer Grover, who has on multiple occasions been critical of the tax system in the country, said that his last income tax returns was filed by his late father who also was his CA.
March 13, 2024 12:54 PM IST Year-end tax planning tips: Tax-loss harvesting lets you offset your capital gains tax liability by selling off shares or mutual funds at a loss. Typically, such securities are purchased again to maintain the same asset allocation or portfolio. If you have not used this strategy, do it before March 31 .
March 12, 2024 02:56 PM IST Last-minute tax-saving: Despite the increase in awareness around the importance of incorporating tax planning into the overall financial planning strategy and starting early, many tend to put off the process until the last minute.
March 12, 2024 07:46 AM IST Biden wants to raise taxes by trillions on corporations and high earners, his budget wish-list showed, to help cut the deficit and pay for new programs assisting those who make less cope with high housing and childcare costs. Congress is unlikely to adopt the measures as proposed.
March 12, 2024 12:30 PM IST The Income Tax department has clarified that due to a data reporting error by a yet-unnamed entity, taxpayers have received notices for paying higher advance tax for financial year 2023-24. The I-T department has now asked such taxpayers to wait for updated data.
March 06, 2024 08:44 AM IST If you are anticipating a tax liability of Rs 10,000 or more in a year, get ready to pay advance tax. Failure to do so will attract 1 percent penal interest per month. But if you miss the March 15 deadline, you can still pay your advance tax by March 31, albeit with one month’s interest. So, don't wait until July 31 to do this.
March 05, 2024 02:32 PM IST While presenting the 2024-25 Delhi budget in the assembly on Monday, Finance Minister Atishi had announced a new scheme for women under which eligible non-income tax payees above 18 years will get the amount every month.
March 01, 2024 08:45 PM IST According to depository data, Mauritius-based FPIs owned shares worth Rs 5.2 lakh crore in April 2017 contributing to 20% of the total FPI assets in India.
March 01, 2024 11:34 PM IST The income tax department has activated a feature on its tax return filing portal that allows tax-payers to view the status of their outstanding, petty and old tax demands. The eligible ones are being ‘extinguished’. Tapati Ghose, Partner, Deloitte India gives an insight into the facility, areas that need further clarity and the complaint redressal process to be followed if your tax demand is not withdrawn. Tune in.
February 28, 2024 03:58 PM IST Unless a taxpayer can provide a satisfactory explanation for the mismatch of income, he may have to consider filing an updated tax return. While failure to provide a response on the I-T portal will attract no penalty now, ignoring to resolve this matter can result in future litigation.
February 27, 2024 07:06 AM IST Your money in an ELSS is locked in for three years, even if you invest in excess of Rs 1.5 lakh. But mind the lock-in when you put your money through SIPs. Each SIP instalment gets locked in for three years.
February 22, 2024 11:01 AM IST Governments must strive to enable new businesses to grow so that there is economic growth resulting in a growing tax base. The cardinal rule is to not start taxing an emerging sector before it has found its feet
February 21, 2024 09:08 AM IST Budget 2023 made the new income tax regime the default regime. Since this regime doesn’t give Section 80C benefits, ELSS, or tax-saving mutual funds, have lost their tax-benefit edge. Aside from taxpayers who would still opt for the old tax regime, it remains to be seen if ELSS funds can sell themselves purely on performance.
February 20, 2024 09:59 AM IST The move comes after many multinational companies represented to the finance ministry about the investigation process, especially questioning of CXOs.
February 19, 2024 01:43 PM IST The overall success of GIFT City hinges on the competitiveness of its tax regime. There is a high expectation that the beneficial tax regime for aircraft lessors will continue to move in the right direction
February 16, 2024 08:44 PM IST Only 30% of respondents cited tax exemptions or rebates as primary reason behind buying health insurance policies
February 17, 2024 08:32 AM IST Cess will be levied on online delivery transactions to fund welfare of gig workers.; tax slabs for Indian Made Liquor (IML) and beer also to be revised
February 16, 2024 08:17 AM IST Any allowance that compensates you for expenses incurred in the course of your employment is exempt from tax under the Income Tax Act. This is irrespective of whether it is for services rendered in India or overseas. But the allowance must be backed by bills or a declaration from the employee that the money was used for the intended purpose.
February 19, 2024 01:15 PM IST While usually court decisions and tax changes are applicable after the date of announcement, the income tax department will have to issue a clarification regarding electoral bonds purchases that offer 100 percent tax deduction
February 15, 2024 09:06 AM IST Although the new income-tax regime has been made the default regime, you could still switch back to the old regime if you claim deductions and loan exemptions. But make sure you fill this form by July 31.
February 08, 2024 08:08 AM IST Many homebuyers who purchased properties between July 1, 2023, and January 10, 2024, have been served with a TDS shortfall notice due to sellers' inoperative PAN. A writ petition has been filed in the Delhi High Court.
February 07, 2024 07:06 PM IST Starting early and identifying the most suitable section 80C instruments after meticulous research will ensure that your tax-planning is not an isolated activity, but is integrated into your larger goal-based financial planning strategy. Do not wait until March 31 to complete the process as technical glitches on investment portals could derail your plans at the last minute.
