What is Section 54EC ? Section 54EC is applicable when an individual sells his/her long-term immovable property and invests in certain specified capital gains bonds Section 54EC of the Income Tax provides…
Category: Income Tax
ITR: 7 common mistakes to avoid for a easy Income Tax Filing
Tax filing can be a difficult one with numerous risks that could lead to expensive errors and frustrations in the future. You must seek knowledgeable guidance to navigate this complicated world with…
Income Tax: Know these 5 key points before filing ITR early
The financial year 2023-24 culminated exactly 45 days ago and the last date to file income tax return (ITR) of July 31, more than 70 days ahead. Although you still have ample…
New AIS feature enhances Income Tax Confirmation Process by Tax Payers
Understanding the Annual Information Statement (AIS) The Annual Information Statement (AIS) now has a useful feature added by the Income Tax Department that lets taxpayers see the confirmation state of their financial…
Income Tax return (ITR) filing 2024: What is Form 16, issue date and Important.
2024 ITR filing: After obtaining Form 16, salaried individuals can begin filing their income tax returns for the fiscal year 2023–2024 in June. PAN, TAN, salary information, deductions, and tax deducted at…
Income tax: Close to 6 lakh IT returns filed within 30 days of portal’s opening
IT returns: The Income Tax (I-T) Department has received as many as 6 lakh returns in the first month of Assessment Year 2024-25 (FY25). Significantly, nearly two-thirds of the verified returns have…
Summary of income tax return forms ITR 1 to ITR 7
Income tax return: An income tax return is a document filed with the tax authorities that outlines an individual’s or entity’s income and tax liabilities. It serves as a record of one’s…
Govt collects Rs 600 crore penalty for delay in PAN-Aadhaar linking
PAN-Aadhaar linking: The government has collected over Rs 600 crore as penalty for delay in linking PAN with Aadhaar, and about 11.48 crore Permanent Account Numbers are still not linked with biometric…
How to deal with tax and ITR filing when selling a property ?
Selling a property: Tax on capital gain is triggered when a person transfers (by way of sale, exchange, conversion, relinquishment of right) any capital asset (such as house, land, building, equity…
Small tax demands up to ₹1 lakh waived, relief for income tax payers
Tax demands: The government has recently announced a scheme to waive off small outstanding income tax demands, setting a ceiling of ₹1 lakh per taxpayer. The scheme aims to provide relief to…
Form 10F for Non-Residents : Importance, documents and applicability
Form 10F for Non-Residents: Form 10F is a self-declaration tax form used by non-resident (NR) taxpayers for claiming the benefits under DTAA (Double Taxation Avoidance Agreement) if their Tax Residency Certificate (TRC)…
Not filing ITR, Delhi court sentences woman to 6 months jail
A Delhi Court recently convicted and sentenced a woman to six months in jail for not filing a return on income of Rs two crores. This case pertains to a complaint filed…
Income Tax Dept sets high-risk value assessment guidelines for updated ITR
Updated ITR: The Income Tax Department has finalized guidelines for assessing or re-assessing of high-risk value in updated Income Tax Returns filed for Assessment Year 2020-21 (Fiscal Year 2019-20). Meanwhile, the…
Tax Loss Harvesting – How it works everything you should know
Tax loss harvesting or tax loss selling is a practice of selling a security that has incurred a loss to help investors reduce or offset taxes on any capital gains income subject…
Can Salaried employees change Tax regime when filing Income Tax Return?
Employees in India choose between two tax regimes – the old regime and the new regime – based on factors that can potentially reduce their overall tax burden. Salaried employees have the…
