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Government notifies faceless e-assessments in tax: More transparency, but some challenges too
The e-assessment scheme has now been notified, under which CBDT will set up national and regional e-assessment centres as well as various units to conduct e-assessments.
E-assessment scheme for faceless scrutiny of income tax returns notified
The notification was issued by the CBDT on Septemeber 12, 2019.
Finance Ministry notifies cost inflation index for FY 2019-20 as 289
This number is important as it is used to arrive at the inflation-adjusted purchasing price of assets and thereby long-term capital gains.
ITR processed? Here's how to request intimation notice u/s 143(1)
While processing ITR, the department on a prima facie basis checks your income details, TDS claimed by you and if that matches with Form 26AS and so on.
Can you claim deduction under section 80C for PPF contribution made into your major son's account?
According to current income tax laws, investment under section 80C allows a deduction up to Rs 1.5 lakh in a financial year.
Can you claim refund on tax deducted on FD in the name of your children?
As per the Income-tax Act, the income of minor child shall be included in the income of the parent whose total income after including minor’s income is greater.
Tax optimiser: Investing in debt mutual funds can help Shukla cut tax by Rs 83,000
ET Wealth tells readers how they can optimise their tax by rejigging their income and investments.
Digital: The Taxpayer’s Panacea
The Tax Technology Summit provided opportunities to learn about digital disruption in tax function and gain strategic insights
CBDT’s norms for manual ITR scrutiny
For the current financial year 2019-20, ITRs filed by charitable trusts entities will be manually selected and will be subject to complete scrutiny.
How to change bank, personal details in ITR after filing it
After uploading ITR, if you want to make changes in, say, your bank account, address etc., you can update them through 'Change ITR Form Particulars'
7 changes in income tax laws that come into effect from Sept 1
Here is the list of the seven main changes in tax laws that will come into effect from September 1.
ITR filing last-minute checklist
If you file your ITR before the deadline of Aug 31, you can avoid paying a penalty of up to Rs 10,000.
Reporting of foreign assets in income tax return: CBDT issues clarification
CBDT has clarified that only foreign assets acquired as per the relevant accounting period of the foreign country have to be reported while filing ITR for FY 2018-19.
ITR filing: How to read tax intimation notice under section 143(1)
This notice is sent to you on your registered email ID to inform you whether income tax calculation in the ITR filed by you matches that of the tax department.
From Sept 1, individuals must deduct TDS on payments to contractors, professionals: Know all about it
The rate at which the tax has to be deducted is 5% unless the payee has obtained a lower withholding tax certificate from the department.
Can I save tax if I invest sale proceeds from commercial property to buy residential home?
If sale proceeds are reinvested under Sec 54 in which capital gain from a previous property was rolled over, you can’t sell it for three years.
Got an income tax notice? Now you can check if it is real or not
Recently, CBDT had issued a circular according to which every income tax notice issued by the department will have a computer-generated Document Identification number.
Faceless tax assessment from Oct 8: FM
All information will be sought through available technologies and the assessment will be done randomly.
How to correct mistakes made at the time of paying income tax
While depositing self-assessment tax or advance tax during the year, you may have selected the wrong assessment year which could lead to a discrepancy.
ITR filing: TDS related queries answered by income tax department
Here are three common TDS-related queries answered by the income tax department.
Tax deductions that can be availed for reconstructing a house
"Demolishing a house and building a new one on the same plot is considered the reconstruction of the house."
ITR forms with pre-filled investment data soon
Pre-filled forms will soon be able to pick salary breakup directly from an individual’s Form 16.
ITR Filing: How to verify the validity of Form 16
Every taxpayer should verify and validate the TDS certificate before claiming any tax deduction.
ITR filing: Don't forget to claim TDS credit
As per income tax rules, you should claim credit for TDS on income that is paid or accrues to you in the same financial year as the TDS is deducted.
All tax letters, notices to carry identification numbers to be verifiable online from Oct 1, 2019
CBDT said that there have been some instances where it was not possible to maintain the audit trail of the communication issued manually.
You need to disclose delisted shares in ITR
As per SEBI (Delisting of Equity Shares) Regulations, 2009 delisting of securities means removal of securities of a listed company from a stock exchange.
Do I have to pay tax for the capital gains earned by my homemaker wife?
"Yes, you will have to pay tax on the capital gains earned by your wife from the sale of the stocks."
Do I have to pay capital gains tax if I switch between schemes of same mutual fund?
"The switching of schemes would be considered as redemption or sale of units of one scheme and purchase of units of the other scheme."
How to file ITR on the e-filing lite portal
E-filing Lite is a lighter version of the e-filing portal of the tax department, which enables quick access to the portal and faster filing of ITR.
Have you filed your income tax return correctly? Find out
Here's a short quiz to help you understand if you are on the right track to file your income tax return.
How to calculate tax on LTCG from equity shares and equity mutual funds
In Budget 2018, LTCG was made taxable. This rule applies for transactions made on or after April 1, 2018, and will be applicable for FY 2018-19 onwards.
Capital gains tax exemption available even if loan used for new house: ITAT
Capital gains are taxable under the Income-tax Act. If on sale of a residential house, the taxpayer makes a profit, then such profit is treated as a LTCG.
ITR filing FAQs: Here's what to do if you don't have PAN of unlisted company
Given here are some queries answered by the tax department for filling up ITR forms for FY 2018-19.
Getting 'invalid XML' error while uploading ITR? Here's how you can fix it
You can get an 'invalid XML error' message if you have altered or edited the XML file generated from the ITR utility/form before uploading the same to the portal.
CBDT raises limit for appeals to reduce litigations
The monetary limit for an appeal before the Income Tax Appellate Tribunal has been increased to Rs 50 lakh from Rs 20 lakh earlier, CBDT said.
ITR filing: How to get errors in Form 26AS corrected
Form 26AS is a statement containing details of all the taxes that are deducted during the FY from your income and deposited against your PAN to the government.
Now you can verify your ITR without login to your e-filing account
It is mandatory for the taxpayer to verify ITR within 120 days of filing the tax return.
ITR filing: How to calculate and report LTCG gains in ITR-2 for FY 2018-19
LTCG on transactions in listed equity and equity mutual fund units in FY 2018-19 is to be calculated as per a new tax regime introduced in Budget 2018.
8 common mistakes to avoid when filing ITR
The deadline to file income tax returns has been extended to August 31, 2019.
Tax optimiser: NPS and perks can help Sinha reduce his tax outgo by Rs 40,000
ET Wealth tells readers how they can optimise their tax by rejigging their income and investments.
How to download, import prefilled XML file to fill tax details in ITR?
All the personal and tax details available with tax e-filing portal will be prefilled into the appropriate ITR excel form.
E-ITR forms updated post the extension of deadline to file ITR
The changes have been made in the ITR form to ensure no penal interest is payable by the taxpayer under section 234A if he files ITR before the deadline.
TDS on salary: How it is calculated and deducted
Confused about how TDS is deducted from your salary? Here's everything you need to know about it.
10 salary components that can help employees reduce tax burden
Your salary structure is of utmost importance; as you would always seek to maximise your take-home salary
Money gifts to NRIs are taxable from July 5, 2019, property gift tax rules unchanged
With the passing of Finance Bill 2019, NRIs will have to disclose such gifts received and pay tax on it as per the tax rules applicable.
ITR filing: How to download Form 26AS
Follow these seven simple steps to download Form 26AS via the income tax department's e-filing website.
Am I eligible for deduction on home loan interest paid while constructing a house?
To claim the deduction on the interest paid on home loan taken for constructing a house, there are some conditions to be satisfied.
Tax optimiser: How IT professional Kawade can cut his tax liability to zero
ET Wealth tells readers how they can optimise their tax by rejigging their income and investments.
Tax Queries: LTCG tax on property sale if held for more than 2 years
Queries from our readers on income tax and other levies answered by a chartered accountant.
ITR filing: How to claim HRA in tax return
It is now easier to claim HRA exemption- you just need to copy details from Form-16 and paste them in ITR-1.
