According to the CBDT notification, an individual is required to deposit the tax deducted within 30 days from the end of the month in which the deduction was made. The tax must be deposited along with a challan-cum-statement in Form 26QD.
Not only should you ask your employer for the NPS benefit, but you should also invest in the scheme on your own. You can reduce your tax outgo significantly. Hence in this way, you can optimise your tax by rejigging your income and investments.
Under Section 80TTA, you can claim a deduction of up to Rs 10,000 on savings bank/post office deposits. Interest earned on post office RD and NSC is eligible for exemption under Section 80C within the overall limit of Rs 1.5 lakh in the years.
Not only should you ask your employer for the NPS benefit, but you should also invest in the scheme on your own. You can reduce your tax outgo significantly. Hence in this way, you can optimise your tax by rejigging your income and investments.
A big tax break will come your way if you opt for the NPS benefit offered by your company. Under Section 80CCD(2), up to 10 % of the basic salary put in NPS is tax-deductible. ET wealth tells how you can optimise your tax by rejigging your income.
The Akhilesh Ranjan taskforce, set up to suggest an overhaul of the Income Tax Act, has also recommended sweeping changes in the tax slabs. It submitted its report on the new Direct Taxes Code to the government in August.
The income tax laws classify the residential status of an individual into three categories, depending on the individual's stay in India in the relevant financial year as well as his/her stay in the previous years. Here is a look at these categories.
For policies purchased after 1 April 2012, if the premium paid on the policy is less than 10% of the sum assured, the amount received on maturity is exempt from tax.
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.
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.
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.
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.
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.
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.
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.
