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CBDT notifies TDS certificate to be issued by individuals deducting tax on payments to contractors

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.

Tax optimiser: Salaried Kumar can save over Rs 68,000 in tax via NPS, perks

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.

How can I avail tax break on interest income earned on RD, monthly income schemes and NSC?

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.

Tax optimiser: NPS, LTA claim can help salaried Gupta cut tax by Rs 4 lakh

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.

Can laid off employees save tax on their severance pay?

Can laid off employees save tax on their severance pay?

According to the provisions of Rule 21A(1)(c), an individual will be eligible to claim relief under Section 89 in respect of compensation received b

Tax optimiser: IT professional Halder needs to use Sec 80C limit fully, opt for NPS

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.

You can save tax on up to Rs 17,000 savings account interest: Here's how

Post office savings interest up to Rs 3,500 is exempt for single a/cs and up to Rs 7,000 for joint a/cs.

How the proposed new Direct Tax Code could cut your income tax

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.

How is the residential status of an individual determined for income tax

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.

Do senior citizens with income less than Rs 5 lakh need to pay tax on FD interest income?

Do senior citizens with income less than Rs 5 lakh need to pay tax on FD interest income?

You are eligible for a basic exemption of Rs 3 lakh plus a tax rebate under Section 87A on taxable income up to Rs 5 lakh for the financial year 201

Tax query: How is the interest paid on borrowings taxed?

Dilip Lakhani, Senior Chartered Accountant, answers queries from our readers on income tax and other levies.

How to get your ITR related queries answered by income tax officers

If you have any query related to ITR filing, you can directly approach the I-T department.

Does pension from EPFO qualify for standard deduction?

"The pension received from EPFO is taxable under the head salary and it will qualify for the standard deduction. "

You can get credit for TDS deducted on cash withdrawals of over Rs 1 crore from bank account

Claiming credit for this TDS would allow them to set it off against their total tax liability for the relevant financial year.

I-T dept has to quote DIN to taxpayer

I-T dept has to quote DIN to taxpayer

A DIN will be mandatory for every type of communication with the income tax department without which, the document and communication will be deemed

What will be your tax liability if you sell shares traded in the US stock market?

When the shares are allotted to an employee, it is taxed as a prerequisite. When the shares are sold by the employee, it is taxed as capital gains.

Tax optimiser: By paying rent to father, Sirohi's HRA can become tax-free

The benefit is available only to a salaried individual who receives HRA as a part of his salary and is staying in rented accommodation.

PAN-Aadhaar linking deadline extended to December 31

Earlier, the deadline to PAN with Aadhaar was September 30, 2019.

Not got your income tax refund yet? Here's how you can raise a re-issue request

Do keep in mind that you will only get the refund if into a pre-validated bank account.

PAN-Aadhaar linking: What will happen if PAN is not linked with Aadhaar by September 30?

PAN-Aadhaar linking: What will happen if PAN is not linked with Aadhaar by September 30?

The last date for you to link your PAN with your Aadhaar number is September 30, 2019.

How is the surrender value of single premium ULIP taxed?

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.

Tax optimiser: How Ranjan can save Rs 50,000 in tax via NPS

ET Wealth tells readers how they can optimise their tax by rejigging their income and investments.

FM announces withdrawal of enhanced surcharge on capital gains from equity for individuals, HUFs

While presenting the Budget in July 2019, Nirmala Sitharaman had introduced a surcharge on individuals earning more than Rs 2 crore.

ITR not processed by the tax department? Here's what you can do

If your ITR is not processed by the tax department, then you can raise a grievance for the same.

What is the tax liability of buying a second house using a home loan?

What is the tax liability of buying a second house using a home loan?

"Income from house property is taxable once the taxpayer gets possession of the property."

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?

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

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

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

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

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.

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