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Tax Optimizer: NPS, tax-free perks can help salaried Shiva save over Rs 1 lakh

Taxspanner estimates that Prasad can cut his tax by over Rs 1.12 lakh if his company offers him a few tax-free perks as well as the NPS benefit.

Filing I-T returns online? Government may want your feedback

Taxpayers may get an opportunity to rate whether the process was simple and whether it was difficult to get a refund.

Tax queries: Does the senior citizens savings scheme qualify for section 80C benefits?

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

Recent low inflation means you pay more capital gains tax

Between 2008 and 2012, consumer inflation was raging in double digits, which meant that debt fund investors were earning tax-free gains.

Tax optimizer: Salaried Saha can cut tax outgo by investing in NPS, debt mutual funds

Tax optimizer: Salaried Saha can cut tax outgo by investing in NPS, debt mutual funds

Sudhir Kaushik of Taxspanner.com advises readers on how to restructure their income, investments and expenses to optimise their tax.

Tax queries: Pay 10% tax on dividend in excess of Rs 10 lakh

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

How to apply for PAN card

PAN is a 10-digit alphanumeric identity allotted by the income tax department which is required to conduct even the simplest of financial transactions.

Tax queries: Approach I-T department if TDS is not deposited by deductor

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

Higher tax mop-up has 12 states in Rs 4,000-crore fiscal surplus in Q1

These states have, in fact, budgeted a fiscal deficit of whopping Rs 1,14,160 crore for the current fiscal year, says a report by the domestic rating agency Icra.

Interest income under tax scrutiny: Here's what you must know to stay clear of taxman

Interest income under tax scrutiny: Here's what you must know to stay clear of taxman

There are a lot of misconceptions about the taxability of interest earned on bank deposits. Here's what you must know to avoid falling foul of the l

Tax Optimizer: NPS, LTA can help salaried Passi reduce tax outgo

Paying too much tax? Write to us and our experts will tell you how to reduce your tax by rejigging your pay and investments.

How to file tax return as a representative of someone

There are specific people, such as a guardian, trustee, or some other competent person, authorised by law to file tax returns on behalf of someone.

If you don't link Aadhaar, PAN by Aug 31, your ITR won't be processed: Here's the implication

Even if you have filed your return by August 5 but have not linked your PAN and Aadhaar latest by August 31, your ITR won't be taken up.

Tax queries: What you can do if you haven't declared income from other sources in your tax return

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

How to respond to income tax notice online

How to respond to income tax notice online

While processing your ITR, if the assessing officer finds that you have paid less tax than what he has calculated, you will be served with an outsta

I-T lens on individuals who earn Rs 5-lakh interest on FDs

Many senior citizens and professional, who either don't include this in taxable income or simply don't pay tax or file returns, will come under I-T lens now.

How to calculate short-term and long-term capital gains and tax on these

Read on to find out how to distinguish between short-term and long-term capital assets and calculate the gains in each case.

How to download and send ITR-V to income tax department

Read on to find out how you can download ITR-V and the important dos and don'ts to follow while sending it to the CPC.

Why the taxman can't tax Shah Rukh Khan's Rs 15 crore Dubai villa

During the assessment for FY 2007-08, I-T officials added the value of the villa -Rs 17.85 crore -to the income of Rs 126.3 crore declared by Khan.

Central Board of Direct Taxes open to giving foreign companies a breather

Central Board of Direct Taxes open to giving foreign companies a breather

“I would like to be informed in which areas the TDS is high, so that we can think of reducing that also,” CBDT chairman said at an international tax

Tax queries: Use ITR-2 to show salary and capital gains income

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

Made a mistake in filing your ITR? Here's how to respond to the tax notice under Section 143(1)(a)

A tax notice can be sent to you if there is any error in the tax calculation between the data given by you and the data available with the income tax authority.

What you should know about income tax refunds

Income tax refunds are processed in two ways: Direct credit through RTGS / NECS or by a paper cheque.

Tax Optimizer: NPS, tax-free perks can help salaried Purohit save more tax

Paying too much tax? Write to us and our experts will tell you how to reduce your tax by rejigging your pay and investments.

Why cash will remain king despite tax raids, strictures: View

Why cash will remain king despite tax raids, strictures: View

A small trader can only stay afloat by paying "taxes" that have nothing to do with the formal system. It’s a practice that is difficult to eradicate

Own property but never filed income tax return? Brace for big tax trouble

Enforcement action will be taken only in cases where there is concrete evidence. Otherwise, tax authorities will follow a non-intrusive approach.

You can avail tax benefits on capital gains invested more than once for new house

If a taxpayer owns more than one house, other than the 'new' residential property, on the date of transfer of the original assets, I-T benefit is not available.

Tax queries: Is there a legal provision for recovery of interest on TDS?

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

How to surrender additional PAN card and what are the consequences

As per Section 272B of the Income Tax Act, the income tax officer can levy a penalty of Rs 10,000 on you for having more than one PAN card.

Income tax queries: File income tax returns in time to carry forward losses

Income tax queries: File income tax returns in time to carry forward losses

Every person must file his income tax return in time to claim the benefit of carry forward of loss to be adjusted against future income.

Income Tax department detects Rs 13,715 crore undisclosed income last fiscal

Last fiscal, the income tax department conducted searches at 5,102 premises of 1,152 groups during which undisclosed income of Rs 15,496 crore.

Who has to report foreign assets in Indian income tax return and how to do it

The reporting requirement, introduced from FY 2012-13, is applicable to individuals qualifying as Resident and Ordinary Residents (ROR) in India.

11 lakh PAN have been deactivated: Here's how to check if your PAN is active or not

A penalty of Rs. 10,000 is liable to be imposed under section 272B of the Income-tax Act, 1961 for holding more than one PAN.

​Tax Optimizer: NPS, rejigging salary, buying medical cover can help Rao save more tax

Sudhir Kaushik of Taxspanner.com advises readers on how to restructure their income, investments and expenses to optimise their tax.

What is a belated income tax return and what are its consequences

What is a belated income tax return and what are its consequences

If you think you will miss the extended income tax return filing deadline also, there's still a chance for you to file your return.

How to file income tax return after due date

The only difference is that instead of filing your ITR under section 139(1), you will be required to file ITR under section 139(4).

Today is the last day to file your tax returns, use this 8-point guide to cut the filing hassle

The last date for filing of Income Tax Returns (ITRs) was extended from July 31 to August 5 in view of difficulties faced by taxpayers.

Why you should not rely solely on your income tax return filer, chartered accountant when filing ITR

If you are a last minute person, here are 7 reasons why you should not solely rely on your chartered accountant while filing your income tax returns.

CBDT hikes deposit to 20% for getting I-T demand stay

CBDT's internal memorandum, dated July 31, points out that high-pitched assessments have been contained over the years through several measures.

How to prepare and file ITR completely online

How to prepare and file ITR completely online

Using this method, a person can fill the form, ITR1 or ITR4, online by entering the relevant information and finally submit it online as well.

Tax queries: Which ITR form to use for Income from salary, capital gains?

Every week, an expert selected by ET answers queries from our readers on income tax and other levies.

Do you own a holiday home abroad? The I-T department may soon come rapping at your door

The income tax department has questioned at least 12 persons in the past two months for not paying tax on the rental income that such properties can generate.

Earning abroad? Know your tax obligations in India

Only, tax residents of India (ROR) are subject to tax on their global income, which would include interest income on overseas bank accounts.

Here's what will happen if you miss income tax return filing deadline

The big question right now is what happens if you still miss filing your tax returns before August 5 midnight. Here's what you should know.

Last day checklist to file income tax returns

Last day checklist to file income tax returns

The finance ministry has made it clear that it is not extending the ITR filing deadline beyond July 31. Here's an 8-point guide for last-minute file

Got an income tax notice? Here's how to deal with it

You should first understand the section under which you have received it. Here are some of the common sections under which people get notices and what these mean.

Filed your income tax returns? Tax notices that you may get and how to deal with it

Here are some sections of the IT Act under which you can get a tax notice. ET Wealth tells you what to do if you get one.

5 smart things to know about modes of filing income tax returns

One can take help of the IT department appointed tax return preparers to prepare and file income tax if one finds it difficult to do so.

Tax Optimizer: NPS, rejigging salary structure can help Jain cut tax by nearly Rs 1 lakh

Jain can reduce the tax outgo by asking his company to offer a few more tax-free allowances, such as LTA and reimbursements of telephone and newspaper bills.

File ITR by July 31, no extension proposed, says government

File ITR by July 31, no extension proposed, says government

"There are no plans to extend July 31 deadline. The department requests taxpayers to file their return in time," a top Income tax department officia

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