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ClearTax launches software for return filing under GST

The ClearTax GST software prevents mismatches and has separate versions for CAs and Enterprises -- GST Pro and GST Biz.

Your wait for TDS certificate gets longer: Last date for employers to issue Form 16 extended

Under section 203 of the Income-tax Act, 1961, the employer is mandated to issue Form 16 to the employees showing the total TDS on income.

Tax queries: Where should you complain for not getting Form16?

If you have any evidence of tax deducted at source from the salary, then you can write to the Commissioner of Income Tax, TDS giving all the information.

Income Tax department sets capital gains tax rules straight on Esop, FDI

FDI, Esop and off-market transactions NCLAT will not face capital gains tax.

How to draft a GST compliant invoice

How to draft a GST compliant invoice

From July 1, the invoices you raise will change. Here is how you can make an invoice that is in sync with the requirements of GST.

How self-employed professionals, entrepreneurs, SMEs can get ready for GST

One of the biggest tax reforms comes into effect next month but many small businesses, entrepreneurs and self-employed professionals are not prepared.

Cheque encashed by builder after I-T return deadline? You can still claim tax exemption, says tribunal

Tax experts say this does not apply to post-dated cheques. Builders typically ask for post-dated cheques, if a flat is booked during the construction stage.

GST view: Don't link input credit to tax payment by supplier

Invoice matching can effectively avoid fraud claims. So why does the GST insist on linking input credit to the payment of tax by the supplier?

Tax Optimizer: How salaried Jasti can cut his tax by Rs 1 Lakh

If Mahesh Jasti gets more tax-free perks and invests more for retirement in the NPS, his tax can come down by more than Rs 1 lakh.

Here's how your business needs to change for GST

Here's how your business needs to change for GST

All GST compliance will be paperless. GST returns will have to be filed online. Therefore, it will be beneficial to move to an electronic system of

How to file ITR if you have more than one Form 16

For more than one Form 16, prepare a revised statement of income and tax liability to make sure that the tax is calculated as per the correct slab.

Tax queries: How to claim TDS refund

To claim credit of the TDS deducted, an individual is required to file the income tax returns. You shall receive credit in bank account once return is processed.

What is TDS and how does it work?

TDS is applicable on the various incomes received such as salaries, interest received etc. which is deducted when income is generated rather than at later date.

Tax optimizer: How Prakash can cut tax further in tax-friendly salary structure

Prakash,31, should invest in NPS and opt for aggressive lifecycle fund to plan for retirement and minimize his tax outgo by almost Rs 48,000.

Get ready to file your ITR: Deadline for employers to provide Form 16 is May 31

Get ready to file your ITR: Deadline for employers to provide Form 16 is May 31

In case the employer has not provided the Form 16 to the employee by May 31 and delays it, there are penalties in place.

Tax queries: How to calculate capital gains tax on property sold at less than stamp value?

As the sale consideration is less than the stamp duty valuation then stamp duty valuation shall be deemed to be the sale consideration of the property.

Income tax filing FAQs part 1

The losses under the head income from house property can be considered by your employer while computing the TDS on the salary.

Tax queries: Is the status of the InvITs equal to a mutual fund?

The status of the trust is not equal to a mutual fund, but it functions like a mutual fund. It does not have same taxability as in the case of mutual fund.

Bitcoin sale profit is taxable capital gains for investor

Tax authorities in many countries, such as the US, treat bitcoins a capital asset in hands of investors, with the sale resulting in a capital gain.

Do women workers need additional tax benefits? Here's what experts say

Do women workers need additional tax benefits? Here's what experts say

ET Wealth reached out to experts to know whether additional tax benefits is needed to encourage women joining the workforce.

How to link PAN to Aadhaar

The Income Tax department has made provision for assesssees to link their PAN to Aadhaar on the efiling portal.

Tax Optimizer: Why salaried Vasudeo should reduce PPF investment and buy ELSS

Vasudeo is 25 and should, therefore, opt for the Aggressive Lifecycle Fund of the NPS which allocates 75% of the corpus to equities.

Income Tax Appellate Tribunal to prioritise pending tax cases of salaried, senior citizens

Appeals filed by or against individuals over 80 years, will also be given a priority in all cases, irrespective of their nature of income.

Tax queries: Income tax rules related to Section 80-IBA Affordable Housing Scheme

The row house with a carpet area of 60 sq. mtr. will be eligible for deduction under section 80-IBA only if it is situated in other than metro cities.

No capital gains load on genuine investments

No capital gains load on genuine investments

The final notification of the rule will ensure that investments such as Esops and off-market strategic acquisitions do not face tax.

Spooked by inheritance tax fears, Indian high net worth individuals are opting for family trusts

Such taxes existed till 1986. Fearing its comeback, India's rich are now laying down specific rules for the beneficiaries of the wealth.

Tax Optimizer: Salaried Manoharan can cut tax by 20% using NPS, perks

Manoharan should start by asking his company to reduce his special allowance and instead give him tax-free perks such as reimbursement of expenses

How to calculate 'income from house property' for income tax purposes

A person's gross total income chargeable to tax various heads and one of these heads of income is 'Income from House Property'.

Tax queries: What is your tax liability for short term trading in the stock market?

Profit or loss from the transactions without taking delivery of the securities will be treated as speculation profit/loss in case of share trading as business.

Tax Optimizer: How IT professional Gopal can reduce his tax outgo by adding perks

Tax Optimizer: How IT professional Gopal can reduce his tax outgo by adding perks

Gopal can reduce his tax by over Rs 56,000 if his company offers him some tax-free perks, invests in the NPS and avoids tax-inefficient investments.

Last date for filing original FY2014-15 ITR was 31.3.2017: If you missed this too, here's what to do

An individual as per the tax laws is required to file the original return by July 31 every year says Amarpal Chadha, Tax Partner and India Mobility leader, EY.

Here's how TDS on salary income works

An employee can verify from time to time, his TDS (which has been deducted by the employer) in Form26AS in the TRACES website.

All about income tax return form Sahaj

ITR 1/Sahaj can be used only by individuals who have income from salaries or one house property or other sources of income.

No income tax on salary deducted for not serving notice period

ITAT (Ahmedabad bench) ruled that only salary received would be taxable, and not portions which were deducted for not serving out a notice period.

Tax queries: Should you disclose a deposit of less than Rs 2 lakh during demonetisation in your ITR?

Tax queries: Should you disclose a deposit of less than Rs 2 lakh during demonetisation in your ITR?

In part E of the tax return, you do not need to disclose anything if the amount deposited is less than Rs. 2 lakh during demoentisation.

5 smart things to know about income from property

Income from property is taxable on the basis of annual value—the amount for which the property might be reasonably be expected to be let out from year-to-year.

Tax Optimizer: IT professional Desai can cut tax outgo by switching from FDs to debt MFs

Desai is paid a very high city compensatory allowance. This should be reduced and 10% of his basic pay should be put in NPS under Sec 80CCD(2d).

Tax queries: Employer didn't deposit the TDS it deducted on your salary. How to claim it?

According to the I-T Act, an employee is entitled to claim credit for the tax deducted at source by the employer even if the same is not paid by the employer.

For tax relief, you need proof of rent paid to kin

As per the I-T Act, a salaried taxpayer can claim exemption on HRA, if the property is not owned by him and actual rent has been paid.

What will cost more and what will be cheaper for you due to GST? Here's the list

What will cost more and what will be cheaper for you due to GST? Here's the list

With prospects of GST increasing the GDP by 2 per cent, the momentous legislation, at least for the short term, may emerge as a mixed bag for the co

Tax Queries: What are the tax implications on a gift deed?

The gift deed contains the complete details about gift and any sum of money given as way of gift to your family members is not taxable.

Fake rent receipt won't help you lower tax burden anymore

As per a ruling, the assessing officer can now demand proof, such as electricity bill, in allowing a lower taxable income as computed by a salaried employee.

No capital gains tax on share transfer via IPOs

The notification lists three types of transactions where the provision will apply, but doesn't address concerns of capital gains tax on employee stk options.

Tax Optimizer: Manager Kumar can cut tax by getting salary structure revamped, investing in NPS

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

How to handle TDS on sale of property

How to handle TDS on sale of property

The buyer is required to deduct TDS @ 1% on the total consideration and deposit the same in the account of the income tax authorities.

Disclose deposits of Rs 2 lakh or more post note ban in new ITR forms

The tax return form notified by the income tax department -— now simplified to one page for most payers—includes a provision for such a declaration.

Filing tax returns to be less painful as government simplifies ITR forms

In the form for AY 2017-18, deductions claimed under different sections of Chapter VIA have been removed and only mostly used ones have been included.

Tax queries: Does teaching profession qualify for presumptive taxation at 50%?

The income received from the teaching profession or the activity of preparing content material is not covered under Section 44AA(1) of Income tax.

Go online to make tax saving investments

Investing in a tax saving instrument through cheque especially during the last few days of the financial year, may get held up due to various reasons.

Benefits of investing in tax saving fixed deposits

Benefits of investing in tax saving fixed deposits

Tax-saving FD is one of the tax saving instruments where one can invest to save tax under section 80C of the Income Tax Act.

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