The Economic Times
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| 05 August, 2020, 01:19 AM IST | E-Paper
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    Tax

    Wealth management during coronavirus

    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

    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 exch

    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."

    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 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.

    How to calculate tax on LTCG from equity shares and equity mutual funds

    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 onwa

    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

    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

    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?

    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

    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.

    10 reasons why you may get a notice from the income tax department

    10 reasons why you may get a notice from the income tax department

    You may anytime come under the taxman's lens. Here are 10 reasons taxpayers can get an income tax notice.

    Tips for a smooth income tax return filing experience

    Taxpayers should keep in mind these tips to avoid penalties and ensure a smooth return filing process.

    4 ways to reset your income tax e-filing password

    Before the taxpayer uses this option to generate Aadhaar OTP, they must ensure that their PAN and Aadhaar are linked.

    Deadline to file income tax return for FY2018-19 extended to August 31

    Usually, the deadline to file the income tax returns by individuals and HUFs is July 31.

    How to link Aadhaar card with income tax returns

    With effect from April 1, 2019, it is mandatory to quote your Aadhaar number while filing ITR unless specifically exempted.

    ITR filing: Income tax return forms 2 and 5 updated again

    ITR filing: Income tax return forms 2 and 5 updated again

    As per a notice on the e-filing website, ITR-2 & ITR-5 utilities have been modified to fix bugs.

    Can I claim standard deduction from pension received from EPFO?

    "The standard deduction of up to Rs 50,000 is available for income from salary. "

    How to validate digital signature in Form 16 online

    It is important to validate the digital signatures of Form-16 to ensure the authenticity of it.

    ITR filing: 5 things you should know about section 80DDB deductions

    One can claim deductions either for himself or dependents which can be one’s spouse, parents, children or dependent siblings or members of HUFs.

    Traded in futures and options? You must use ITR-3 or ITR-4 to file tax return

    Even salaried individuals have to file their tax returns in ITR 3 if they have traded in futures and options.

    Tax saving options under section 80C: Features explained

    Tax saving options under section 80C: Features explained

    You can save tax if you understand how these tax saving options work.

    Budget 2019 amendment: Individuals must deduct TDS on payment of brokerage, commission too

    Individuals now have to deduct tax at source in multiple situations.

    4 reasons why deadline to file ITR needs to be extended this year

    This year especially there is a strong case for the extension of the due date and there are many reasons for this.

    Reporting share-wise details for capital gains in ITR form for FY2018-19 is optional: CBDT

    Previously, there was confusion among taxpayers on whether it is was mandatory to report the scrip-wise details as provided for in the updated software utility.

    ITR filing: Prefilled ITRs now available for all individuals

    According to the latest update, the department has started providing pre-filled XML file containing details such as employer details, allowances and so on.

    How to report pension income while filing ITR

    How to report pension income while filing ITR

    As per the recently notified changes, an individual who is a director in a company or who holds unlisted shares, cannot use ITR 1.

    LTCG makes filing I-T returns tough

    LTCGs of more than Rs 1 lakh on the transfer of listed shares and units of equity mutual funds are taxable from FY 2018-19 onwards.

    How to file ITR-1 online

    Individuals can file ITR-1 either by downloading excel utility from e-filing website or by 'Prepare and Submit Online' option without downloading any software.

    Over 1.46 crore I-T returns filed so far; 90.8 lakh taxpayers file ITR-1

    Officials said the higher return filing is on account of convenience, mainly due to pre-filled return forms.

    ITR filing: Pre-validate your bank account to claim income tax refund

    The income tax department has tweaked the process of claiming the tax refund from this year.

    Tax optimiser: Why salaried Kumar needs more perks in his salary to cut tax

    Tax optimiser: Why salaried Kumar needs more perks in his salary to cut tax

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

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    Income Tax: All about it

    Income tax is a tax levied directly by the central government on the incomes earned by the individuals and other non-individual entities such as Hindu Undivided Family (HUF), partnership firm and so on during a financial year. These various sources of income include salary, pension, capital gains, sale of financial investments, interest income, other incomes and so on.

    Unlike the Goods and Services Tax (GST) Council where the Union Finance Minister and State Finance Ministers decide the rates, the income tax rates are announced by the Finance Minister during the year’s Union Budget.

    The rate at which your total income earned during the year will be taxed depends on the slab in which your income falls. Over and above the income tax, a cess and surcharge is levied. The cess is payable by all taxpayers. For those earning more than Rs 50 lakh a year, a surcharge is levied between 10 percent and 37 percent.

    The total income earned by a taxpayer during a financial year has to be reported to the government in the assessment year by filing income tax return (ITR filing).

    Financial year is the year in which income is earned by a taxpayer; a financial year is between April 1 and March 31. Assessment year is the year immediately following the financial year for which the return is to be filed.

    Income earned from various sources such as salary, pension, interest from fixed deposits (FDs), savings account, capital gains from sale of house, equity mutual funds, debt mutual funds and so on have to be reported in ITR.

    1. What is the basic exemption limit for individuals aged below 60 years?
    According to income tax laws, it is mandatory to file ITR if your income exceeds the basic exemption level. The basic exemption level depends on the age of the individual during the financial year.

    Currently, for individuals below 60 years of age, the maximum income exempt from tax is Rs 2.5 lakh in a financial year. This can change depending on the announcements made in the Union Budget.

    2. What are the tax rates at which income is charged?
    The income tax slab rates are 5 percent, 20 percent, and 30 percent.
    Also Read: Latest income tax slabs

    3. How to file income tax return
    An individual can file income tax return by registering himself on the incometaxindiaefiling.gov.in or via private e-filing websites.

    4. What is the difference between gross total income and net total income?
    Gross total income refers to the total income earned by the taxpayer. Income tax laws allow an individual to claim certain tax-exemptions (such as house rent allowance) and deductions under various sections such as section 80C for investments made in Public Provident Fund, equity mutual funds etc. of up to Rs 1.5 lakh.

    Gross total income minus tax-exemptions and deductions would result in net total income. The tax liability of the person will be calculated on the net total income.

    5. What is the last date to file income tax return?
    The last date to file income tax return for individuals is July 31, unless extended by the government.


    The Economic Times