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Tax

Oct 18, 2019, 10.51 PM IST
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Taxpayers' appeals in ITAT must mention amount locked up in dispute

The form for filing appeals to the Income Tax Appellate Tribunal (ITAT) is being amended after 25 years. The last amendment was made in 1993.

Interest-free loan from employer taxable: ITAT

The Income Tax Appellate Tribunal has said that valuation of taxable benefit or perquisite has to be computed as per prescribed formula under the I-T Act.

Tax Optimiser: How NPS, perks can help salaried Mohanty cut tax by Rs 76,000

Taxspanner estimates that Mohanty can reduce his tax by almost Rs 76,000 if he gets more tax-free perks and his company offers him NPS benefit.

Which ITR form to file if income is in dollars?

If one is earning income in dolalrs in the form of royalty, it will be professional income and one will have to use Form ITR-3 to file return.

Can change ‘self-occupied’ house to cut tax outgo: ITAT

Can change ‘self-occupied’ house to cut tax outgo: ITAT

Under the I-T Act, where an individual owns more than one house, he can only treat any one of his house properties as ‘self-occupied and having a ni

10 documents you need to file your income tax return

CAs advise that you must collect all the documents related to income earned during the FY to ensure that there are no mistakes made while filing ITR.

Can I switch to growth option in ELSS and claim 80C tax benefit after lock-in ends?

After the lock-in ends, if one switches to growth plan, the amount invested in it will be considered as fresh investment and will be eligible for deduction.

Tax Optimiser: Why salaried Maduri needs to rejig pay structure to cut tax

Phaneendra Maduri is paying a high tax as his house rent allowance is nearly 90% of his basic pay, which means he is not able to claim the full exemption.

Where can I invest sale proceeds from property to save capital gains tax?

You can invest a maximum of Rs 50 lakh in specific bonds and investment should be made within six months from the date of sale.

Tax Queries: Taxpayers do not need to pay demand below Rs 100

Tax Queries: Taxpayers do not need to pay demand below Rs 100

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

How entrepreneurs should respond to a notice from the income tax department

A tax notice is uncomfortable, but in most cases manageable and is certainly not a reason to panic.

Tax Optimiser: How professional Mavalankar can save tax via NPS, rejigging perks

Varsha Mavalankar's pay structure is fairly tax friendly but there is scope to reduce the tax by over Rs 40,000 if she gets more tax-free perks.

Delayed release of electronic ITR forms may compel CBDT to extend the filing deadline

The last date to file ITR is July 31, 2018 and almost a third of the time is over. The CBDT has not released the utility for filing of returns ITR-2 and ITR-3.

Here's how Flipkart employees' ESOPs will be taxed

The money that Flipkart employees are now expected to make from ESOPs has caught the limelight. Here's a lowdown on how ESOPs are taxed in India.

Your official tour daily allowance will be taxed if you don't have bills

Your official tour daily allowance will be taxed if you don't have bills

To claim the per diem allowance as exempt from tax, employees will have to maintain bills and vouchers of expenditure incurred by them while on offi

Tax queries: Can you claim deduction for NPS contribution made by your employer?

With effect from Assessment Year 2016-17, an additional deduction of Rs 50,000 for contribution towards NPS by employee is allowed u/s 80CCD(1B).

Tax optimiser: How salaried Pandit can cut tax by 80% by rejigging salary, opting for NPS

Pandit’s tax can be reduced by more than 80% if salary is rejigged to include tax-free perks, he opts for the NPS benefit offered by his company.

Tax Optimiser: How NPS, perks can help salaried Das reduce his tax by 28%

Das can reduce his tax if his pay structure is revised to include more tax free perks, he opts for the NPS benefit offered by his company and invests more in the scheme on his own

More clarity needed regarding availing concessional LTCG tax: View

The consultative and pro-active approach adopted by CBDT is appreciable since unintended hardships may be experienced in certain fact specific cases.

How to fill the new details required in ITR-1

How to fill the new details required in ITR-1

Unlike last year, this year's form requires taxpayers to provide break-up of their salary income like taxable allowances and income from house prope

Tax queries: How will LTCG tax be calculated while switching from dividend to growth plan of an MF?

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

How to calculate LTCG on equity mutual funds after re-categorisation

When a scheme is merged, you will not be taxed on the long and short term gains you will make whenever you will sell the units. Further, merger of equity MFs will not affect the holding period of your investments.

How to submit Form 15H, Form 15G to avoid TDS on interest income

If your interest income exceeds Rs 10,000 in a year, the bank will deduct 10 percent as TDS on the entire interest amount.

When and how should a tenant deduct TDS on rent paid to landlord?

Individuals paying rent of more than Rs 50,000 per month have to deduct 5% of the rent paid in a financial year as tax. Here's how to pay it.

How income tax department can penalise you for under-reporting, misreporting income

How income tax department can penalise you for under-reporting, misreporting income

As per the I-T laws, in case of misreporting of income the I-T officer can levy a penalty of 200% of the amount of tax payable on under-reported inc

The Bengaluru case that turned the taxman's gaze on India's salaried class

Income tax department has warned that tax payers should not fall prey to unscrupulous tax advisors or planners who help them in preparing wrong claims

Tax queries: VRS benefit up to Rs 5 lakh is exempted from tax

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

Income Tax department warns salaried class again filing wrong ITRs

The tax filing season for salaried class taxpayers has just begun with the Central Board of Direct Taxes (CBDT), that frames policy for the department, recently notifying the new ITRs.

Income tax department warns salaried taxpayers against tax evasion by under-reporting income

The income tax department has warned salaried taxpayers against under-reporting income or inflating deductions/exemptions while filing income tax returns.

Submit investment declaration to your employer on time to avoid excess TDS

Submit investment declaration to your employer on time to avoid excess TDS

A investment declaration is basically a list of the tax saving investments which the employee proposes to make during the year.

GST may lead to salary restructuring for you as an employee: View

If the service of providing food can be considered as supply, the employer can surely be considered as a Supplier under the GST act.

Tax Optimiser: How salaried Raj can save tax by paying rent to his father

Vivek Raj has a fairly tax-friendly salary structure but still pays a high tax because he is unable to avail some of the exemptions.

Tax queries: Gifts from a relative defined under I-T act are tax exempt

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

Owners of multiple flats used as single unit can get tax break: ITAT

Under section 54, if an investment is made in ‘one’ residential house in India, within the stipulated period, then the cost of the new house is deducted and only the balance component of the LTCG is taxable.

New ITR forms make it difficult to evade tax on HRA: Here's why

New ITR forms make it difficult to evade tax on HRA: Here's why

The new forms for FY 2017-18, which were released on April 3, attempt to digitally collect as much information as possible to process tax returns ef

Capital gains tax exemption valid even if housing loan used for new house: ITAT

If on sale of a residential house (held for at least two years), the taxpayer makes a profit, then such profit is treated as a long term capital gain (LTCG).

How to calculate long-term capital gains tax on mutual fund SIPs

From April 1, 2018 any LTCG made on transfer of equity MFs will have to pay a 10 per cent tax on long-term gains above Rs 1 lakh per annum.

7 tax changes that will impact your money from FY 2018-19 onwards

A new financial year may not call for resolutions and lifestyle changes, but your financial life will undergo a quite a few alterations in 2018-19.

Tax Optimiser: How salaried Kumar can reduce his tax outgo by 34% using NPS

Taxspanner estimates that Kumar can reduce his tax by more than 30% if his company offers him NPS benefit and he invests more in the scheme on his own.

How section 80G can help you save income tax

How section 80G can help you save income tax

This deduction can be availed by any person or assessee who makes an eligible donation to prescribed funds and institutions.

Missed the March 31 deadline to file income tax return? Here's what you can do

If you have missed the March 31 deadline to file ITR, the income tax department can allow taxpayers to file returns post the deadline for specific cases.

Income tax department wants to know a little bit more about you

By collecting more specific information from taxpayers through its new forms, the income tax department aims to check tax evasion.

Tax queries: Investment in Bitcoins not allowed under LRS scheme

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

Taxman nudged banks to deposit TDS by March 31

Banks and corporates are allowed to pay the TDS or the tax deducted at source for any month by the seventh of the next month. For March, the TDS can be paid on or before April 30.

Tax Optimiser: How Madhok can use NPS, health cover to cut tax outgo by over Rs 53,000

Tax Optimiser: How Madhok can use NPS, health cover to cut tax outgo by over Rs 53,000

Paying too much tax? Write to us at etwealth@ timesgroup.com with ‘Optimise my tax’ as the subject to know how to reduce your tax.

Penalty on late filing of ITR and other tax changes effective from Apr 1

Penalty on belated ITR, tax on LTCG from shares and equity-oriented mutual funds, here are the tax changes effective from April 1.

Didn't file ITR for last two financial years? Here's why you should before March 31

As per the income tax laws, it is mandatory for individuals having income more than basic exemption limit (depending on the age) to file ITR.

Bitcoin loss booked before March 31 can save you capital gains tax this fiscal: Here's how

Investors with short-term capital gains on equity can look at booking losses from sale of cryptocurencies (if deemed as short-term capital assets) before March 31, 2018 and setting of the latter against the former.

Quick tax-saving tips

Here are tax breaks you can claim on various incomes and expenditures under different sections of the Income-tax Act, 1961 that can reduce your tax outgo.

Rushing to make last-minute tax-saving investments? Maybe you don't need to

Rushing to make last-minute tax-saving investments? Maybe you don't need to

Here are a few expenses that come with tax advantages and will help you neutralise your tax outgo for the current financial year.

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