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Income Tax Act

ITR Filing: Income tax department targets taxpayers claiming false deductions; sends notices to offenders

ITR Filing: Income tax department targets taxpayers claiming false deductions; sends notices to offenders

Mon, Aug 19, 2024

ITR filing: In cases where discrepancies are found, the department can issue a notice requesting proof of deductions or details about the income source. Failure to provide satisfactory responses could result in additional tax liabilities, penalties, and interest charges for late tax payments. Continued non-compliance might even lead to legal action.

Continue 45-day MSME payment rule: Industry body to Finance Minister

Continue 45-day MSME payment rule: Industry body to Finance Minister

Sun, Jul 14, 2024

Section 43B(h) of the Income Tax Act reinforces the importance of timely payments by mandating that companies settle payments to MSME vendors within 45 days to qualify for deductions," SME Chamber said in a statement addressed to Sitharaman.

Income Tax Season: How you can save tax by depositing money in your spouse's account; know the rule

Income Tax Season: How you can save tax by depositing money in your spouse's account; know the rule

Thu, Jul 04, 2024

Income Tax Saving Tips: For taxpayers under the old tax regime, there are a number of ways to save tax. One of the methods is known as clubbing. Under clubbing provision, one can save tax making investment in your wife's name or depositing money in her account. You can save substantial tax through this procedure.

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Tax Saving Tips: 5 lesser-known investments and expenses that can help you save income tax

Tax Saving Tips: 5 lesser-known investments and expenses that can help you save income tax

Mon, Jun 24, 2024

Tax Saving Tips: Discover lesser-known tax-saving opportunities with these tips on investments and expenses, ranging from pre-nursery fees to health insurance and medical expenses for parents, which may help you maximise your income tax savings effectively.

IREDA mulls FPO to raise funds to meet future capital requirement, future lending

IREDA mulls FPO to raise funds to meet future capital requirement, future lending

Tue, May 21, 2024

The Rs 2,150 crore initial public offering (IPO) was oversubscribed about 39 times in November 2023.

How Section 80G, 80GGA, 80GGB, and 80GGC of Income Tax Act can help you save up to 100% of the amount on political, charitable, philanthropic donations

How Section 80G, 80GGA, 80GGB, and 80GGC of Income Tax Act can help you save up to 100% of the amount on political, charitable, philanthropic donations

Fri, Mar 22, 2024

Charity is another method for saving tax in India. Sections 80G, 80GGA, 80GGB, and 80GGC cover provisions that make your donations tax deductible.

Health Insurance: Here's How You Can Secure Your Parents' Health And Claim Tax Benefits

Health Insurance: Here's How You Can Secure Your Parents' Health And Claim Tax Benefits

Fri, Feb 16, 2024

Discover the smart way to safeguard your parents' health while unlocking tax benefits! In this episode, I break down the steps to purchase health insurance tailored for your parents. Learn how to navigate online options, make the right choices, and maximise tax deductions under Section 80D of the Income Tax Act. It's an investment in their well-being and your financial peace of mind. Watch to ensure your loved ones are covered, and you enjoy tax savings simultaneously.

Income Tax Saving Tips: 5 lesser-known ways to save income tax

Income Tax Saving Tips: 5 lesser-known ways to save income tax

Mon, Jan 22, 2024

The old tax regime gives you the benefit of saving tax under Section 80C and many other sections of the Income Tax Act. Taxpayers use these options to save their tax considerably. But, today we will tell you about 5 methods which are not very popular but may help you save tax to a great extent.

What is Section 80D? What are the tax benefits of health insurance policies?

What is Section 80D? What are the tax benefits of health insurance policies?

Tue, Aug 08, 2023

Section 80D of the Income Tax Act allows deductions on money spent as premium for health insurance policy and for healthcare of family members, including parents. The limit is dependent on age.

Government revises definition of strategic disinvestment under Income Tax Act of 1961

Government revises definition of strategic disinvestment under Income Tax Act of 1961

Thu, Jun 01, 2023

According to the notification, strategic disinvestment will be stated as "any movable property, being equity shares, of a public sector company or a company, received by a person from a public sector company or the Central Government or any State Government under strategic disinvestment."

Fixed deposit: How to save tax by investing in FDs, experts decode formula for investors

Fixed deposit: How to save tax by investing in FDs, experts decode formula for investors

Sun, Mar 19, 2023

Taxpayers who invest in tax-saving FDs can get a deduction under Section 80C of the Income Tax Act

Tax relief on tour operators: Govt exempts 5% TCS on overseas tour packages sold to NRIs visiting India

Tax relief on tour operators: Govt exempts 5% TCS on overseas tour packages sold to NRIs visiting India

Fri, Apr 01, 2022

The government has exempted tour operators from collecting taxes from non-resident Indians visiting India and booking their overseas tour package from the country.

INCOME TAX ALERT! Due dates for e-filing of various forms EXTENDED- Check Which Form filings, revised last dates here

INCOME TAX ALERT! Due dates for e-filing of various forms EXTENDED- Check Which Form filings, revised last dates here

Mon, Aug 30, 2021

The Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electronic filing of various Forms under Income Tax Act.

Changes in income tax rules to be effective from September 1

Changes in income tax rules to be effective from September 1

Fri, Aug 30, 2019

Know about the changes in income tax rules to be effective from September 1.

ELSS vs NPS vs PPF - Retirement planning with Income Tax savings | Which one is a better investment?

ELSS vs NPS vs PPF - Retirement planning with Income Tax savings | Which one is a better investment?

Wed, May 15, 2019

PPF vs NPS vs ELSS arises among investors, who plan for their retirement-related investments and both options provide income tax exemption to an individual.

How to save Income Tax: 5 investment options beyond Sec 80C you should explore

How to save Income Tax: 5 investment options beyond Sec 80C you should explore

Fri, Apr 26, 2019

Under Section 80C, an individual is granted claims over deduction up to Rs 1.5 lakh.

Don't let this Income Tax return (ITR) filing season hit you where it hurts; 4 changes you must know

Don't let this Income Tax return (ITR) filing season hit you where it hurts; 4 changes you must know

Tue, Mar 26, 2019

Income Tax return (ITR) filing: The fiscal is set to end and a new one starts on April 1, 2019. Taxpayers cannot invest after 31st March, 2019. In fact, only one week left for investments to be by salaried employees under Section 80C, Section 80D. So, if you do not want to lose money, start investing now! Also, do not forget to keep your investment detail receipts safe.

Income Tax rules: 10 ways taxpayers have been affected in the run up to Budget 2019

Income Tax rules: 10 ways taxpayers have been affected in the run up to Budget 2019

Sun, Jan 13, 2019

There were many changes in the income tax rules in 2018-19. The current financial year (2018-19) witnessed a lot of amendments to the income tax rules, which were introduced in the Budget 2018. The introduction of the standard deduction for salaried employees, higher deduction for senior citizens on health insurance premiums were some of the changes.

Black money crackdown: Undisclosed assets worth Rs 6,000 cr detected

Black money crackdown: Undisclosed assets worth Rs 6,000 cr detected

Wed, Jan 09, 2019

"As an outcome of the actions taken by the Income-tax Department under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' (The Black Money Act), as on October 31, 2018, undisclosed foreign assets and income valued at over Rs 6,000 crore have been detected," Minister of State for Finance Shiv Pratap Shukla said in a written reply in the Rajya Sabha.

Startups required to seek tax exemption from inter-ministerial board: Comm Min

Startups required to seek tax exemption from inter-ministerial board: Comm Min

Thu, Dec 20, 2018

Amid concerns being raised by budding entrepreneurs on angel tax, the commerce and industry ministry said Thursday that startups need to seek the exemption from an inter-ministerial board set up for the purpose.

Income Tax Act 1961 change plan on Modi govt's agenda; Here's how you may benefit

Income Tax Act 1961 change plan on Modi govt's agenda; Here's how you may benefit

Tue, Nov 27, 2018

Income Tax Act 1961 change plan: After implementing path breaking Goods and Services Tax (GST), changing the cumbersome and archaic Income Tax Act is the next big agenda of Prime Minister Narendra Modi-led Union Government.

Income Tax Returns (ITR) filing: Rental income from house property shall be liable to tax

Income Tax Returns (ITR) filing: Rental income from house property shall be liable to tax

Thu, Nov 15, 2018

Income tax Act provides for clubbing of income in the hands of the person who is the beneficial owner of the asset from which the income is accruing. Accordingly, income from a house property shall be liable to tax in the hands of the person who invested in the house property.

Income tax return filing: How this man was slapped with Rs 37,45,000 addl income shock and how he got relief

Income tax return filing: How this man was slapped with Rs 37,45,000 addl income shock and how he got relief

Tue, Oct 23, 2018

A taxpayer had filed his return of income, which was processed by the tax officer under the ordinary procedure. After some time, the tax officer received some additional information on the taxpayer basis the Annual Information Returns filed by various institutions/companies as required under the Income Tax Ac ('the Act').

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