ITR

Linking PAN with Aadhaar, submission of Form 12B are other tasks that must be completed be before this date

From linking PAN card and Aadhaar Card to submission of updated income tax return (ITR), failure to meet these deadlines may lead to financial losses

The Budget should bring in a simpler income tax return form for assessees having only capital gains or dividend or interest income, along with simplification of the capital gains tax regime, experts said. Under the income tax law, gains arising on the transfer of capital assets -- both movable and immovable -- are charged to tax under the head 'Capital Gains'. The tax rate is different for different asset classes. Also, depending on the period of holding, the income is classified as short or long-term capital gains and taxed accordingly. With capital markets in India growing at an exponential pace and companies taking the IPO route to raise funds, there is widespread demand that the capital gains tax structure be streamlined. Deloitte India Partner Rohinton Sidhwa said the holding periods for different types of assets and the number of tax rates for different types of capital assets should be reduced to a maximum of 1-2 periods or rates (along with related surcharges). "Economic a

The study found that the average taxable income reported by the bottom 10 per cent of households was more than 170 per cent of family wealth

Any refund you are eligible for won't be processed unless you correct the mistakes in your return

New return to also seeks details on foreign equity and debt held by resident Indians; much more exhaustive list for NRIs

Respond on time, with expert help if required, to prevent further punitive measures

The section introduced in the Finance Act, 2022 to reduce evasion and widen the tax base has some conflicting provisions apart from other challenges

TMS Ep249: Q1 GDP estimates, EV adoption, RIL stock, Sec-194R of IT Act

What do Q1 GDP estimates say about the economy? How will EV adoption affect auto component makers? When will RIL stock hit the Rs 3,500 mark? Why Sec-194R of IT Act has confused people? Answers here

TDS on benefits: Section 194R of the I-T Act has confused people

Sec 194R of the IT Act, 1961, mandates a person giving any benefit to another person to deduct 10% of the value of the benefit at source. It has created confusion as a similar section is already there

The winners of online games will have to pay taxes at the rate of 30 per cent without any rebates or 25-30 per cent on taxes and the interest due

If the income tax return (ITR 2021-22) is not verified before the last date, it is deemed invalid (not filed) by the Income Tax Department

On July 31, 7.24 million ITRs had been filed, shattering all previous single-day records (the maximum being 4.9 million in 2019)

Taxpayers with mobile numbers not linked to Aadhaar can reset password on income tax e-filing portal using a valid digital signature certificate or by logging into internet banking

ITR is generally filed to claim the tax deductions and exemptions from the long-term capital gains, however, the benefits of filing the ITR 2021-22 before July 31 are not limited to this

As the deadline for filing ITR approaches, the demand for extending it has also grown

According to the revenue secretary Tarun Bajaj, over 2.3 crore income returns have been filed by July 20. However, the numbers are expected to pick up as the last date approaches

Filing your income tax return on time is always the best option. We explain what happens when you file it late

Failure to do so can result in penalties for the legal heir

Filing income tax return will prove handy while applying for a loan, insurance cover, or a visa