Page 6 - Personal Finance

Only GST-registered tenants face 18% tax on rent paid, say experts

One common query is what happens when a person not registered under GST rents a residential property to a person registered under GST

ITR: What happens if you miss July 31 deadline for filing income tax return

For people with an annual income of over Rs 2.5 lakh, filing an ITR is mandatory. Failing to do so may attract fines and penalties

ITR filing: Know how to file income tax return as the deadline approaches

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

Run numbers, you may have enough to quit

Truth be told, it is one of our profession's greatest pleasures to see the exhilaration on a client's face when he realises he can break free anytime he wants

Avoid overreaction to HDFC MF CIO Prashant Jain's exit, say experts

However, what investors got in his funds was fidelity to a fund management style that worked over the long term

ITR 2021-22: Everything you need to know about updated income tax return

In the Finance Bill, 2022, the government introduced the concept of 'updated ITR'. It allows the assessee to file the ITR within 24 months of the expiry of a financial year

Opting for presumptive tax reduces burden on freelancers: Experts

They don't have to maintain books of account or get them audited

ITR 2021-22: How does a belated income tax return differ from regular one?

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

ITR 2021-22: Important documents required while filing income tax return

The income tax department (I-T department) has fixed the deadline as July 31, 2022. If the ITR is not filed before the due date, the taxpayer may be subjected to monetary or criminal punishment

ITR 2021-22: Penalties you may have to pay if you miss July 31 deadline

If the income is above Rs 2.5 lakh per annum, you are required to file the ITR to avoid penalties. There are several penalties that are applicable if one fails to file the ITR before the last date

ITR 2021-22: List of transactions needed to furnish your tax return

There are several transactions that one needs to mention mandatorily in the ITR 2021-22 (AY 2022-23). It is necessary to avoid a notice from the I-T department

Professional advice helps: Top 10 myths about financial planning

It is wrong to believe that those knowledgeable about personal finance should not engage with a Registered Investment Adviser

ITR 2021-22: These high-value transactions must be declared in your return

Such transactions attract special attention from the income tax (I-T) department and are mandatory to be furnished. If not, they may lead to fines, penalties or even jail term

As deadline approaches, here's how to file I-T return of a deceased person

Failure in filing the ITR of a deceased person makes the heir liable to pay the penalty or fines. It may also lead to some penal consequences

ITR: 5 common mistakes you should avoid while filing your income tax return

The taxpayers are required to fill out several forms, Form 26AS, Form 16, capital gains statement, and interest certificates, among others. In all the paperwork, some mistakes are bound to happen

Five key benefits of filing your income tax return by the due date

Filing ITR is mandatory in order to claim deductions under Chapter VI and exemptions on long-term capital gains; but there are other benefits you need to know about

KYC mandatory: What you must know about new rules for MF investments

Brokers will not be allowed to accumulate investors' funds; investors have to verify their personal details online

Make the most of higher tax deductions to senior citizens, say experts

Those over 60 need not file ITR if any tax has been deducted under Section 194P

Cross-check data in pre-filled forms while filing income-tax return

The documents you collect for this purpose will prove handy if an assessing officer conducts inquiry

Bundled products convenient, but may fall short of promise: Experts

See the fine print to know the duration or extent of the benefits