Income Tax

Income Tax News

Income tax exemption in India: Check government schemes that help you save income tax
Business

Income tax exemption in India: Check government schemes that help you save income tax

If you invest Rs 1.5 lakh in PPF every year, you can get a tax exemption under Section 80C of the Income Tax Act

Want to get personalised support from Income Tax helpdesk? Here's what you need to do
Business

Want to get personalised support from Income Tax helpdesk? Here's what you need to do

Here are the steps through which one can use co-browsing to get personalised support from the income tax helpdesk.

Income Tax payments: Pay with UPI, Credit Card; check step-by-step process here
Business

Income Tax payments: Pay with UPI, Credit Card; check step-by-step process here

If you pay through the NSDL and Income Tax websites, you won't be levied any extra charges. But making payments through your bank's website includes a minor fee

What is co-browsing feature on Income Tax e-filing website? Check advantages here
Business

What is co-browsing feature on Income Tax e-filing website? Check advantages here

Agents can employ this tool to annotate the taxpayer's perspective of the screen.

Exempt people below EWS limit of Rs 8 lakh annual income from income tax: plea in Madras HC
India

Exempt people below EWS limit of Rs 8 lakh annual income from income tax: plea in Madras HC

The Madurai Bench of the Madras High Court has issued notice to the Central government on a petition seeking exemption from income tax for people with annual income less than Rs 8 lakh

These banks are not on NSDL portal anymore for tax payments; details here
Business

These banks are not on NSDL portal anymore for tax payments; details here

Customers should have been made aware of this modification by banks via email or SMS. People who are paying their taxes with certain banks are now recommended to go to e-Pay Tax on the new income tax portal to make direct tax payments

5 common problems faced by salaried employees while filing ITR; check solutions here
Business

5 common problems faced by salaried employees while filing ITR; check solutions here

Many workers frequently forget to give their employers their House Rent Allowance (HRA) documentation in a timely manner.

Income Tax Return filing deadline today, taxpayers face technical difficulties
Business

Income Tax Return filing deadline today, taxpayers face technical difficulties

For the group of companies with the assessment year of 2022–2023, the Finance Ministry extended the deadline for filing an income tax return last month.

Income Tax: Do you need to disclose property sale in ITR even in case of no capital gain? Find out here
Business

Income Tax: Do you need to disclose property sale in ITR even in case of no capital gain? Find out here

According to the provisions of the law, Section 54EC and Section 54EE are not mutually exclusive. Where capital gain arises from the transfer of a long-term capital asset, the taxpayer is able to claim deduction under Section 54EC

One income tax form to rule them all: Centre’s proposal to simplify filing returns explained
Explainers

One income tax form to rule them all: Centre’s proposal to simplify filing returns explained

According to the finance ministry, the proposed form will be user-friendly with income from digital assets listed under a separate head. All taxpayers, except trusts and non-profit organisations, will be allowed to file returns under the proposed form

ITR Filing: Taxation on foreign income for Indian individual taxpayers; all you need to know
Business

ITR Filing: Taxation on foreign income for Indian individual taxpayers; all you need to know

A taxpayer making investments in US Stocks or any other foreign asset, cannot file ITR-1 (SAHAJ)

Rule 132 of Income Tax Act: All you need to know
Business

Rule 132 of Income Tax Act: All you need to know

Rule 132, which came into effect on 1 October this year, notifies that Form 69 can be used to apply for re-computation of total income under Section 155(18)

Want to save income tax under section 80G? Here's what you can do
Business

Want to save income tax under section 80G? Here's what you can do

The donations are needed to be made before the end of a financial year for availing tax benefits. Donations made in cash exceeding Rs 2,000 are not allowed as a deduction

Income Tax on rent: Key things tenants and home owners should keep in mind
Business

Income Tax on rent: Key things tenants and home owners should keep in mind

If the building/flat is co-owned, the co-owners would be responsible for the tax on rent in proportion of their ownership shares

UK drops plans to cut income tax for wealthy that sparked market turmoil
World

UK drops plans to cut income tax for wealthy that sparked market turmoil

The U-turn came after a growing number of lawmakers from the governing Conservative Party turned on the government tax plans announced 10 days ago

Still not received your Income Tax Refund? Here's what you should do now
Business

Still not received your Income Tax Refund? Here's what you should do now

You won't receive a refund until your ITR has been processed and verified. You can check your refund status online to know the progress

CBDT urges gamers to file income tax returns under updated scheme
Business

CBDT urges gamers to file income tax returns under updated scheme

The chairman of CBDT, Nitin Gupta, said just one online gaming portal awarded more than Rs 58,000 crore in winnings in FY20-FY22, but hardly any winners has paid taxes on their winnings

What is Long-term capital gains tax? All you need to know
Business

What is Long-term capital gains tax? All you need to know

Capital gain occurs when a person earns a profit by selling capital assets. This is defined as any kind of property held by the individual, jewellery and artwork

Income tax payers won't be eligible to enrol in govt's social security scheme Atal Pension Yojana from 1 October
India

Income tax payers won't be eligible to enrol in govt's social security scheme Atal Pension Yojana from 1 October

Atal Pension Yojana provides social security to workers mainly in the unorganised sector. Subscribers of the scheme get a minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month after attaining 60 years depending on their contributions

Confused how to check your ITR refund status online? Follow this step-by-step process
Business

Confused how to check your ITR refund status online? Follow this step-by-step process

If taxpayers had not filed their returns by the due date, they can still file their returns till 31 December 2022. However, they will have to pay a fine for not filing their tax returns on time