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Source: Live Mint than 9.54 lakh people with income of ₹1 crore and above filed their income tax (I-T) returns until October 31, the data on the Income Tax portal revealed. The latest data for the financial year 2024-25 shows that a total of 2.76 lakh individuals in the ₹1-crore club filed their tax returns…
Source: Live Mint Have you received an expensive gift from someone this Diwali? It could be an expensive watch, a rare painting, a piece of jewellery, or even a pair of branded shoes. Although a gift is typically considered tax-free, when its value is more than ₹50,000, it is liable to income tax in the…
Source: Live Mint I am a non-resident Indian (NRI) residing in Abu Dhabi for many years. I sold my residential property in India at a loss during 2021-22 and filed my income tax return (ITR) well within the due date. However, I have not filed my ITR for 2022-23 since I barely had any taxable…
Source: Live Mint Starting 15 October, salaried individuals can adjust such TCS payments against the tax deducted at source (TDS) on their salaries. Previously, they could only claim a refund of the TCS when filing their tax returns. This affected salaried individuals in particular as professionals could always factor in the TCS while computing advance…
Source: Live Mint In India, where family ties are deeply rooted, it’s common for grandparents to think about the future financial well-being of their grandchildren. This cultural tradition stems from a sense of legacy, love, and responsibility. Grandparents, having lived through various financial ups and downs, often want to secure a stable foundation for the…
Source: Live Mint Direct Tax Vivad Se Vishwas Scheme, 2024, was enacted to resolve disputes regarding pending income tax litigation. The scheme aims to give taxpayers peace of mind by settling legal disputes. This scheme was notified on October 1, 2024. After this, several queries were received from the stakeholders seeking guidance in respect of…
Source: Business Standard 2 min read Last Updated : Oct 16 2024 | 4:52 PM IST The Income Tax department plans an upgraded e-filing platform that users will find simpler to use for filing returns. ITR E-Filing Portal 3.0 will offer a more seamless and secure process, according to an internal circular dated October…
Source: Live Mint I had invested in Sovereign Gold Bond (SGB). I opted for early redemption after the completion of five years. Are the profits made on such early redemption also tax-exempt, like redemption on maturity? Am I required to declare long-term capital gains on these bonds in my ITR2? A Sovereign Gold Bond (SGB)…
Source: Business Standard 2 min read Last Updated : Oct 10 2024 | 5:34 PM IST The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax audit reports for trusts, institutions, and funds to November 10, 2024. The extension is due to cases where trusts, institutions, and funds failed…
Source: Live Mint My HUF had filed its income tax return (ITR) for the A.Y. 2024-25 on 1.08.2024. So I was late by one day. The income was below the exemption limit. In the ITR, I mistakenly forgot to claim tax credit towards TDS, which was reflected in 26AS. The ITR was duly processed, and…
