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Source: Live Mint The Income-Tax (I-T) Department is allowing taxpayers who qualify for the section 87A tax rebate for FY24 to now claim it in the updated Income-Tax Return (ITR) forms — ITR-2 and ITR-3, according to a report by Business Today. Eligible taxpayers will soon be able to submit a revised or belated income…
Source: Live Mint The tax treatment of popcorn has become a huge political ‘hot potato’ after the (GST) Council Meeting, led by Finance Minister Nirmala Sitharaman, notified taxation on salted and caramelised popcorn. Amid huge discussions, there are speculations around how much tax people must pay on the snack while purchasing it in movie theatres….
Source: Live Mint Vivad se Vishwas Scheme 2024: Taxpayers facing income tax disputes can choose to settle their tax disputes under the Vivad se Vishwas Scheme 2024. This scheme was announced in Budget 2024 and allows taxpayers to pay a lower tax amount. “Under this scheme, you must pay the disputed tax amount and a…
Source: Live Mint Advance tax payment: The deadline to make your advance tax payment is fast approaching — in only three days, on December 15. So, what happens if you fail to pay tax by deadline? You could be liable for penalties and interest for delay. Thus, we bring you all you need to know…
Source: Live Mint The taxpayers’ deadline is approaching. December 31 is the last day to file belated income tax returns (ITR) with a ₹5,000 late fee. We look at how to file your delayed ITR online and what happens if you miss it. What is Belated ITR Filing? Those who could not file their ITR…
Source: Live Mint BBMP (Bruhat Bengaluru Ramanagaram Palike) had rolled out its one-time settlement (OTS) scheme for the payment of property tax which is ending today i.e. Nov 30. The special scheme excludes compound interest and penalties, thus bringing down the overall arrears of property tax significantly. So far, nearly 2 lakh people have already…
Source: Live Mint India’s deep-rooted love affair with gold dates back centuries. In the bygone era ofrajas andmaharajas, gold coins were bestowed as rewards, andasharfis were used to trade for commodities. Even today, gold remains more than just an investment asset class; it is deeply ingrained in India’s cultural fabric and every auspicious occasion, from…
Source: Live Mint The Income-Tax (I-T) department has today (November 17) launched a new campaign warning taxpayers of ₹10 lakh penalty if they fail to disclose foreign held assets or income earned from abroad in their ITR, according to a PTI report. The “compliance-cum-awareness campaign” aims to ensure that taxpayers report all information in their…
Source: Live Mint A recent government notification, however, stumped him. The government said it would stop paying interest on NSS accounts from October 1. For the period from 1 March 2003 to 30 September 2024, the NSS interest rate was 7.5% per annum. The government’s decision left Shah and other investors in the small savings…
Source: Live Mint What is the TDS rate for purchasing property from an NRI after 23 July 2024? -Name withheld on request If you purchase immovable property from a non-resident Indian (NRI) after 23 July 2024, the applicable TDS rate depends on the duration the seller held the property: For property held more than 2…
