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Source: Live Mint ITR 1 (Sahaj) is meant for resident individuals and Hindu Undivided Families (HUFs) with total annual income up to ₹50 lakh from sources like salary, pension, interest, dividends, and rent from one house. LTCG relief This year’s Budget raised the tax-exempt limit for long-term capital gains (LTCG) on securities from ₹1 lakh…
Source: Live Mint This applies to payments or credits exceeding ₹20,000 on or after 1 April 2025, attracting TDS at 10%. This ₹20,000 is a combined limit for both interest and remuneration (including bonus, commission and salary). No TDS is required from the share of profits credited or paid to a partner. Under general law,…
Source: Live Mint Receiving an inheritance can be complex, especially if it involves cross-border transfers. Diya (name changed), a 60-year-old woman, found herself in a difficult situation when her father passed away in February 2023. She had dual US and Norway citizenship and an Overseas Citizen of India (OCI) card, and had been living in…
Source: Live Mint I had invested in bonds of a listed Company with a cumulative option for interest. These bonds were redeemed on 15th July 2024. I have received the redemption money of 1 lakh with interest of ₹67,595/-towards interest after deducting TDS of ₹7,511/-. I have not shown any interest income regarding these bonds…
Source: Business Standard 4 min read Last Updated : Sep 30 2024 | 11:38 AM IST The income tax department has extended the deadline for submitting various audit reports for the assessment year 2023-24 to October 7, 2024. The original deadline was September 30, allowing taxpayers additional time to fulfil their compliance obligations. …
