FINANCE

The complexities of the tax framework are something that many books have been expounded on. The tax deductions and tax exemptions support the notion. In case there's a detract from it, it is this: with regards to taxes, we discharge our tax liabilities on our taxable income and are able to save with the interest earned in our kitty.  All residents including senior citizens need to make online payment of income tax precisely and dependably. Long term investment plans should be designed in a reasonable manner and assists them with meeting life objectives.  There are different sections and subsections under the Income Tax Act of 1961. These sections empower to save money or at least make tax free investments.  A new portal has been launched this financial year by the income tax department. The new website as income tax India e-filing gov.in portal for the ease of filing returns and tax payments. To comprehend why we ought to be saving money on taxes, it's maybe import...

If you're a speed reader like ROBO Otherwise it's going to take a little bit more time... Cryptos ! That’s what dominated the discussion yesterday. You’ve probably seen it already. News media is talking about it. Twitter is going bonkers over this story. Even international media houses are reporting on the matter with one tweet reading — “Crypto just became legal in India with a 30% tax on income from the sale of digital assets.” Yes, it’s big news — Knowing that gains from cryptos and other digital assets (of its kind) will be taxed at 30%. But the tweet is a bit dubious because there’s always been a tacit assumption that gains from crypto-assets are subject to taxation. Government officials have also indicated in the past that they expect people to report all income generated from the sale or transfer of cryptos. It’s just that they never codified it. We didn’t have specific guidelines or provisions in the Income Tax Act on taxing digital assets. So to assume that cryptos are...

Here are a few tax saving options other than Section 80C that can help you to bring down the tax liability for FY 2021-22. The last date to save tax for the financial year 2021-22 is March 31, 2022. With a little more than three months away from completing your tax planning exercise for the assessment year 2022-23, you should get going if you haven’t yet started the tax saving process. While there are several options to save tax under the existing tax regime, there is also the new tax regime (NTR) that you might have already opted for. If you have opted for NTR for FY 2021-22, even though tax concessions are not allowed, you may still save tax, which we will look at later on. Meanwhile, if you are sticking with the old or the existing tax regime, the most common tax saving options fall under Section 80C of the Income Tax Act. Some tax savers or expenses such as investment in PPF, NSC, ELSS, Life insurance including tuition fees for children or principal payments of home loan EMI are th...

keep in mind this tax planning calendar. April  - First, decide the tax regime for the financial year. If you choose the old one, begin your tax planning. Make sure you set aside an amount monthly that could go into the tax-saving instruments. Please don’t wait till the year-ending in March to do this. Also, if you’ve banked some money in fixed deposits, make sure you submit the Form15G/H to your bank. Otherwise, they’ll deduct some tax on the interest you earn. May  - This is when you typically get an email from your employer asking you to declare all the tax-saving investments you’re making during the year. Think carefully and don’t do it as just a tick in the box exercise. June   - Make sure you remind your employer of Form 16 - for the previous financial year. That’s the document that contains details of all the money you earned as salary along with the tax they’ve deducted and deposited with the government in your name (or rather, under your PAN). Oh, and if you have...

Income tax department has created an Annual Information Return (AIR) statement of financial transactions to trace high-value cash transactions of taxpayers Income tax department has become highly vigilant against cash transactions these days. In the last few years, Income Tax Department and various investment platforms like bank, mutual fund houses, broker platforms, etc. have tightened the cash transactions rules for public in general. Now, these investment and lending institutions allow cash transaction to a certain limit only. In the case of little violation, the Income Tax Department may send notice to the offender. Advising taxpayers to report high value cash transaction in one’s income tax return (ITR); Amit Gupta, MD at SAG Infotech said, “If an individual makes high-value cash transactions, there are chances that he or she might get a notice from Income Tax Department. The different cash-related transactions include banks, mutual fund houses, brokerages and property registrars....

Failure to comply with the deadline may create inconvenience for the defaulters. The year 2021 is about to end. However, before the new year dawns, there are some important things that one needs to complete, pending which, defaulters may face inconvenience and, may also have to pay hefty fines. Here are some important tasks the deadline to finish which is December 31, 2021: (1.) Income tax return filing: The deadline to file income tax returns (ITR) has already been extended several times due to issues such as the Covid-19 pandemic, and technical glitches on the new income tax portal. Now, one final date to file returns is December 31. If not done by the said date, defaulters will have to pay penalty of up to ₹5000. (2.) Aadhaar-PF linking: The linking of Aadhaar card to the Universal Account Number (UAN) by December 31, as mandated by the Employees' Provident Fund Organisation (EPFO), is applicable only to the seven northeastern states and certain class of establishments. In the r...

Article Contents Unit Linked Insurance Plan (ULIP) 2. ELSS Mutual Funds 3. Public Provident Fund (PPF) 4. Sukanya Samridhi Yojana (SSY) 5. National Savings Certificate 6. Tax-savings fixed deposit 7. Senior Citizen Savings Scheme 8. School Tuition Fees: 9. National Pension Scheme ( NPS ) 10. Health Insurance premium under section 80D: 11. Repayment of an education loan 12. Rent paid and no HRA received: 13. Interest paid on home loan 14. Savings bank account interest: 15. Medical expenses towards disabled dependent: 16. Treatment of specified diseases u/s 80DDB 17. Donations made to charitable institutions: