FINANCE

The income tax department has asked taxpayers to check their Annual Information Statement (AIS) or Form 26AS (Tax Credit) to see whether they need to file Income Tax Returns (ITR) or not. “Don’t delay, file a belated ITR no,” the Income Tax department said. ITR LAST DATE The last date to file ITR for AY 2021-22 is March 31, 2022. “Dear taxpayers, Pl check your AIS or 26AS & file your ITR for AY 2021-22. The last date to file ITR for AY 2021-22 is 31st March, 2022,” Income Tax India tweeted. ITR LATE FEE If a taxpayer fails to file ITR for AY 2021-22 before March 31, 2022, then he or she needs to pay a late fee of Rs 1,000 or Rs 5,000. The late fee will be applicable as per section 234F of the Income Tax Act, 1961. AADHAAR-PAN LINK Taxpayers need to link Aadhaar and PAN under the Income Tax Act, 1961. “Link your PAN & Aadhaar to enable quick & easy e-verification of ITRs. The due date to link your Aadhaar & PAN is 31st March, 2022,” Income Tax India tweeted. ...

4 most important things you should finish before 31st March’22 1️⃣ Planning your #TaxSavingInvestments u/s 80C - 80U 2️⃣ Filing Belated or Revised ITR for AY 21-22 3️⃣ Aadhar & PAN linking  4️⃣ Updating #BankAccount KYC 1️⃣ Planning your Tax Saving investments u/s 80C - 80U Action: Invest/spend before this March’22 to become eligible for claiming deductions under respective sections. Consequence for default: Deductions cannot be claimed. 2️⃣ Filing Belated or Revised ITR for AY 21-22 Action: Use this last opportunity to file your belated or revised ITR. Consequence for default: ITR for AY 21-22 CANNOT be filed, unless you show genuine reasons for such default. 3️⃣ Aadhar & PAN linking  Action: Make sure to link them to avoid PAN becoming invalid.  Consequences for default: PAN becomes Invalid, Penalty upto Rs. 10,000 u/s 272B & late fee u/s 234H upto Rs. 1,000 4️⃣ Updating Bank Account KYC Action: Make use of this extended due date by RBI Consequences for defa...

As FY21-22 comes to an end, here’s a checklist of financial tasks you need to get done Invest to save tax If you haven’t made tax-saving investments so far, there is no option for you but to do it now Find time to assess your income for the year and figure out how much you will need to invest in the tax saving instruments. Collect all the documents related to your big purchases, such as a house, during the year, as well as any investments you might have made, then calculate how much more you need to invest. Once you have a number, you can figure out where to invest. It is important to avoid falling prey to mis-selling and investing in products which are not in line with their asset allocation, risk appetite or goals. So before buying that life insurance policy, investing in that five-year fixed deposit or equity-linked savings scheme, check their suitability to your needs and risk appetite. “Detailed suitability and risk profiling will help investors find out their tolerance and select...

This just happened to me. INSANE. Some idiot used my Pan to take a 2000 RS loan and FCK’d my CIBIL score and @IVLSecurities did nothing to help sort. HOW DOES INDIA BULLS ALLOW THIS @ibhomeloans @CIBIL_Official” That was a tweet from Sunny Leone (later deleted) posted on the 17th of February Wait, why are we talking about Sunny Leone? Well, in case you haven’t heard, a loan fraud is doing the rounds in India. And it’s wreaking havoc on credit scores. It has all the markings of identity theft. You know when some dubious individual gets his hands on an unsuspecting person’s unique identity number and then uses the information to commit financial frauds. For instance, take Sunny Leone’s case. Someone used her identity, took out a loan of about ₹2,000 and then defaulted on payments. When you default on payments your credit score goes for a toss. And that can impact so many things. Banks may refuse to dole out new loans. You may be asked to pay a higher interest rate. And you may even have...

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...