Here’s why you should file tax returns if you have foreign trips, steep electricity bills
5 years, 6 months ago

Here’s why you should file tax returns if you have foreign trips, steep electricity bills

The Hindu  

The government has made income tax return filing mandatory for high spenders even if their taxable income is below the threshold exemption limit of ₹5 lakh. So, any person who has in the previous year “deposited an amount or aggregate of the amounts exceeding ₹1 crore in one or more current account maintained with a banking company or a co-operative bank; or has incurred expenditure of an amount or aggregate of the amounts exceeding ₹2 lakh for himself or any other person for travel to a foreign country; or has incurred expenditure of an amount or aggregate of the amounts exceeding ₹1 lakh towards consumption of electricity” will have to file a tax return. “Further, currently, a person claiming rollover benefit of exemption from capital gains tax on investment in specified assets like house, bonds etc, is not required to furnish a return of income, if, after claim of such rollover benefits, his total income is not more than the maximum amount not chargeable to tax. “In order to make furnishing of return compulsory for such persons, it is proposed to amend the sixth proviso to section 139 of the Act to provide that a person who is claiming such rollover benefits on investment in a house or a bond or other assets, shall necessarily be required to furnish a return, if, before claim of the rollover benefits, his total income is more than the maximum amount not chargeable to tax,” it said. To discourage cash transactions and move towards a less-cash economy, the Budget also proposed to insert a new section 194N in the Income Tax Act to provide for levy of TDS at the rate of 2 per cent on cash payments in excess of ₹1 crore in aggregate made during the year by a banking company or cooperative bank or post office to any person from an account maintained by the recipient.

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History of this topic

Aim for tax simplicity: Do away with TCS on foreign remittances
5 months, 4 weeks ago

Aim for tax simplicity: Do away with TCS on foreign remittances

Live Mint  

As the deadline for filing income tax returns nears, aspects of the tax law that need reform are in focus. Amendments of the law have made TCS applicable to transfers of money abroad under India’s liberalized remittance scheme, which permits people to move up to $250,000 each year out of the country. The scope of TCS was also extended to …

Do you have to pay tax on foreign travel expenses?
2 years, 7 months ago

Do you have to pay tax on foreign travel expenses?

Live Mint  

As the pandemic recedes, traveling is on everyone’s mind. As foreign travel gains momentum in 2022, it helps to be aware of the implications of foreign travel on income tax return filing and disclosures. Individuals are required to disclose any foreign travel expenditure above ₹2 lakh in their income tax return. Now, since for FY 2021-22, Madhu has spent more …

Who is required to file an income tax return?
4 years, 2 months ago

Who is required to file an income tax return?

Live Mint  

By Balwant Jain Many salaried as well as retired individuals are under the impression that as tax has been deducted from their income; they do not have to file their ITR. Income criteria for Liability to file ITR As per the income tax laws, you have to file your ITR if the aggregate of all your income: called gross total …

Decoding the great Indian taxpayer
5 years, 2 months ago

Decoding the great Indian taxpayer

Live Mint  

The salaried income tax payer in India often feels cheated. A small portion of India’s salaried population pays the bulk of its individual income tax, which gets redistributed to others and doesn’t benefit the taxpayers that much. Further, a huge jump in the income declared by the salaried class has essentially been responsible for the overall increase in individual income …

File tax returns if you have foreign trips, steep electricity bills
5 years, 6 months ago

File tax returns if you have foreign trips, steep electricity bills

Live Mint  

New Delhi: The government has made income tax return filing mandatory for high spenders even if their taxable income is below the threshold exemption limit of ₹5 lakh. So, any person who has in the previous year "deposited an amount or aggregate of the amounts exceeding ₹one crore in one or more current account maintained with a banking company or …

Now, you can file income tax returns till 31 August
6 years, 5 months ago

Now, you can file income tax returns till 31 August

Live Mint  

New Delhi: In a relief to individual taxpayers, the income tax department on Thursday extended the last date for filing tax returns by one month. The due date for filing the income tax returns has been extended to 31 August from 31 July, the income tax department said in a statement. “While return filing due date has been extended, taxpayers …

Do you need to file income tax return (ITR) if TDS is paid?
6 years, 6 months ago

Do you need to file income tax return (ITR) if TDS is paid?

Live Mint  

Irrespective of whether your employer has deducted tax at source on your salary or you have paid tax on your own, you should file your income tax return if you fit certain criteria. Under Section 139 of the Income tax Act, 1961, it is mandatory to file returns if gross total income of an assessee—be it an individual, Hindu Undivided …

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