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2 weeks, 2 days ago

How gains through margin trading facility transactions are taxed in India

The margin trading facility is a powerful financial instrument. The tax treatment of this interest depends on whether the income from MTF transactions is categorized as capital gains or business income. While interest expenses on borrowed funds are capped at 20% of dividend income for dividends, no specific provision under the Income Tax Act allows the deduction of interest expenses …

Income Capital Gains Set Itr Losses Transactions Ltcg

1 month ago

Missed reporting foreign assets in ITR? File revised return to avoid Rs 10 lakh penalty | DETAILS

India TV News

Taxpayers who have failed to declare foreign assets or income in their Income Tax Return for AY 2024-25 can file a revised return by December 31, 2024, to avoid a penalty of up to Rs 10 lakh. Revised return deadline announced The Tax Department has advised taxpayers that if the original ITR missed foreign assets or income, then file an …

Tax Assets Income Itr Return Rs 10 Lakh Foreign Assets

4 months, 2 weeks ago

Hindu Undivided Family: How do I accumulate capital in my HUF?

Live Mint

Creating a HUF is a viable option for the writer, with the main concern being capital. By receiving a gift from a non-member relative like the father, the HUF can lower its taxable income by investing in Section 80C. If he gives my HUF a gift of ₹4 lakh, the HUF will invest ₹1.50 lakh under section 80C. Then net …

Tax Gift Lakh Itr No Tax Section 80C Huf

4 months, 4 weeks ago

Budget 2024: Employees can claim TCS credit against TDS deduction on salary; here’s how

Live Mint

In the recent past, did you make a remittance outside India under the LRS scheme for your child’s education or book an overseas tour package? They will be able to claim TCS credit against the TDS deduction on their salary. Proposal for allowing credit of all TCS and TDS paid During her Budget 2024 speech, the Finance Minister proposed that …

Finance India Salary Tax Credit Itr Individuals

5 months, 1 week ago

ITAT Half Yearly Digest: January To June 2024 - PART I

Live Law

S. 54F Exemption Not Available On Property Predominantly Being Used For Religious Purposes: ITAT Case Title: Asstt. Explanation 3 To Sec 147 Can't Be Resorted To Make Addition On Any Other Issue Which Is Not Included In Reasons For Reopening: New Delhi ITAT Case Title: Vishram Sahakari Awas Samiti Limited verses ITO On finding that no addition is made based …

India Delhi Kolkata Tax Indian Income Tax Title

6 months ago

Income tax returns: False HRA while filing ITR could cost you this much

Hindustan Times

House Rent Allowance is deducted by employers from salaries and can be seen in part B of Form 16 while you are filing an Income Tax Return. ITR filing: Here’s how to claim HRA correctly during tax filing in order to maximize your tax savings Claiming HRA correctly is a legal requirement as well as a valuable tax-saving tool for …

Tax Itr Rent False Hra Hra Claim

6 months, 1 week ago

ITR Filing: Income tax slab rates and deductions for old and new tax regimes

Hindustan Times

With the Income Tax filing deadline coming up on July 31, 2024, one should be aware that there are two types of tax regimes: The old tax regime and new tax regime with different slab rates. Representational The Government implemented the new tax regime as an optional alternative to the old tax system from the financial year 2020-21. New tax …

Tax Income Old Regime Itr 15 Lakh

6 months, 3 weeks ago

Delhi HC Upholds Constitutional Validity Of Section 71(3A) Income Tax Act; Dismisses Petition Challenging Rs. 2 Lakh Cap On House Property Income Set-Off

Live Law

The Delhi High Court dismissed a writ petition challenging the constitutional validity of Section 31 of the Finance Act, 2017. Since the house was constructed using borrowed capital, under Section 24 of the Income Tax Act, the interest payable on such capital was eligible for deduction from the head “Income from house property.” The income chargeable under this head was …

Constitution Court Income Tax Act Income Case Right House

7 months, 2 weeks ago

Do You Own An Electric Vehicle? It Can Save You Taxes, Here's How

News 18

Tax Benefits on Electric Vehicles in India: The Indian government is pushing for a greener future, and electric vehicles are a key part of the plan. But did you know there’s a hidden income tax deduction specifically for the interest paid on loans taken to purchase EVs? Here’s the deal: Under Section 80EEB of the Income Tax Act, individual taxpayers …

Income Tax Loan Electric Itr Deduction Rs 1 Lakh Interest Paid

9 months, 1 week ago

Filing Of Audit Report In Form 10CCB Before Due Date As Per Sec 139(1) Is Only Directory And Not Mandatory: New Delhi ITAT

Live Law

While holding that filing of audit report in Form 10CCB before the due date for filing of return of income u/s 139 of the Income Tax Act, 1961 is only directory and not mandatory for the year under consideration, the New Delhi ITAT directed the AO to allow deduction claimed u/s 80IA of the Income Tax Act, 1961. The ADIT …

Audit Case Report Form Bench Itr Deduction

1 year, 4 months ago

Do taxpayers lose out on deduction benefits on filing late income tax returns? We explain

Live Mint

The cutoff for submitting the Income Tax Return for the fiscal year 2022-23 was July 31, 2023. While numerous taxpayers are considering submitting a late return with a penalty, a significant number are apprehensive about the possibility of their tax refund request being declined in the event of a delayed ITR submission. Submitting a delayed ITR incurs a late fee, …

Income Tax Pan Late Income Tax Return Return Itr Belated Submitting

1 year, 5 months ago

Is there exemption on rent in new regime?

Live Mint

Is there any exemption on house rent in income tax’s new regime for assessment year 2024-25? —Dilip Saksena Under the new tax regime, with respect to let-out house property, a taxpayer can claim deduction of municipal tax paid from the gross rent to arrive at the annual value of the let-out property. —Name withheld on request As per the ITR …

Tax Income Funds Index Funds Foreign Itr

2 years, 4 months ago

ITR: Have a Savings Account? You Can Claim up to Rs 10,000 Tax Deduction; Section 80TTA Explained

News 18

The last date of filing income tax return for the assessment year 2022-23 or the financial year 2021-22 is July 31, 2022. Let’s take a look at how it works Section 80TTA Deduction Explained Section 80TTA of the Income Tax Act, 1961, allows taxpayers to claim a deduction for the interest earned from savings account. It must be noted that …

India Savings Tax Income Interest Account Itr

2 years, 9 months ago

Crypto Tax in India: Date, income tax, ITR form, TDS, deduction | Key points

India Today

As the ongoing financial year 2021-22 draws to a close, there has been a lot of chatter pertaining to crypto-tax in India. The central government in Union Budget 2022 proposed the introduction of a specific tax regime for virtual digital assets. INCOME TAX ON DIGITAL ASSETS FM Sitharama proposed that "any income from the transfer of any virtual digital asset …

Tax Crypto Assets Income Tax Transfer Digital Income

3 years, 2 months ago

Freelanced along with a job? You can still claim ₹50,000 standard deduction

Live Mint

Outbreak of covid-19 pandemic last year resulted in job losses across sectors. We answer three important questions related to freelance income tax filing as you get ready to file your ITR. However, if you have worked a full-time job, you can claim the standard deduction for the salary income. Even if someone has had a job for one month in …

Job Salary Income Batra Itr Claim Deduction

3 years, 4 months ago

Income tax return: Who can use ITR 1, who cannot?

Live Mint

Form ITR 1 which is popularly known as Sahaj is to be used by significant majority of tax payers. Likewise, any person whose taxable income does not exceed fifty lakhs can use ITR 1 provided he does not have any income under the head “Capital gains” and “Profits and gains of business or profession”. “Salaries”, “Income From House Property” and …

India Tax Income House Form Itr Head

3 years, 5 months ago

ITR filing: All about claiming tax deduction for Covid-related expenses

India Today

Keeping in view the financial losses and expenses suffered by people during the Covid-19 pandemic, the Central Board of Direct Taxes had recently made some provisions to help citizens claim tax deductions while filing the Income Tax Return against coronavirus-related medical treatment expenses. CBDT's statement on financial help The Central Board of Direct Taxes said in a statement, “Unfortunately, certain …

Tax Direct Taxes Covid Pan Itr Tax Deduction Cbdt

3 years, 5 months ago

ITR filing: All you need to know about claiming deductions for Covid-19 related expenses

Hindustan Times

Coronavirus disease has wreaked havoc on people’s lives in the country. A tax exemption of up to ₹ 25,000 can be claimed under Section 80D against the premium paid for a health insurance policy. Here's more about the tax deductions you can claim while filing ITR: Financial help The ex-gratia payment received by an employee’s family members from an employer …

Health Family Family Members Exemption Itr Filing Members Tax

3 years, 9 months ago

Can I claim LTC while filing tax return? My company not accepting documents now

Live Mint

I could not submit the relevant documents for availing LTC in time and therefore the employer will treat this allowance as taxable for the limited purpose of tax deduction and deduct tax on it. While determining the tax liability of an employee, the employer is required to take into account all the exemption and deduction which an employee is entitled …

Tax Documents Employee Itr Claim Employer Allowance

3 years, 9 months ago

These income tax rules will change from next month

Live Mint

The financial year is ending soon. The changes applicable from the coming year are as below: 1) The income tax department has further extended pre-filled sections in ITRs from 1st April 2021. Archit Gupta, Founder and CEO of Cleartax said, "Taxpayers need to make sure that the pre-filled ITRs containing the details of salary, TDS, interest and dividend income, capital …

Tax Income Senior Citizens Gupta Itr Tds 2021

3 years, 9 months ago

5 new income tax rules that will come into effect from 1 April

Live Mint

Union Finance Minister Nirmala Sitharaman presenting Union Budget 2021 had announced a slew of changes in the income tax rules. Let's take a look at 5 income tax changes that will come into effect from 1 April: 1) PF tax rules: Interest on annual employee contributions to provident fund over ₹2.5 lakh would be taxed from 1 April 2021. 2) …

Income Senior Citizens Filing Itr Come 1 April Returns

3 years, 10 months ago

ITR filing exempted for people above 75 years with only pension income

India TV News

Finance Minister Nirmala Sitharaman on Monday said senior citizens above 75 years of age with only pension income will now be exempted from filing income tax returns. Under section 80TTB, seniors can claim up to Rs 50,000 interest income received from banks and post offices as a deduction from their income thereby making this type of interest income for senior …

Tax Budget Bank Income Interest Income Senior Citizens Citizens

4 years ago

Can I claim deduction for interest paid on personal loan, used for home repairs?

Live Mint

Can I claim deduction under Section 24 for interest paid on personal loan, used for home renovation. -Rajendra Pawar By Balwant Jain, tax and investment expert For claiming income tax deduction under Section 24 for interest paid on money borrowed for the purpose of purchase, repairs, renovation etc. You need to preserve the copy of the bank statement for the …

Personal Loan Personal Loan Interest Itr Claim Paid

4 years, 2 months ago

Senior citizens enjoy special income tax benefits. Here are the details

Live Mint

India's income tax law provides special benefits to the resident senior citizens and very senior citizens. Income tax benefits available to resident senior and very senior citizens range from higher exemption limit to higher deductions under various income tax sections on account of medical expenses and interest earned on deposits. Read on for the special income tax benefits for senior …

Tax Income Senior Citizens Citizens Higher Itr Citizen

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Articles for Itr, search results for deduction

How gains through margin trading facility transactions are taxed in India

Missed reporting foreign assets in ITR? File revised return to avoid Rs 10 lakh penalty | DETAILS

Hindu Undivided Family: How do I accumulate capital in my HUF?

Budget 2024: Employees can claim TCS credit against TDS deduction on salary; here’s how

ITAT Half Yearly Digest: January To June 2024 - PART I

Income tax returns: False HRA while filing ITR could cost you this much

ITR Filing: Income tax slab rates and deductions for old and new tax regimes

Delhi HC Upholds Constitutional Validity Of Section 71(3A) Income Tax Act; Dismisses Petition Challenging Rs. 2 Lakh Cap On House Property Income Set-Off

Do You Own An Electric Vehicle? It Can Save You Taxes, Here's How

Filing Of Audit Report In Form 10CCB Before Due Date As Per Sec 139(1) Is Only Directory And Not Mandatory: New Delhi ITAT

Do taxpayers lose out on deduction benefits on filing late income tax returns? We explain

Is there exemption on rent in new regime?

ITR: Have a Savings Account? You Can Claim up to Rs 10,000 Tax Deduction; Section 80TTA Explained

Crypto Tax in India: Date, income tax, ITR form, TDS, deduction | Key points

Freelanced along with a job? You can still claim ₹50,000 standard deduction

Income tax return: Who can use ITR 1, who cannot?

ITR filing: All about claiming tax deduction for Covid-related expenses

ITR filing: All you need to know about claiming deductions for Covid-19 related expenses

Can I claim LTC while filing tax return? My company not accepting documents now

These income tax rules will change from next month

5 new income tax rules that will come into effect from 1 April

ITR filing exempted for people above 75 years with only pension income

Can I claim deduction for interest paid on personal loan, used for home repairs?

Senior citizens enjoy special income tax benefits. Here are the details