Income tax on gold: Investing in gold provides diversification and stability to portfolios. Different investment methods and tax implications are discussed
ITR filing: Professionals in specified fields can declare 50% of gross earnings as taxable income. They can claim expenses over 50% if they can substantiate them. The deadline for filing tax returns is July 31
Income Tax Refund News: Income Tax Refund processing time has become fast. Taxpayer claims to have received refund within 12 hours.
Income Tax Department intensifies efforts to tackle taxpayers using fake rent receipts to evade taxes. Notices are issued to individuals for proof of tax exemptions. Scrutiny and penalties for under-reporting income. Tips for honest tax compliance provided
A taxpayer receives a letter of intimation under Section 143(1) when there is a mismatch of tax exemptions as filed in the IT return document. Here is a step-by-step guide on how to request the resending of the Intimation order u/s 143 (1).
The deadline for filing income tax returns for FY 2022-23 is July 31, 2023. Taxpayers are urged to file on time to avoid penalties and late fees
While addressing the 164th Income Tax Day Union Finance Minister Nirmala Sitharaman said that notices were sent where the income was found to be close to ₹50 lakh and they are expected to be cleared by the end of this fiscal
The tax on capital gain is payable on transfer
The income tax department has sent notices to these taxpayers, asking them to provide documentary evidence for claiming tax exemption.
The gain from the ULIP policy will be taxed under Section 112 as long-term capital gains after applying indexation on the single premium paid. It cannot be taxed under the head ‘Income from other sources’
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