Tax filing season is approaching, plan ahead to avoid last-minute hassles. Check ITR form eligibility, residential status, choose tax regime wisely, maintain proper documentation and more.
Section 54F of Income Tax (I-T) Act allows taxpayers to claim exemption of capital gains tax by buying residential property from the proceeds of jewellery sale
In case any employee has failed to specify their choice of the tax regime, can the concessional/ new tax regime would be applicable as a default tax regime?
Sam Pitroda’s discussion on inheritance tax in India sparks debate on fair wealth distribution and public welfare resources. Mumbai-based expert Balwant Jain opposes the tax, citing disincentives for hard work.
Filing ITR enables you to claim tax refunds for excess taxes paid and credits for taxes deducted at source, while also avoiding penalties for non-compliance.
The Centre may amend the Act again in the full budget for FY25 in July
Online tax calculator is crafted to offer estimated tax liability figure, serving as a tool for taxpayers to gauge their owed taxes or potential refund amount
Real estate investors can optimise income tax through careful tracking of deductible costs to diminish taxable income
Income tax slabs FY 2024-25: Taxpayers can benefit from lower tax rates under new regime, reducing tax liability and increasing disposable income
Returns on mutual fund investment are taxed. If one sells their investments in less than 12 months of owning them, their returns are considered as short-term capital gains, but if they sell them 12 months after owning investments, their returns are considered as long-term capital gains. Both types of gains are taxed at different rates.
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