Updated on July 18, 2022 The tax slabs and tax rates for the financial year 2020-21, 2021-22, and 2022-2023 remain the same. The rules for the old tax regime and the new tax regime are also the same as in previous years. The amount of rebate u/s 87A has been kept unchanged under both the…
Have you linked your PAN card with aadhar? If not do it fast to avoid a double penalty from 1st July. Further, your PAN card may become inoperative if the same is not linked to aadhaar before the deadline of March 2023. Central Board of Direct Taxes (CBDT), circular vide F.No. 370142/14/22-TPL dated on 30th…
This post provides you the key legal checklist for buying and selling a house property; method of title deed verification, database available with CERSAI and RERA, EMI calculation, associated costs of home loans, teaser rates, risks involved in transferring of loan to other banks, rules regarding funds transfer abroad after disposal of properties in India;…
In terms of section 234F, certain individuals can file their ITR without paying a penalty if the gross total income does not exceed the basic exemption limit of Rs.2.50 lakhs even after the expiry of the deadline. The basic exemption limit of Rs.3 lakh for Senior Citizens of above 60 years and Rs.5 lakh for…
Every year in its annual budget (also known as Annual Financial Statement) the Government provides details of how much money it expects to reap from various sources and how it intends to spend the funds. As of now, the Government of India earns about 80% of its total revenue through taxes and the remaining 20%…
The Central Board of Direct Taxes (CBDT) on Tuesday extended the due date for filing income tax returns for the assessment year 2021-22 till March 15, 2022, and also extended the due date for other compliances of the report of audits for 2020-21 till 15 February 2022. The notification No 01/2022 dated 11.01.2022 said that…
You can file your belated IT Returns anytime on or before 1 year from the end of the relevant Assessment Year (AY). However, if you file your ITR after the deadline, you have to pay a late filing fee of up to Rs.5000. There is a relief given to small taxpayers — the IT department…
(Look here for repatriation of money abroad from Sale of property purchased from funds remitted from overseas OR NRE/ FCNR accounts, Sale of property purchased from Rupee Source (while resident in India), Sale of property acquired through inheritance etc and permissible sources of funds for an online/offline transfer abroad from an NRO Account .) An…
Edited on 28.04.2022 The Income Tax Department has announced the introduction of a new statement called ‘Annual Information Statement (AIS)’ which would provide you with almost all the details about your financial transactions during the year. Compared to Form 26AS which has been primarily providing information related to taxable income and tax deducted at source…
This article talks about how gifts are taxed in India and who need not pay tax on gifts received. Gifting has always been seen as a way for people to express love and affection. Yet, with the increased focus on taxation, the legislations have been penned so as to levy tax on gifts. The Act…