Tax filing is a mandatory requirement for anyone with a taxable income of Rs 2.5 lakhs and above. It is also mandatory for cases mentioned below If you are an individual who has paid an electricity bill over Rs 1 lakh or Spent Rs 2lakh and above in travel abroad. The aggregate of deposits in… Continue reading Top 5 Reasons To File Your Tax Returns Even If Your Income Is Not Taxable
How Gains From Foreign Stock Markets Are Taxed In India
Understanding how your investments are taxed is critical when investing in the stock market. Before investing in international stocks from India, here’s everything you need to know. In general, gains derived from the sale of foreign stocks would be taxed as capital gains in the hands of the Indian investor. For tax purposes, foreign stocks… Continue reading How Gains From Foreign Stock Markets Are Taxed In India
What Is The Annual Information Statement
Annual Information Statement is a record of all financial transactions done by you during the financial year. Details that can be seen on your AIS Salary paid to you Dividend received Interest from the savings account, recurring deposits, FDs, debentures, etc Interest from Income tax refund Sale and purchase of equity shares, bonds, mutual funds,… Continue reading What Is The Annual Information Statement
Filed ITR But Haven’t Received Refund Yet? Here’s What You Need To Do
If the IT department determines that taxpayers’ taxes paid to the department exceed their actual tax responsibilities, a refund is initiated. An intimation notice under section 143 (1) with the amount of the refund and a refund sequence number is sent to the taxpayer via SMS and an email. However, taxpayers must file an income… Continue reading Filed ITR But Haven’t Received Refund Yet? Here’s What You Need To Do
Tax Treatment Of Listing Gains From An IPO
As many IPOs are listing at a good premium, many investors look at booking profits on listing as this proves to be a good way to earn sizeable returns in a short period. Did you know there are tax implications that you should take into consideration? Check out what’s the right way listing gains are… Continue reading Tax Treatment Of Listing Gains From An IPO
Learn how medical bills of senior citizen parents can save your taxes
Learn how medical bills of senior citizen parents can save your taxes Maintaining good health is undoubtedly the theme of the season. With the second wave of COVID going on in full swing, health insurance looks like an unavoidable necessity that also allows you tax benefits under Sec 80D. But the catch here is –… Continue reading Learn how medical bills of senior citizen parents can save your taxes
Major changes in Income Tax rules for the FY 2021-22
Major changes in Income Tax rules for the FY 2021-22 The government generally makes changes to the tax rules during the budget presented in February. These changes come into effect from the following financial year which starts from April. Take note of the changes and plan your taxes better. Choosing your tax regime Last year’s… Continue reading Major changes in Income Tax rules for the FY 2021-22
Income Tax Return & GST filing Due Date Extended: COVID-19 Effect
Amidst the complete shutdown in almost the entire country as a precautionary measure against the highly contagious covid -19 virus, the honorable Finance Minister of India Mrs. Nirmala Sitharaman had announced a series of measures on 24th March 2020 to combat the economic turbulence in India. Various reliefs in compliance and filing extensions put forth… Continue reading Income Tax Return & GST filing Due Date Extended: COVID-19 Effect
Advisory on Coronavirus (Covid-19) Outbreak
Dear Tax2Win Team, As you may be aware that our country now has reported more than 175 positive cases from coronavirus. Last night, our Rajasthan government also imposed section 144 in the state in order to take precautionary measures from spreading this disease. It is necessary that we all observe precautions to minimise the risk… Continue reading Advisory on Coronavirus (Covid-19) Outbreak
Investments proof
Deduction under section: Deduction for: Investment proof to be submitted Maximum Limit of Deduction 80C Life Insurance PPF Principal Repayment of Housing Loan ELSS/Mutual Fund (Tax Saving) Children Tuition Fees (up to 2 children) NSC Unit linked Insurance Scheme / Plan Fixed Deposits (Tax Savings) Sukanya Samriddhi Account Deferred Annuity Plan Subscription to any deposit… Continue reading Investments proof