The budget session of 2022 is on the horizon. We’re gearing up for a fantastic year in terms of the economy. The Hon’ble Finance Minister Nirmala Sitharaman will announce the Budget 2022 after just a few weeks. And because of the COVID-19 epidemic, people have high expectations from the budget this year. Here are a… Continue reading Budget 2022: What Taxpayers can Expect from the Upcoming Budget
The deadline for filing the income tax return (ITR) for the financial year 2020-21 was December 31st and the CBDT issued Rs 1,50,407 crores in refunds for those eligible. Did you miss your filing tax returns? Fret not! You still have the opportunity to file your income tax return. Yes, you can take advantage of… Continue reading Belated Return for AY 2020-21: How to File Belated Return and Penalty on Late Filing
Section 87A of the Income-Tax Act allows you to claim a maximum rebate of up to Rs12,500. The total tax becomes NIL if the income in a financial year is equal to or under 5 Lakhs. However, if there are gains from shares in that FY, the rebate given under this section may not be available. In this blog, we explore more about this section of the income tax act and uncover its nitty-gritty, exceptions, and its applicability when gains are earned from shares or mutual funds.
The residential status of an individual is critical in determining the way how his or her income will be taxed in India for that year. It is common to see non-resident Indians (NRIs) and persons of Indian origin (PIOs) carefully planning their stay in India for the specified year so that their income does not… Continue reading How Can the DTAA Provide Benefits to NRIs in India On Double Taxation?
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
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
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
Money has become as important as natural resources to survive in this world. Prices of almost everything are touching the sky and it is making survival of a common man extremely difficult. Food is the most basic commodity for survival and the prices of the same fluctuate the most. It directly affects the economy… Continue reading Dearness Allowance (DA) – Meaning, Types, Calculation etc
Though there is a hype of certain types of investments nowadays, some schemes launched by the government are still considered the best safety net for long-term investments. One of which is PPF (Public Provident Fund). Not only this investment plan makes you financially secure but also brings you lots of benefits with a decent… Continue reading Public Provident Fund (PPF) India, Interest, Benefit, Withdrawals, Deposit etc
Life insurance is a very important component of your financial portfolio. It gives unparalleled protection in case of premature death. The sum assured promised under the plan takes care of financial responsibility in case of premature demise of the insured. Moreover, different types of life insurance plans fulfil different financial needs. If fulfilment of… Continue reading Tax Benefits on Insurance Policies – Section 80C etc