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Tax

Taxpayers don't need to panic, but don't ignore the notice either

Not disclosed interest on FD, bank savings? Be ready for Income Tax Dept notice

Mar 30, 2021

There could be multiple reasons for taxpayers receiving the I-T notice. The prominent ones being non-reporting of FD interest and savings bank account interest in the ITR

All mutual funds can only allot units to investors after they receive an applicant's subscription money

You may not get Sec 80C tax benefit despite investing in ELSS by Mar 31; here's why

Mar 26, 2021

In case of purchases undertaken via United Payment Interface (UPI), assuming you purchase prior to 3:00 PM, money usually reaches the AMCs on the next working day (T+1), irrespective of the bank from which you make the payment

Edelweiss AMC on Monday launched a passively managed low-cost debt index fund

5.9% post-tax returns! Should you invest in Edelweiss debt index fund?

Mar 10, 2021

The fund comes with a target maturity of April 30, 2026. A target maturity fund has a specified maturity date that aligns with the expiry date of the bonds it has in its portfolio. This helps such funds provide predictive and stable returns

As many as 1,25,144 cases have so far opted for the Vivad se Vishwas (VsV) Scheme, which is 24.5 per cent of the 5,10,491 cases that were pending at different legal fora

I-T dept extends deadline for filing declarations under VsV scheme till March 31

Feb 27, 2021

The last date for filing declaration under VsV scheme was February 28, while for paying the disputed tax the date is March 31

Either go for the old tax regime that offers deductions and exemptions or the new tax regime with lower tax rates in different slabs, but barely any deductions or exemptions

ITR filing: Failed to submit investment proofs? You can still save taxes

Feb 17, 2021

If you have no plans to make tax-saving investments, you may opt for the new tax regime. From FY21 onwards, taxpayers have two options

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Income tax pampers senior citizens with extra benefits; here's the list

Feb 12, 2021

A senior citizen enjoys a higher exemption limit compared to non-senior citizens. While the exemption limit for the financial year 2020-21 available to a non-senior citizen is Rs 2.50 lakh, a senior citizen may avail an exemption up to Rs 3 lakh

Taxpayers' Budget 2021 wishlist: COVID exemptions, standard capital gains rates and more

Jan 27, 2021

Apart from long pending demands of hike in limits under Sections 80-C and 80-D of Income-tax Act, they also expect COVID-linked tax concessions, more attractive new tax regime and simplified capital gains structure

Budget 2021: Expect 'wild card entry' on NRI residential status

Jan 25, 2021

In case of no relaxation in residential status, NRIs would have to pay advance tax to avoid penal interest

I-T refunds worth Rs 1.64 lakh cr issued to 1.41 crore taxpayers till January 4

Jan 06, 2021

The Department on Tuesday had said that over 5 crore income tax returns (ITRs) for fiscal year 2019-20 have been filed till January 4

Govt extends time limits for income tax returns

Coronavirus impact: Govt extends deadline for income tax filing, GST compliance; check out details

Dec 30, 2020

The government has decided to provide further time to the taxpayers for furnishing of Income Tax Returns, tax audit reports and declaration under Vivad Se Vishwas Scheme

The last date for filing ITR for FY 2019-20 is December 31

I-T Dept launches 'Jhatpat Processing' for filing income tax returns; check details

Dec 22, 2020

The I-T Department said that 'Jhatpat Processing' feature has already been started for ITR-1 and 4 forms and taxpayers can file their I-T returns for AY 2020-21