income tax

Income Tax Return filing | Last date, details on new forms & complete checklist

[ad_1] Income Tax return filing for Assessment Year 2022/23 is now available on the government’s e-filing portal. As per Income Tax Act provisions, the last date to file ITR (excluding those facing tax audits) for AY 2022/23 (also identified as Financial Year 2021/22) is July 31, 2022. For other taxpayers (for whom an audit is …

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TDS on virtual digital assets from July 1: Read CBDT guidelines on crypto tax

[ad_1] New Delhi: The income tax department on Wednesday said the 1 per cent TDS on transfer of virtual digital assets would be levied on net transaction value and the onus of deducting the tax would primarily be on the exchanges. The Central Board of Direct Taxes (CBDT) issued an FAQ on the TDS provisions …

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Achieve your career goals with cheapest education loan – Compare interest rates and EMIs

[ad_1] Higher education is getting costlier everywhere. Not all students can arrange funds on their own for higher education, especially when they are pursuing studies in reputed institutions. And the cost jumps when you go abroad to complete your education as you pay the college fee in foreign currency and take care of your accommodation, …

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Your queries: Income Tax- Stick to either accrual or cash method of interest accounting

[ad_1] By Chirag Nangia What is the difference between interest earned, interest paid and interest accrued. Which of these should be taken for computation of income (from fixed deposits) for tax purposes? —T V Mahadevan Earned interest is the rate of interest that an investment earns on the principal amount. Accrued interest is interest that …

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Number of Income Tax returns rising, says CBDT Chairman

[ad_1] The number of income tax returns has increased in FY22 over the previous fiscal, Central Board of Direct Taxes Chairman Sangeeta Singh said on Saturday. Talking to PTI, Singh said the number of income tax returns last fiscal was 7.14 crore against 6.9 crore in the preceding financial year, showing a clear growth. “There …

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Your queries: Income Tax- Interest earned on joint accounts are taxable for both primary, secondary account holders

[ad_1] By Chirag Nangia I stay in my parent’s house. To avail benefit of HRA, I pay Rs 30,000 per month as rent to my father. Am I supposed to deduct TDS? —Vinay Tiwari As per Section 194-IB, with effect from June 1, 2017, an individual and HUF paying monthly rent above Rs 50,000 shall …

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Pan Update: Even if you are not 18 years old, you will get PAN card, know how

[ad_1] Along with Aadhaar, PAN card is also a very important document for the citizen. From opening a bank account to buying property, filing of income tax returns, this important document is useful everywhere. But many people think that it is possible to make a PAN card only after the age of 18. In that …

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Your queries – Income Tax: NRIs can claim benefits under tax treaties

[ad_1] By Chirag Nangia I have been working in Zambia since 2000 and send my salary to my NRE account in India. Is it taxable in India? If it is taxable, then under which section should I show while filing the IT return? —Raja It has been held in various judicial pronouncements that mere receipt …

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