Earlier this week, the ministry said that there will be TCS on foreign remittances of up to Rs 7 lakh per financial year. Further, it also added that the increased rates TCS will come into effect from October 1, 2023
A taxpayer will get a notice pertaining to his/her return being classified as defective due to many possible reasons like PAN name mismatch, incorrect ITR form, among other reasons. Read below to find out how to correct those errors and rectify those mistakes.
According to the Income Tax Act, 1961 a homeowner can show in his/her income tax return (ITR) up to two houses as self-occupied. Read below to find out how is income from self-occupied house properties calculated.
Under LRS, an individual can remit up to $250,000 in a financial year. TCS is applicable on all foreign remittance transactions that come under LRS. However, the rates of TCS vary depending on the nature of transaction
Get ready to shell out more from next month as Budget 2023 has increased Tax Collection at Source (TCS) on foreign remittance through the Liberalised Remittance Scheme (LRS) to 20 per cent from the existing 5 per cent, except in certain cases. As it is going to impact your budget significantly, you must first understand how much TCS will be levied on which transaction. ET Wealth explains
Advance tax, Self-assessment tax, refund, others will not be available in Form 26AS from this year AY 2023-24 (FY 2022-23. Nonetheless, one has to reconcile their tax payment challans, AIS/TIS and file in the correct tax payment information in the ITR.
The income tax return (ITR) forms has been released by the Central Board of Direct Taxes (CBDT). Though there are no major changes in the ITR forms this year, however, certain small changes have been made to incorporate the changes made in the income tax laws in the Budget 2022. Read on to know more about these changes.
Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.
The income tax department has issued a new notification regarding how individual taxpayers having business income in the current financial year can continue to opt for the old tax regime to claim common deductions and tax exemptions. Do note that from this year onwards, the new tax regime has become the default tax regime.
Not everybody can file ITR-1 (Sahaj) especially if they have any income from capital gains or income from cryptocurrencies or virtual digital assets (VDA), multiple house property incomes. Apart from this, there are other transactions which might make someone ineligible for filing ITR-1. Read on to find more about this.
Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.
If an individual owns the house property, then it may happen that he/she has some income from that property. However, not many people understand the correct way of calculating income from house property for ITR filing purpose. Here is how an individual can calculate income from house property for ITR filing this year.
Starting from July 1, 2023, a tax collected at sources (TCS) of 20 per cent will apply to overseas tour packages. If you are planning to take an international trip soon, you must understand this new rule and how you can use it in the most efficient way to save your hard-earned money. Here are the 3 ways to avoid 20% TCS during your next international trip
Form 16 is a TDS certificate issued by the employer to an employee to inform the taxes that are deducted on the salary income paid in a financial year. The TDs certificate makes it easier for an employee to file his/her income tax return. The income tax laws have provided a date by which Form 16 must be issued to employee.
The income tax return filing season is upon us. Most salaried individuals are eligible to file their tax returns using ITR-1 form. This tax return form is also known as 'Sahaj'. However, not many people know the steps to file ITR-1 on the income tax e-filing portal. Here is a step by step guide of filing ITR-1 on the income tax e-filing portal.
Monetary gifts or property received under a will or by way of inheritance is not taxable. This will also hold in case someone bequeathes such a gift in contemplation of death (who is terminally ill and expects to die shortly from illness).
Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.
It's crucial to remember that TDS is only deducted from some transactions when the payment's value exceeds the predetermined threshold.
HRA tax exemption: Employers must collect supporting documents, such as rent receipts, in order to provide the HRA deduction benefit when calculating TDS on salary. The rent agreement will be considered legally valid if it has the signatures of witnesses, the landlord and tenant, and is notarized as well.
Budget 2023 raised the Tax Collection at Source (TCS) rate for foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent for select transactions. The new rates of TCS will kick in from July 1, 2023. Let's understand how the new TCS rule will impact students who are already studying in foreign universities and schools or are planning to study abroad soon.