Income tax audit deadline is over for these taxpayers; will have to pay penalty

Income tax department has not extended the deadline for income tax audit under section 44AB. This means that now individuals with business or professional incomes above a specified turnover must pay the penalty for not submitting audit report and then file the ITR by October 31.

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Waiting for income tax refund? You might not get it if tax department has sent you this notice

The income tax department will not disburse the income tax refund either in full or part if they have served an individual with a section 245 notice. Section 245 gives power to the income tax department to adjust past year's income tax liability with the present year's income tax refund.

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Not disclosing foreign shares, investments, assets in your ITR can lead to penalty of Rs 10 lakh

Filing of schedule FA is mandatory if an individual is owner of any foreign asset like foreign stocks, foreign mutual funds, other foreign assets. Failing to file schedule FA along with ITR would mean violation of Black Money Act which would mean a flat penalty of Rs 10 lakh for each defaulting year.

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Paying rent less than 50K but sharing flat with others? You could be liable to deduct TDS

If a tenant is paying an rent of more than Rs 50,000 to his/her Indian resident landlord then TDS must be deducted. However in case a flat is being shared among multiple tenants, the applicability of TDS on house rent slightly differs. Further this also depends on the the type of rent agreements too.

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Rent to mom, NPS cut income tax by Rs 86,000; know how

How to bring down the tax outgo significantly by claiming all the deductions available to him. Use HRA exemption; NPS benefits offered by company, LTA and medical insurance to reduce income tax outgo. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.

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What is the last date to file ITR-U?

An updated income tax return (ITR-U) can be filed within 24 months from the end of the relevant assessment year, provided the deadline for filing either revised ITR and belated ITR (if applicable) is already over. Further in certain specified instances ITR-U cannot be filed.

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Has the last date for submitting income tax audit report been extended?

The Central Board of Direct Taxes (CBDT) has extended the deadline for income tax audit report submission by a fund, educational institution, hospitals and others to October 31, 2023 from September 30, 2023. However for those individuals with business or professional income above the specific limits, the deadline remains the same i.e. September 30, 2023.

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How to pay income tax online via e-filing portal, offline at bank

Various types of income taxes like advance tax, self-assessment tax others can be paid on the e-filing income tax return (ITR) portal by using various payment methods including two offline methods- RTGS/NEFT and bank challan. While in RTGS/NEFT option any bank can be used to pay tax, in the bank challan option only authorised banks are allowed.

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Four things to check in income tax audit report

An income tax audit is a regulatory requirement for certain categories of individuals and businesses. How as a good practice, certain things must be known by the individual liable for tax audit. This will help make sure that a correct tax audit report is being sent to the income tax department.

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What is composition scheme of GST, who is eligible and how to opt it?

For those small businessmen and professionals who wants to register for GST but can't do so due to the burden of various GST law provisions, opting for composition scheme under GST makes sense. However in order to opt for it, an individual has to satisfy certain eligibility criteria and others.

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Taxation for freelancers: Tax liability, exemptions, ITR filing for freelancers

Gig workers are subject to the same income tax laws and regulations that apply to self-employed individuals.

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ITR refund: Your bank account may need revalidation due to these 6 reasons

In any case of change in bank branch, bank account account number, IFSC code, after last validation, you need to update account details on e-filing portal and revalidate it.

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What to do when you get an income tax notice for claiming higher deductions in ITR?

Recently many individuals have received an income tax intimation notice asking them to explain why had they claimed higher amount of deduction than mentioned in Form 16 or Annual Information Statement (AIS). The income tax department has also said that if the explanations are not satisfactory, then a tax demand notice will be sent.

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I invested Rs 45 lakh in a Noida property in 2009; sale deed was made in 2014. Which year will be considered purpose of indexation of capital gains?

Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.

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Advance Tax Payment Due Dates: When do you have to pay it?

The due date for second quarterly payment of advance tax is September 15 for those individuals who have an estimated net tax liability of Rs 10,000 for the financial year. However not everybody is liable to pay advance tax even if their tax liability is above Rs 10,000 for the financial year.

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Advance tax penalty: What is the penalty for missing advance tax payment due date

Advance tax is income tax paid in advance during the fiscal year rather than at the end of the year. Advance tax is to be paid in four instalments, in the last month of each quarter on or before the 15th.

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NPS and other tax-free perks can cut income tax by Rs 1 lakh

Under Section 80CCD(2), up to 10% of basic salary put in the NPS is tax deductible. One can also ask his/her company for common tax-free perks, such as LTA, reimbursement of newspaper bills and meal coupons. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.

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Trading in cryptos on international P2P exchanges? You run the risk of your bank account being frozen

Transacting in virtual digital assets like cryptocurrency, non-fungible tokens (NFTs), others using Peer-to-Peer (P2P) mechanism carries risk. Hence experts advise to buy VDAs only through Indian KYC and other law abiding exchanges otherwise both the transacting parties i.e. buyer and seller stand at the risk of violating various Indian laws.

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Rent free house salary perk will be taxed differently from Sept 1: New CBDT rules

The new rules are notified by the Central Board of Direct Taxes (CBDT) on August 18, 2023 and became effective from September 1, 2023 i.e., today. The new rules provide for inflation adjusted rental value of house certain conditions. Read on to know about the new tax rules and how they will impact your TDS and salary.

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Do you have to pay penalty for filing revised ITR after due date?

Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.

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How can anyone register for GST in 6 steps

Anybody who wants to register or have to register for GST needs to fill up GST REG-01 form online on the GST portal website. This form has two parts- A and B. While part A is simple and easy to fill, it is part B which asks for specific operational details.

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How to correct income tax challan mistake online on e-filing portal

Now it is possible to correct mistakes made in tax payment challan online via the e-filing ITR portal. This new feature was recently introduced by the income tax department and it allows changes of tax challans from AY 2020-21 (FY 2019-20) onwards. Read here to know how to use this feature.

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ITR filing: Your income tax refund will be credited to only this type of bank account

Due to changes in bank account details, previously validated bank accounts may need to be updated and re-validated.

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How long does it take for the tax dept to process income tax return (ITR)

Although income tax return (ITR) filing deadline for individuals has passed since quite a while, there are still may ITRs which are left to be processed successfully by the income tax department. Experts advise individuals not to fret over this as generally ITR-3 or ITRs with capital gains, others take a longer time to process than ITR-1.

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TDS deducted in wrong FY? New income tax form to help you get it corrected Oct 1 onwards

The Central Board of Direct Taxes (CBDT) has notified a new Income tax form- Form 71. This form will help taxpayers resolve their problem of TDS claim when it was deducted in a wrong financial year. One need not approach the tax deductor and request them to revise their TDS return. Income tax department will directly help now.

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