Misuse of PAN for fake HRA claims under I-T dept radar: What should landlord do in case of a fake claim?

Fake HRA Claims: If a tenant is using someone else's PAN to make a fake HRA claim, then without doubt the tenant would get into trouble, however the individual whose PAN was used as a landlord for this fake HRA claim would also get into trouble with the income tax department.

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Individuals get relief from income tax demand for short deduction of TDS due to inoperative PAN of deductee

TDS Notice: Individuals won't get income tax notice for failing to deduct a correct amount of TDS in cases where the deductee's PAN was in-operative. "There shall be no liability on the deductor/collector to deduct/collect the tax under section 206AA/206CC, as the case maybe, and the deduction/collection as mandated in other provisions of Chapter XVII-B or Chapter XVII-BB of the Act."

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How NPS benefit in salary can increase tax savings

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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New vs old tax regime - which is beneficial for you? Amount of deductions you can claim decides

New vs old tax regime: Many taxpayers find it difficult to ascertain which tax regime makes them pay lower tax in a financial year. The simple answer to that is the amount of deductions claimed by you in the old tax regime. However, the amount of deductions that must be claimed by you varies for every different income level.

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Proof of HRA claims of previous years; can you really take it easy after CBDT's assurance of no review of old HRA cases

Rent HRA: The Central Board of Direct Taxes (CBDT) has clarified that there is no special drive to identify fake HRA claims from previous years. However this communication from CBDT should not be taken lightly, because if you have claimed false HRA and evaded income tax then the income tax department is bound to catch you.

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Save on GST up to 13% of wedding cost by planning wisely: Here's how

GST on wedding expenses: Indians are famous for their grand, lavish weddings. Expenses made on wedding such as decor, hiring a venue, catering etc. are all impacted by Goods and Services Tax. However, knowing the tax rules can help you save GST on wedding expenses accordingly. Read on to know the rules and save money on your wedding.

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How to restructure salary, investments to cut income tax outgo by Rs 64,557

Under Section 80CCD(2), up to 10% of the basic salary put in the NPS on behalf of the employee is tax-free. TaxSpanner estimates that Patil can reduce his tax by almost Rs.65,000 if his company rejigs his pay structure to include some tax-free emoluments and he increases the contribution to the NPS to 10% of his basic salary.

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Lower effective tax rate of 39% instead of 42.74% in top bracket of new tax regime; here's how marginal relief works

Surcharge on income: Individuals having income(s) above Rs 50 lakh have to pay an additional tax known as 'surcharge'. Budget 2023 made Surcharge rate applicable on the highest income slab to 25% from 37%. Abhishek Soni from Tax2Win says, "This move brought down the effective tax rate from 42.74% to 39%."

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GSTR-1 deadline has been extended today as recommended by GSTN due to difficulties in filing

GSTR-1 deadline: The last date to file GSTR-1 for March 2024 tax period was April 11, 2024, however GSTN has recommended to the Central Board of Indirect Taxes and Customs (CBIC) that the deadline to file GSTR-1 be extended by one day to April 12, 2024. However as of 1 pm on April 12, 2024 no circular or notification from CBIC has come in this regard.

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Property buyer will end up paying 20% TDS instead of 1% for this PAN related issue

Tax deducted at source (TDS): If you are buying any property above Rs 50 lakh value then make sure to deduct 1% TDS before making the payment to the seller. However it is important to check the status of the seller's PAN. An individual forgot to do this and got served with an income tax notice.

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Does choosing old tax regime for TDS on salary lead to smoother ITR processing, income tax refund claims?

Income tax regime, ITR processing: The income tax laws allow switching of tax regime from old to new or vice-versa at the time of filing income tax return. Any tax regime can be chosen irrespective of what was chosen for tax to be deducted from salary by employer. However, does switching of tax regime impact how your income tax return is processed by tax department.

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Joint-ownership in existing flat will not bar tax benefit on investments in another house: ITAT

When a taxpayer earns long-term capital gains from sale of any asset (other than a house property), the tax arising on the gains can be saved by investing the net sale proceeds in a residential property. The quantum of exemption depends on the amount invested in the new house. If the amount invested is less than the net sale consideration then the exemption is proportional.

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Penny stocks linked tax evasion: Tax dept may take you to tribunal and court for bogus transactions

Penny stocks: The income tax department can now file appeal in tribunals and court if you are found to be using penny stocks or accommodation entries or both to evade taxes. Earlier the tax department could file such appeals only if the tax effect crossed certain thresholds, however now these cases are to be taken on merit irrespective of the tax effect amount.

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Tax-saving ideas: Do this to reduce tax to zero

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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New vs old tax regime for TDS on salary: Choosing wrong tax regime in April can lead to higher tax

TDS on salary tax regime: In the month of April, many salaried individuals are required to inform their employer about their preferred tax regime on the basis of which tax will be deducted from their salary income. If wrong tax regime is chosen for tax to be deducted on the salary, then higher tax will be deducted throughout the financial year.

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TDS deduction: Why you must check status of PAN Aadhaar linking status of deductee on deduction date to avoid income tax notice

Tax deducted at source (TDS): While it is important to deduct a correct amount of TDS in certain transactions, it is also important to check the status of the deductee's PAN. ​If the TDS deductor does not check the status of PAN of the deductee on the date of TDS deduction then all the penalty and other legal repercussions would be applied to him and nobody else.

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ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal

ITR filing forms for FY 2023-24: As of April 1, 2024, the online ITR forms have been enabled. This means that taxpayers who are eligible to file their tax returns using these forms can now proceed to file their ITR for the financial year 2023-2024.

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