Taxation for listed equity shares: 5 things to know

A securities transaction tax of 0.025% is levied on the sell side for equity intraday transactions.

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What is the deadline for income tax audit for FY 2023-24 and who needs to file it?

Income tax audit for AY 2024-25: Income tax audit needs to be conducted by certain specified taxpayers by September 30, 2024. "Tax audit report as per Section 44AB - is September 30 of the following year (The deadline will be September 30, 2024, for the financial year ending March 31 2024)," says CA (Dr.) Swati Godbole, K J Somaiya Institute of Management.

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Got income tax demand notice due to errors in Form 26AS, AIS like TCS employees? How taxpayers can respond to it

Tax notice, errors in Form 26AS: Around 40,000 TCS employees recently got a tax demand notice due to an error in the TDS amount shown in Form 26AS and Part A of Form 16. The error was showing due to their internal software glitch. If you got the same tax notice due to a mismatch in tax amount in Form 26AS/AIS and TDS certificates like Form 16, Form 16A etc., then here is what taxpayers can do.

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NRIs can now invest in Sovereign Green Bonds this new way; Know how the impact on taxation of gains

NRI SGrB: Non-resident Indians can now invest in Sovereign Green Bonds (SGrBs) through the International Financial Services Centre (IFSC) which is located in Gandhinagar, Gujarat. If you are an NRI, you might wander whether you should invest in SGrBs or Green Fixed Deposits or normal Indian government bonds (G-Sec). Read here to know more.

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Missing the September 15 deadline for advance tax payment can cost you more than 15% additional tax payment

Advance tax: The 2nd quarter of advance tax payment needs to be made on or before September 15, 2024. Calculations show that if you miss paying any advance tax then it can cost you more than 15% in additional interest. Read here to know more about advance tax and penalty under section 234.

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Advance tax deposit online: How to pay advance tax online for AY 2024-25?

Advance tax deposit online: The second installment of advance tax needs to be paid before September 15, 2024. The payment can be made either online or offline. The advance tax is required to be paid in four installments, with the 15th of the last month of each quarter being the deadline.

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No benefit of lower tax rate under DTAA for taxpayers with foreign income if Form 67 is not filed by this date

Double tax: ​If you are claiming a tax relief under section 90 then you must submit a ITR and Form 67 by the due date. Similarly if you are claiming a tax relief under section 91 then also you need to file Form 67 and mention the country code for the country where taxes were paid.

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Tax-saving tips: Rent to father makes HRA tax-free

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

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Income tax refund delayed? These taxpayers won’t get refund unless they confirm it on ITR portal

Income tax refund: No tax refund for identified taxpayers because their income tax return (ITR) has been identified by the 'Risk Management System (RMS) of the Income tax department. If your ITR is among the identified ITRs then no refund will be issued, unless you confirm it or file a revised ITR to fix the highlighted issue.

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Double tax for NRIs if this form is not filed and foreign tax credit is not claimed

Non resident Indian (NRI) taxation: NRIs have to pay double the tax on the same income if their favourable DTAA rates and tax releif claim is rejected. This claim is rejected when the NRI does not submit Form 10F and Tax Residency Certificate (TRC) and also fails to claim foreign tax credit in their resident country. Read below to know more about Form 10F and TRC.

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Retail investors to be hit harder by new share buy-back rule from Oct 1: Here's the maths

Share buy-back tax rules from October 1, 2024: The new share buy-back tax rules will come into effect from October 1, 2024. Many companies are flurrying the market with buy-back before the new rules become effective. The small and retail investors will lose much more due to new share buy-back tax rules.

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No income tax rebate u/s 87A despite total income below Rs 7 lakh in these cases

Tax rebate: No tax rebate is given if you have long term capital gains (LTCG). However, in some situations even if you filed your ITR carefully and claimed the right deductions still section 87A tax rebate can be denied to you. Read below to know why is this so and when is tax rebate under section 87A given.

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NPS investment can save tax in new tax regime as well; here's how

Under Section 80CCD(2), up to 10% of the employee’s basic salary put in NPS is tax-free. This limit is higher at 14% for taxpayers like Roy who have opted for the new tax regime. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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