Diwali bonus can be taxable in your hands: Know when it is taxed and when it is tax exempt

Diwali Bonus is taxable: Around Diwali, employers usually gift their employees either in cash as a bonus or in kind, such as bed sheets, home decor items, etc. However, not many people are aware of the taxation part of the gifts received by their employer. Read on to know the income tax rules regarding Diwali gifts received from employer.

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Gold taxation: Income tax laws for capital gains on gold have changed, know the new rules

New gold taxation rules: Capital gains tax rules on gold have changed from July 23, 2024. However, the new rules are applicable to physical gold and gold jewellery and not to gold mutual funds and gold ETFs. Know the new income tax rules for taxation of gold before buying or investing this Diwali.

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GST return filing time limit soon: No filing to be allowed after 3 years of due date, it's time to file any pending return

Goods and Services Tax (GST): The GST portal is soon going to implement a change which will essentially make GST returns time barred if three years have passed from the due date of filing it. "The said changes are going to be implemented in the GST portal from early next year (2025). Hence, the taxpayers are advised to reconcile their records and file their GST Returns as soon as possible if not filed till now."

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How to lower tax burden: Patna-based PSU bank manager can cut tax by Rs 32,261 by tweaking salary structure

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

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ITR filing deadline extended to November 15, 2024 for these taxpayers

Income Tax Return :The ITR filing deadline for those who are liable for tax audit is extended. However experts say that the ITR filing deadline for transfer pricing cases has not yet been extended. Do note that if you want to file ITR then first submit the tax audit report and then only file ITR.

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Updated timeline of income tax notices released by income tax department; Know why and when you may get a tax notice

Income Tax Notice: The Income Tax Department has specified when, how and why can you get an income tax notice. A chart has been released by the tax department specifying some of the important sections and time limits about when such a notice can be sent. Read below to find out what the income tax department has said about sending tax notices.

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Home loan interest advantage in new tax regime: You can reduce your income tax by claiming loss but only on this type of house property

Reduce tax: If you have any ongoing home loan for your house property then you can claim this interest as loss and set off this loss with other incomes. However as per section 115 BAC, set-off of current year house property loss shall not be available against any other head of income under the new tax regime.

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Crorepati income tax return filers soar 5 times in 10 years; check who has to file ITR

ITR filing: The count of people declaring taxable earnings exceeding Rs 1 crore in their tax filings surged from 44,078 in the assessment year (AY) 2013-14 (financial year 2012-13) to nearly 2.3 lakh in AY2023-24 (FY2022-23), suggesting possibly increased incomes and better adherence to tax regulations.

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Relief against income tax offences: New compounding guidelines issued by CBDT to help taxpayers in preventing prosecution

Income tax offences: Now you will have to follow the revised guidelines for compounding of income tax offences under the Income Tax Act, 1961. This is helpful for those taxpayers who want to settle their case under income tax if its already under prosecution. "The revised guidelines supersede all existing guidelines on the subject and would apply to pending as well as new applications, from the date of its issue."

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GST return filing process: Hard-locking of auto-populated values in GSTR-3B Form; check details

GST return filing process: GSTR-3B is a condensed summary return, and its intention is for taxpayers to report their summarized GST obligations for a specific tax period and settle these obligations, as stated in the FAQs on the GST website.

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New form to reduce TDS from salary: CBDT issues Form 12BAA to tell employer about other taxes paid by you

Form 12BAA to lower TDS from salary: The Central Board of Direct Taxes (CBDT) has notified a new form called Form 12BAA. The new form will help an employee to inform the employer about other taxes paid by you via TDS and TCS and consequently lower tax deducted from salary.

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To clear all doubts on Vivad Se Vishwas Scheme 2024 Income Tax dept releases FAQ; Know how to get waiver of penalty and interest

Vivad Se Vishwas Scheme 2024: The Ministry of Finance has released guidelines and FAQs about the Vivad Se Vishwas Scheme 2024 which aims to reduce tax litigations by completely waiving interest and penalty, provided you pay up the disputed tax amount by an specified date using a specified form. Read here to know more about Direct Tax Vivad Se Vishwas Scheme 2024.

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Have a query about the new GST amnesty scheme for waiver of interest and penalty? CBIC releases FAQ and clarifications

Goods and Services Tax (GST): Section 128A which was announced in Budget 2024 provides relief to GST registered taxpayers who have a pending section 73 tax notice. ​"The payment of tax required to be made for eligibility for waiver under section 128A is the amount of tax demanded in the notice. It can be paid either by debiting from the electronic cash ledger or by utilising the Input Tax Credit (ITC), by debiting the electronic credit ledger, or partly from both.

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New ITR e-filing portal 3.0 to be launched soon, intended to be more user friendly and fast; Tax dept seeks suggestions

New income tax e-filing ITR portal: As per an internal circular by the income tax department, a new ITR e-filing portal IEC 3.0 is going to be launched soon. "Project IEC 3.0 is envisaged to provide not only a continuation of the services rendered by Project IEC 2.0, but also to put in place a significantly improved system to ensure a secure and user-friendly environment."

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ITR refund or TDS credit claimed through common email or mobile comes under scrutiny; High risk tax refund cases to be investigated

Income Tax Refund: The tax department is planning on investigating high risk tax refund cases relating to AY 2024-25 (FY 2023-24). ​"In the past, incidents were reported wherein wrong refunds had been claimed through various means such as wrong claim of TDS credit, under reporting of income, over stating of deductions, claim of bogus expenses, etc," said the tax department in an internal circular.

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Tax savings tips: NPS, new tax regime can save nearly Rs 1 lakh tax for this Hyderabad professional

Big tax savings are possible if his company offers Kumar the NPS benefit. Under Section 80CCD(2), up to 14% of the employee’s basic salary put in the pension scheme is tax-free. This limit is lower at 10% of the basic salary for those who opt for the old 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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Buying gold through monthly deposit schemes of jewellers? Know income tax rules before gold investment

Gold deposit scheme: Many reputed and big jewellery stores like Tanishq, Joyalukkas, Senco Gold and others run a monthly deposit scheme where if you deposit a defined amount of money each month, you get special benefits like discount on making charge, etc on the scheme's Maturity. You can opt for this scheme online or offline at the respective jewellery store.

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Can you carry forward losses if filing income tax return (ITR) late?

Loss carry forward: You can carry forward certain specified losses like from house property, business, etc and then set it off from income in future assessment years. Applying this concept allows you to reduce your net tax outgo by reducing your total taxable income in the year where you set off the loss with income. Read below to know which losses can be carried forward and up to how many years.

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What is the deadline to file a revised income tax audit report? When can you submit a revised tax audit report?

Revised tax audit deadline: You have to file an tax audit report on or before October 7, 2024. ​"For the current assessment year of 2024-25, the deadline for uploading a revised tax audit report pertaining to financial year 2023-24 shall be March 31, 2025," says SR Patnaik, Partner (Head - Taxation), Cyril Amarchand Mangaldas.

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New GST amnesty scheme notified: Waiver of interest and penalty on GST tax demand for eligible taxpayers to be effective from November 1, 2024

Waiver of GST tax demand interest and penalty: The Ministry of Finance has notified the rules and conditions to follow if you need to use 128A for waiver of your GST tax demand notice's interest and penalty component. Do note that this new section 128A will only apply on section 73 non-fraud GST demand notices.

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Income tax audit deadline extended for these taxpayers to November 10, 2024

Tax audit deadline Form 10B/10BB: The Central Board of Direct Taxes (CBDT) has extended the tax audit report submission deadline has been extended to November 10, 2024 for a specified category of taxpayers. Do note that this extension was announced by the Ministry of Finance in an order dated October 7. 2024.

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Income tax change: Here's your chance to increase your take-home salary as employers give this mid-year option

New tax regime, old tax regime, Salary TDS: Some employees are receiving emails from their employers regarding a change of tax regime in mid-year that can help them reduce their tax on salary and increase their tax home pay. Read on to know what employer is offering and how it can help you to increase your salary after tax.

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Will the ITR deadline be extended automatically for audited accounts due to the extension of tax audit deadline

Deadline to file ITR: The income tax filing deadline for those who are liable to conduct income tax audit is October 31, 2024. Do note that although the tax audit report submission deadline was extended to October 7, 2024, the ITR filing deadline is not extended. "The extension of the tax audit report deadline to 07 October 2024, does not automatically extend the ITR filing deadline," says Akhil Chandna, Partner, Grant Thornton Bharat.

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Will the government extend the October 7 tax audit, TDS payment deadlines due to glitches on the e-filing ITR portal?

Tax audit deadline: The tax portal was facing glitches as of October 7, 2024. Karnataka State Chartered Accountants Association (KSCAA) said on X, "Ongoing glitches in the Income Tax Portal are obstructing timely filing of Tax Audit Reports, with today’s deadline looming. This could result in penalties! TDS remittance issues are also raising concerns about potential interest on delayed payments."

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New deadline for submitting tax audit report is approaching; File it else be ready to pay Rs 1.5 lakh or 0.5% of sales as penalty

Tax audit: The last date to submit income tax audit report is October 7, 2024 for FY 2023-24 (AY 2024-25). If you fail to submit your tax audit report on or before October 7, 2024 then penalty will apply. The penalty is Rs 1.5 lakh or 0.5% of total sales, whichever is lower.

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Easier to claim refund in delayed ITR: CBDT doubles the limit for tax refund jurisdiction of commissioners for condonation of delay

Income tax refund: The Ministry of Finance has almost doubled the tax refund limit for accepting or rejecting condonation of delay requests. Ramakrishnan Srinivasan, former chief commissioner of Income Tax said, "​In my experience as PCIT Chennai and at Kochi I have entertained many bonafide cases (due to flood, natural calamities etc, motor accident victims) by condoning delay. Happy to note CBDT has enhanced limits for senior officers in entertaining claims of higher amounts."

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