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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TDS deposit rules for employers relaxed from Oct 1, 2024: Does this put employee's TDS credit at risk?

New TDS deposit rules for companies: From October 1, 2024, companies will have more time to deposit TDS and penal interest with the government before a prosecution notice is sent. However, the question arises of whether this relaxation puts employees' tax credits at risk. Read on to know if employees will be impacted by the new income tax laws.

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Revised TDS rates from October 1: New tax deducted at source rates on these transactions will be applicable from October 1, 2024

Revised TDS rates from October 1: The Finance Bill has ratified several important proposals from the Union Budget 2024. These proposals encompass revised TDS rates that will be effective from October 1, 2024.

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Rent to parent, NPS could save Bengaluru finance professional up to Rs 1.8 lakh tax

TaxSpanner estimates that Rao can reduce her tax by Rs.1.8 lakh if she claims exemption for HRA, her company offers her the NPS benefit and her pay structure includes some tax-free perks. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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