Express Income Tax – The deceased father transfers the shares to his son according to his previous will and is exempt from income tax.
My employer is in the US and the salary is directly debited from the US account to my Indian account. What is the applicable tax rate? Under which section of the Income Tax Act do I have to file a tax return? If I report this amount as a professional fee instead of salary, what is the applicable tax rate?
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The income you receive from your US employer will be taxed under the “payments” tax line at the normal rate applicable to resident individuals. The tax declaration requirement is according to Article 139. Income from professions is also taxed at normal rates. However, actual expenses and allowable capital allowances (if any) incurred in earning professional income may reduce total professional income, and only net income (after deductions) is taxable.
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L My uncle passed away and the shares of his demat account were left to my cousin. I have been nominated as a stockbroker. When the shares are in my name, I will transfer them to my cousin. Do I have to pay income tax on the shares transferred in my name and when are they sent to my cousin?
Your demat account is a convenient channel to transfer shares in your cousin’s name at your uncle’s request. The deceased father transfers the shares to his son according to his previous will and is exempt from income tax.
L Can you tell someone to sell an existing condo that they have owned for 10 years and use the money in three years to register a new condo in a new project, would that long forgo all regular capital gains? about selling the old condo?
New condos must be purchased a year or two before the date that capital gains income is allocated to the taxpayer. For self-construction, the period is three years. In fact, the taxpayer must have a registration instrument or a deed of trust or other reliable evidence that the funds have been invested in a new residential property under his ownership.
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2022-23 Income Tax Return (ITR) Online Filing: Last date to file ITR is 31st July. Follow the steps below to file your income tax return online.
ITR Filing Deadline for Financial Year 2021-22: The deadline for filing income tax returns for 2021-22 is July 31. Here’s how to file online. (Image credit: Getty/Thinkstock, editor: Gargi Singh)
Filing of ITR for the Financial Year 2021-22: Only two days left to file the Income Tax Return for the Financial Year 2021-22 (FY22) (ITR). The last date for filing income tax is July 31, 2022.
The Income Tax (I-T) department appealed to taxpayers, through reminders on multiple platforms, including text messages, emails, social media, to send tax returns early rather than wait for the latter.
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As of July 26, 2022, more than 3.4 million taxpayers have filed ITR for the Assessment Year (AY) 2022-23, according to the latest data shared by the I-T Ministry.
As of July 26, 2022, more than 3.4 million ITRs have been filed, with about 3 million ITRs filed on July 26, 2022. Last date to file ITR for 2022-23 is 31st July 2022. #FileNow, if not already posted! Avoid late fees! Visit: https://t.co/GYvO3n9wMf #ITR pic.twitter.com/0xgfgXiUqk — Income Tax India (@IncomeTaxIndia) July 27, 2022
Earlier this month, we introduced the checklist of key documents you need to file your income tax return, and today we’re going to show you how to file your income tax return online.
Every taxpayer with an annual income of 2.50 lei or more must file an income tax return. People earning less than Rs 2.5 lakh per annum are also advised to file ITR as this may benefit them in some cases.
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For example if a person loses money by investing in stock market, mutual funds, property, etc. In this case, filing of ITR will enable the person to recover the loss through other sources of income. Moreover, if an individual has deducted tax at source (TDS) by employer or other financial institution, then in this case, ITR also needs to be filed to claim refund.
Apart from this, filing ITR is also beneficial if one is taking on a long-term loan in the future, such as a home loan or a car loan.
After that, the IT department will finally process your return and notify you via email or text message on your registered mobile number.
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UPSC-CSE section with dedicated UPSC KEY for subscribers from Monday to Friday, UPSC ESSENTIALS daily for syllabus, expert lectures, weekly news and key terms with MCQs, case studies and more. Here is a list of important documents that you should keep with you for reference before you start filing your ITR for 2022-23.
If you have made tax-effective investments in the relevant financial year and wish to claim the same deduction, it is important to provide the details while filing your ITR.
The time to file your income tax return (ITR) is approaching. To avoid last minute mistakes, make sure you have the relevant files. Preparing your ITR documents can help you avoid mistakes and make your tax return easier.
So, here is a list of important documents that you should carry with you for your reference before you start filing your ITR 2022-23.
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While submitting the ITR, the name on your PAN card should match the ITR details. If you want to get TDS refund, you must have an updated bank account with PAN details to get refund. You can also file tax returns using your Aadhaar card. Aadhaar based OTP is also the easiest way to check return verification electronically. Therefore, it is wise to obtain both documents.
Form 16 contains information about your wages and TDS deducted by the employer. It also contains details of salary structure like allowances, allowances, etc. When filing your tax return, don’t just stop at Form 16. You also need to file Form 26AS, a consolidated tax return that contains details of all the taxes you paid, including TDS for deposits. Check the amount of TDS entered in Form 16 and compare it with Form 26AS. The difference in TDS occurs when the amount deducted has not been deposited in the I-T department.
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There may be several reasons why the TDS amounts on Form 16 and Form 26AS do not match. For example, the deductor may have missed a deposit for TDS or may have mentioned wrong PAN details to the deductor, or generally the excess interest amount you have deposited may not be included in the calculation of withholding tax. So, find out the discrepancy between the TDS amounts on Form 16 and Form 26AS and take appropriate steps to correct it.
A bank statement shows details of all transactions made through your bank account during the financial year.
Adhil Shetty, CEO, Bankbazaar.com, said: “While submitting your ITR, please prepare all your bank statements. You will get details from your bank statement, like the interest earned on your savings account. earning, company Provide minutes for payments and other income. and basic payment details you may need to do ITR and many other important transactions.”
If you have made and searched tax-efficient investments in the relevant financial year
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