income tax

How can an NRI carry forward capital losses?

I am a non-resident Indian (NRI) residing in Abu Dhabi for many years. I sold my residential property in India…

3 weeks ago

From Trusts to Gifts: How can grandparents effectively leave assets to grandchildren?

In India, where family ties are deeply rooted, it's common for grandparents to think about the future financial well-being of…

4 weeks ago

Sovereign Gold Bonds: Understanding income tax exemption on early redemption of SGBs

I had invested in Sovereign Gold Bond (SGB). I opted for early redemption after the completion of five years. Are…

1 month ago

Navigating TDS claims: Options after late ITR submission

My HUF had filed its income tax return (ITR) for the A.Y. 2024-25 on 1.08.2024. So I was late by…

1 month ago

Income tax audit report deadline for FY24 extended to THIS date amid e-filing portal issues

Tax audit extension: The Central Board of Direct Taxes (CBDT) has extended the due date for submitting income tax audit…

2 months ago

Can I revise my income tax return to claim certain DTAA benefits?

I filed my income tax return (ITR) as a non-resident Indian (NRI) and it has been processed. If I want…

2 months ago

Are all gifts taxable in India? Discover the rules that apply

Receiving a gift, whether it’s cash, property, or a sentimental item, is always a delight. However, not all gifts come…

2 months ago

Income tax: Scores of taxpayers get I-T notices under section 148; can be challenged, says ICAI ex-chief Ved Jain

Some income taxpayers have reportedly received notices under section 148, which is related to the reopening of assessments for the…

3 months ago

Tax exemption for trusts: Spending in India or benefit in India?

A recent decision by the Mumbai bench of the Income Tax Appellate Tribunal in the case of one of the…

3 months ago

Influencers rush to seek help on taxes to financial planning

Independent content creators who have seen a spike in their earnings are flocking to financial advisers, wealth managers and chartered…

3 months ago

Personal Loan: Want to renovate your house? You may want to opt for THIS loan to save money

It is understandable that procuring a personal loan is the last resort for a lot of people. Every time a salaried…

3 months ago

Income Tax: Is your refund being held up over defective I-T return? This is what you should do

The deadline to file an income tax return (ITR) passed on July 31, 2024, following which eligible taxpayers received either…

3 months ago

CBDT issues Central Action Plan for FY25, sets Income-Tax department roadmap — tax demands, cash transactions, arrears

The Central Board of Direct Taxes (CBDT) has released its Central Action Plan (CAP) for FY2024-25, outlining a roadmap for…

3 months ago

Hindu Undivided Family: How do I accumulate capital in my HUF?

I want to make a HUF. Getting a PAN card is not a problem. The problem is capital. Where do…

3 months ago

Budget 2024: How will the increased NPS tax deduction impact your retirement savings?

Budget 2024 has introduced significant changes to the National Pension System (NPS), aiming to make it more attractive and beneficial…

3 months ago

How a 10% surcharge can swallow up to 70% of your income above ₹50 lakh

The concept of a surcharge is simple – it’s an extra tax on your total tax liability if your income…

4 months ago

ITR filing: When will you get income tax refund? Key questions answered

The last date to file an income tax return (ITR) ended on July 31, 2024, and taxpayers are now awaiting…

4 months ago

Income Tax: As the ITR filing deadline for FY24 ends tonight, be aware of these key points

Since the deadline to file income tax return (ITR) did not get any extension beyond July 31, the last date…

4 months ago

ITR Filing: Want to switch back to the old tax regime? Here’s how to do it

There is some leeway in selecting a tax regime thanks to the Income Tax Department. Lower tax rates and a…

4 months ago

Confused whether capital gains tax on your asset sale will be short term or long term? Here is a complete guide

If you have recently sold an asset and are unsure whether the sale will be computed as per the short-term…

4 months ago