Monday, January 25, 2021
Home Tax

Tax

Cost of house to include furniture for Income-Tax relief

MUMBAI: In a recent order, the Income-Tax Appellate Tribunal (ITAT) has held that the cost of a new residential house will not be limited...

I-T department asks taxpayers to update self info on e-filing portal

The department today issued an advisory asking taxpayers to furnish their latest information such as personal and secondary email and mobile phone numbers, address...

Key tax changes that will come into effect from April 1

Arun Jaitley did not tinker with the income tax slabs nor did he raise the exemption limit in Budget 2018, but there were a...

Understanding the new LTCG tax on equity and equity mutual fund units

The new LTCG tax The one Budget announcement that created a lot flutter is the reintroduction of long-term capital gains (LTCG) tax on equity investments....

How new LTCG tax with STT violates three basic principles of taxation

The conversations around the proposed long term capital gains (LTCG) tax refuse to die. As one reads the explanations and arguments, it becomes increasingly...

Tax queries: How will standard deduction impact my tax liability?

Dilip Lakhani, Senior Chartered Accountant, answers queries from our readers on income tax and other levies. I am a senior citizen. My interest income from...

You cannot claim common tax breaks under Sections 80C to 80U for LTCG or STCG

It is that time of the year when many will be pouring over paperwork to compute income from various sources (gross total income) for...

Corporate tax to come down to 25% once exemptions end, says FM

In the Union Budget 2018-19, Jaitley provided a lower tax rate for corporates with turnover of up to Rs 250 crore. Finance Minister Arun Jaitley...

10 important things you need to know about tax saving fixed deposits

As per the present income tax laws, under Section 80C of the income tax act, you can claim deduction for investments up to Rs...

How Income Tax Department Is Tracking Your Transactions

To check tax evasion, the income tax department has stepped up its vigilance against undeclared income. To check tax evasion, the Income Tax Department has...

Throwback Budget 2012: Retrospective Amendments to Income Tax Act, 1961

The proposal was to allow the country to retrospectively tax cross-border transactions in which the underlying assets are located in India. Finance Minister Pranab Mukherjee...

Foreign Tax Credit Norm Review Tops Nasscom’s Budget Wishlist

Nasscom President R Chandrashekhar said a comprehensive review of the foreign tax credit provisions will ensure efficiency and ease of compliance for exporters from...

Most Read