Your tax bill may increase if you receive arrears or additional payments, which would put you in a higher tax bracket. In addition to pay, arrears may involve other sources of income. A comprehensive list of what qualifies as arrears for tax purposes is provided below: Any unpaid bonuses, allowances, or back pay are included in … Read more
As the deadline of July 31 to file income tax (I-T) returns is approaching fast, taxpayers must be scouting for documents, forms and necessary information to be able to file their tax return as soon as they can. Before filing your tax return, make sure that you have linked your aadhaar with your PAN. The bank account … Read more
Have you ever received any income tax notice mentioning a defect in your return? This is sufficient to send a chill down the spine of a ‘common man’ or a ‘common woman’. However, anxiety is not going to take you anywhere. First of all, you need to authenticate the notice sent from the department before … Read more
I am a seafarer and have stayed in India for roughly 135 days and worked on an Indian-flag ship for the remaining period (approximately 230 days) in the last financial year. I receive my salary in NRE (non-resident external) account. In the last financial year, I sold some part of my ancestral land that was … Read more
My taxable income is below the ₹5 lakh tax rebate limit. If I earn ₹4 lakh in long-term capital gains (LTCG) and have no income from any other source for the relevant financial, how will the gains be taxable? —Name withheld on request As per the provisions of Income-tax Act, capital gains arising from transfer … Read more
I own two houses. Both are taken on housing loans. I stay in the first house, and my parents remain in the second house. Can I take tax benefits for both properties? Can I also avail of the tax benefit for stamp duty and registration charges paid for the second property purchased in March 2024? … Read more
No sooner had the new financial year started than the income tax return (ITR) filing process commenced for FY 2024. The income tax department (ITD) has already enabled all the return filing forms – ITR-1, ITR-2, ITR-4 and ITR-6 — for filing the returns at the e-filing portal. The department has released the excel utility of … Read more
The Income Tax (I-T) Department has received as many as 6 lakh returns in the first month of Assessment Year 2024-25 (FY25). Significantly, nearly two-thirds of the verified returns have already been processed, reported Business Line. Over 5.92 lakh returns were filed by April 29. Out of these, over 5.38 lakh had been verified and … Read more