Income Tax & TDS: Updates

Income Tax: Form 26AS Info List To Include Foreign Remittances, Mutual Funds

Income Tax Department has expanded scope information included in Form 26AS to include more high-value financial transactions and additional information. As per the rules reformed by the taxman, the Form 26AS will include details of mutual fund (MF) purchases, foreign remittances, as well as information in income tax returns of other taxpayers. Form 26AS is …

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Seven Ways In Which Taxpayers Can Reduce Their Tax Liability

Nobody in this world likes to pay tax. If you have taxable income there is no way you can avoid paying tax. However, you can reduce your tax liability by proper planning from the very beginning of the financial year. In India, income tax rules have exempted certain expenses and investments from tax or if …

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Claiming Deductions Under Section 80C To 80U Under Old Tax Regime While Filing ITR

If you are someone who has opted for the old, existing tax regime, then once you have filled in all your income details in ITR-1, you will have to fill in the details related to tax-saving deductions available under sections 80C to 80U of the Income Tax Act, 1961. These deductions can be claimed from income …

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3 Types of Income Tax Benefits Available For Education

Education has potential to improve quality of life of individuals in geometric progression velocity. The government also provides certain reliefs to the tax payers in this respect. Let us discuss the benefits available under the income tax laws in India in connection with education. Deduction under Section 80 C for expenses on full time education in India …

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Penalty Under Section 272A(2)(k) Can’t Be Imposed Merely For Delay in Filing Quarterly TDS Statement: ITAT Grants Relief To TSMSIDC

In a major relief to Telangana State Medical Services Infrastructure Development Corporation (TSMSIDC), the Income Tax Appellate Tribunal ( ITAT ) has ruled that the Penalty under Section 272A(2)(k) cannot be imposed merely for the delay in filing Quarterly TDS Statement. The assessee deductor AP Health & Medical Housing Infrastructure Development Corporation is a State …

Penalty Under Section 272A(2)(k) Can’t Be Imposed Merely For Delay in Filing Quarterly TDS Statement: ITAT Grants Relief To TSMSIDC Read More »

Can You Claim Income Tax Benefit On HRA If Living With Parents During Work From Home?

Tax exemption on House Rent Allowance (HRA) is an important benefit available to salaried persons. HRA comes as a part of salary and can be availed by employees who are living in rented accommodations. However, in FY 2020-2021, a large number of salaried individuals, especially youngsters, stayed away from their rented accommodations and worked from …

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Income Tax New E-Filing Portal: Know The List of New Services Available Now

The Information Technology giant Infosys acknowledged that some customers proceed to expertise difficulties in accessing the earnings tax portal and warranted that it’s working expeditiously, in collaboration with the Revenue Tax Division, to further streamline end-user expertise. Infosys informed in a BSE filing that so far, up to three crore taxpayers have been able to …

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ITR Filing Relief Rules Notified For Pensioners

The Central Board of Direct Taxes (CBDT) has notified rules and forms granting relief from filing tax returns to pensioners above 75 years of age and to authorise their banks to compute and deduct applicable taxes to be paid to the government.  The Income-tax (26th Amendment) Rules notified by CBDT shows the manner of making a declaration …

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