Income Tax & TDS: Updates

The Union government is mulling extension of the deadline for filing Income Tax returns beyond December 31, 2021, CNBC-TV18 reported on December 27, owing to complaints regarding the new I-T portal. Earlier on December 26, the I-T department informed that over 4.43 crore income tax returns (ITRs) for the 2020-21 fiscal have been filed, including over 11.68 lakh returns […]

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

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

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

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

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

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

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

Question: Is the NPS (National Pension System) fully exempt now i.e. EEE? Is the employer’s contribution fully exempt in addition to Rs. 1.50 lakh available under sec 80C? I do not have an NPS account as my employer is having his own PF trust. Can I open an NPS account even if my employer is