The two physical asset classes of real estate and gold have for long been considered safe havens by Indian investors, and are usually a very large chunk of portfolios. While financial products are gaining ground with investors, real estate and…
Tax on Gold and Real Estate
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Income Tax Slab 2019
The Budget 2019 has been passed by the Parliament. Given below are the latest income tax (I-T) slabs applicable for financial year 2018-19 (assessment year 2019-20). These will be applicable for FY 2019-20 as well. The basic exemption limit for…
Tips for a Smooth ITR Filing
The due date for filing of personal income-tax returns for financial year 2018-19 has been extended from July 31, 2019 to August 31, 2019. All individuals whose total income exceed Rs 2.5 lakh (Rs 3 lakh for senior citizens) are…
Post Office Deposits Income Tax Benefits
A post office offers various deposit schemes to investors. These are also known as small savings schemes. The USP of these schemes is their sovereign guarantee, i.e., it is backed by the government. Some of these schemes also offer tax-saving…
How to Correct Mistakes in ITR?
While filing our income tax return (ITR) we take the utmost care not to make any mistakes. However, at times it may happen that we make a mistake while filing our ITR at the last minute. These could include mentioning…
ITR Filing Date Extended
The finance ministry has extended the deadline for filing income tax return (ITR) for FY2018-19 by individuals to August 31, 2019 from July 31, 2019. The extension is a much needed relief as there were multiple problems being faced by…
Report Other Income in Tax Returns
When you file your income tax return (ITR), Form 16 issued by your employer may not be the only document you need. The income from selling capital assets, house property and interest on deposits needs to be disclosed in your…
Pre-Filled ITR Form
The introduction of pre-filled returns is yet another milestone in this direction. In order to make the tax compliance process more convenient, pre-filled income tax returns (ITR) will be provided to individual taxpayers by the Income Tax Department. The ITR…
New Income Tax Rules: No escape just by Paying Penalty
The revised guidelines issued by the Income Tax department have made serious offences under the black money and benami laws generally non-compoundable. It means that an individual or an entity would not be able to get away by just paying…
Avoid Income Tax Notice by avoiding these Mistakes
Income tax filing is one of the most important for income earners. Most people do not know what to avoid and some can easily think that it can be avoided. Especially, first time income tax payers are likely to make…