It’s that time of the year again, when our investments come again to the forefront. The investment receipts are all out, our inbox is full of mails urging us to claim our tax-saving investments and most of us are once…
The pitfall to avoid while availing extra time to file Tax Returns
A rider that the government inserted in June while giving extra time for filing income tax returns for FY20 could cost high net worth individuals additional interest outgo if large tax dues were not paid by July end, cautioned tax…
Serving, former soldiers exempted from panchayat property tax
All serving and retired soldiers in Maharashtra will be exempted from the Gram Panchayat property tax, Rural Development Minister Hasan Mushrif said. A government resolution for this was issued on Tuesday, he said in an official statement. The decision was…
Who is eligible to file which tax return for FY 2019-20?
All individuals having taxable income or those who satisfy other prescribed conditions are required to file annual income tax return (ITR) within the specified due date. For the financial year (FY) 2019-20, the specified due date for individuals (as extended…
7 Money and Tax tasks you should complete by July 31, 2020
Since March 2020, the government has extended various tax-related deadlines and relaxed terms and conditions of certain post office investment schemes. This was done to help the common man tide over financial problems caused due to the coronavirus pandemic. Many…
Income tax return filing deadline for FY 2019-20 extended to Nov 30, 2020
The government in a press conference dated May 13, 2020 announced that the income tax return (ITR) filing deadline for financial year 2019-20 has been extended to November 30, 2020 from July 31, 2020. “Due date for all income-tax return for FY…
10 Best Tax Saving Investments
Best Tax saving investment schemes for those who are looking for safe, assured and fixed returns on their investments meant for saving tax have three popular options to look at. The 5-year tax-saving bank fixed deposits, post office time deposits…
How Mutual Funds are taxed in India?
Mutual Funds can provide earnings in two forms- Capital Gains and Dividends. While capital gains are taxable at the hands of investors, the tax on mutual funds dividends, called Dividend Distribution Tax (DDT) is paid by the fund house (Asset…
Corporate Tax Rates Slashed To 22%
Finance Minister Nirmala Sitharaman today announced a big reduction in income tax rate for corporates. The government has slashed basic corporate tax rate to 22% from 30% while for new manufacturing companies it has been cut down to 15% from…
TDS on Cash Withdrawal above ₹1 Crore
The revenue department on 30August19 said the 2 % tax deduction at source (TDS) on cash withdrawals of over Rs 1 crore will come into effect from September 1. The Central Board of Direct Taxes (CBDT) further said that if…