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For claiming HRA benefit you should actually be paying rent for the residential accommodation occupied by you and which is not owned by you.

Updated : Dec 07, 2023

I moved into my new house on December 1. Can I claim tax benefit on both HRA and home loan for the same financial year?

HRA benefit is calculated for the period for which the rent is actually paid and not for the year as a whole

According to Section 234F of the Income Tax Act, a delay in filing attracts a late filing fee of Rs 5,000 on those who fail to file their tax returns before the normal due date.

Updated : Dec 05, 2023

Not yet filed ITR for FY23? December 31 is your last chance to file belated income tax returns

If you miss the final deadline of December 31, a penalty can be imposed and interest levied

The new tax regime has six income slabs with a basic exemption limit of Rs 3 lakh.

Updated : Dec 04, 2023

New vs Old tax regime? Here's how you can plan for FY24

It is that time of the financial year when your employer will seek investment and expenditure proof

According to tax experts, investing in these schemes not only saves taxes but also contributes to long-term financial growth.

Updated : Dec 01, 2023

Kick-start your December by strategising your FY24 tax savings

Here are five tax-saving strategies that can help you before you file your returns for FY24

It is not compulsory to file a subsequent ITR if you have discarded your previously unverified ITR.

Updated : Nov 28, 2023

Income tax department introduces new ‘Discard ITR’ facility on its website from AY24. Here are the details

The discard option can be used repeatedly, provided the ITR status remains unverified or pending verification

You can also claim very small portion of house rent (If house is rented) and electricity expenses in respect of the house.

Updated : Nov 21, 2023

I have become a consultant from a full-time salaried employee. How is the income of a consultant taxed?

The income of a consultant is taxed under the head “Profits and gains of Business or Profession”

A taxpayer can avail the maximum amount of Rs 1 lakh under Section 80D.

Updated : Nov 10, 2023

I earn Rs 90K a month. How can I plan to save tax and future EMIs for home loans?

If tax savings limit under Section 80C has been exhausted, taxpayers can still explore Section 80D that deals with health insurance premia

Digital gold, which can be purchased online with insurance companies providing storage in vaults, is like physical gold.

Updated : Nov 01, 2023

Here's what you need to know about different forms of gold you can buy and their tax treatment

While income tax generally applies to gold investments, certain sections of the I-T Act provide exemptions

TCS refers to the tax collected by the seller from the buyer during a sale, which is subsequently remitted to the tax authorities.

Updated : Oct 12, 2023

Paying TCS on remittances or foreign travel? Don’t forget to do these things to claim refund while filing ITR

Beginning October 1, TCS of 5 per cent is applicable on foreign travel for amounts up to Rs 7 lakh, and 20 per cent for sums exceeding that threshold

The taxation law for debt MFs in India has been revised for FY24.

Updated : Oct 05, 2023

I earn Rs 7.5 lakh annually and have invested Rs 50,000 in debt mutual funds. How will it be taxed?

In this edition of Ask Money Today, read about the tax treatment of debt mutual fund investments

As per Section 206AA of the Income Tax Act, if you do not furnish your Permanent Account Number (PAN) to the deductor, then the deductor shall deduct TDS at the higher of the rate prescribed in the relevant provisions of the Act or at 20%.

Updated : Sep 27, 2023

How is TDS calculated on employees' salaries?

TDS is deducted at the time of actual payment of salary and not during the accrual of salary

TCS is the tax collected by the seller from the buyer on sale so that it can be deposited with the tax authorities. Section 206C of the Income-tax Act governs the goods on which the seller has to collect tax from the buyers.

Updated : Sep 26, 2023

Tax collected at source on foreign travel: All you need to know about TCS, consequences of late, incorrect filing

Tax collected at source on foreign travel: All you need to know about TCS, penalties on late, incorrect filing

After finding a disparity of more than Rs 50,000 between tax deductions claimed in returns and departmental statistics, the department sent around 12,000 of these notices to salaried taxpayers.

Updated : Sep 07, 2023

I-T Department sends out 22,000 intimation notices for mismatch ITRs filed for 2023-24: Report

According to a report, All these intimation notices were sent for the tax returns filed for the assessment year 2023-24, and all the notices were sent in the last 15 days.

If you are liable to pay Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) then due date for depositing of TDS for the month of August is 7th September.

Updated : Sep 01, 2023

Tax calendar for September 2023: Don’t miss these important dates

From advance tax to depositing TDS and TCS, avoid these important deadlines at your own peril

One should understand that receiving a tax notice should not necessarily be a cause for panic or worry.

Updated : Aug 29, 2023

ITR filing: Can you revise your return after receiving a tax notice from the income tax department?

Contrary to popular belief, the tax department allows taxpayers to revise their tax returns after receiving a tax notice

If any past tax demands are still outstanding, the assessing officer has the power to adjust the refund due to the assessee against the past due after due intimation.

Updated : Aug 28, 2023

Why you haven’t received your tax refund for FY23: Common causes explained

A common reason for not receiving refunds promptly is incorrect or incomplete information in the ITR form

Notice Mitra’s expert team, along with partnered CAs, conduct a meticulous analysis of the received notice.

Updated : Aug 24, 2023

Received income tax notices after filing ITR? This platform identifies reasons behind I-T notices using AI

Notice Mitra leverages a robust algorithm to scrutinise taxpayers’ data, providing insights into the potential causes behind a notice

The sum payable in any year during the duration of any insurance policy shall not exceed 10 per cent of the actual capital sum assured by the policy.

Updated : Aug 18, 2023

Here’s all you need to know about the taxability of life insurance policies from April 1

Yeeshu Sehgal, Head of Tax Market at AKM Global, talks to BT about the taxability of non-unit-linked life insurance policies

The sum received under a life insurance policy, issued on or after April, 1, 2023, shall not be exempt if the amount of premium payable for any of the previous years during the term of such policy exceeds Rs 5 lakh.

Updated : Aug 17, 2023

CBDT notifies new rules to calculate policy maturity proceeds, no exemptions under 10(10D) for high-premium life insurance

In a significant move, the regulatory body has ordained that Section 10 (10) of the Income Tax Act will not apply to policies with a premium above Rs 5 lakh. The clause is effective from April 1, 2023.

Taxpayers need not run around to check ITR refund status.

Updated : Aug 10, 2023

Income Tax Refund Status: Here’s a step-by-step guide to check the status of your ITR refund

You don’t need to run around to check ITR refund status anymore; just visit the official income tax website

Detecting these undisclosed incomes was made possible through careful scrutiny of data, as most payments were made online, including some received from overseas accounts.

Updated : Aug 08, 2023

Filed ITR? Income tax department lens on income obtained through moonlighting

Over 1,100 notices were sent for income earned in financial years 2019-20 and 2020-21

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