SEARCHED FOR:LONG TERM CAPITAL GAINS
Tax implications of NRI transferring money to wife's bank account in India
As per current income tax laws, an NRI is required to file an income tax return in India if his gross total income exceeds Rs 2.5 lakh in a financial year.
Two tax tasks to complete by September 30, 2020
The government has extended multiple income-tax related deadlines. Here is a look at two tax-...
‘Excess sum from builder on flat cancellation is capital gains’
In its recent order, ITAT’s Mumbai bench has held the excess consideration re...
Can I file ITR-1 for AY 2020-21 if I have made tax-free long term capital gains?
Form ITR-1 is for ordinary residents having total income up to Rs 50 lakh from salaries, a single house property and any other sources (interest etc.), and agricultural income up to Rs 5,000.
Can I get rebate of Rs 12,500 against tax paid on long-term capital gains on equity?
An individual cannot claim rebate under section 87-A of the Income-tax Act on the tax payable on the long-term capital gains on the sale of the listed securities.
Sold two houses to invest in new one? You can get tax benefits
This ruling will be very helpful to many individuals. With work from home here to stay for longer than initially anticipated, several families are in search of larger flats. Investment professionals explain that several salaried employees had invested in a second house.
Sebi bars Global Securities, 12 others from capital markets for fraudulent trading
In both the patches of price rise and price fall, the individuals who were connected entities and directly or indirectly connected with the company, traded and contributed to the positive and negative increase in the scrip price, the regulator said.
These 4 lesser known tips can help you save tax
If you think your tax liability has been very high so far, follow these tips to bring it down and not pay more than necessary in future.
Income Tax Department issues guidelines for filing income tax returns
The Income Tax Department has issued a detailed step by step reckoner for filing tax returns to be submitted under different heads. These instructions are guidelines to help the taxpayers for filling the particulars in Income-tax Return Form-1 for the Assessment Year 2020-21 relating to the Financial Year 2019-2020.
I purchased a plot in June 1997 and sold it in June 2019. How will I calculate the capital gains tax?
If you have held the asset for more than 24 months, the resulting capital gain from the transaction will be categorised as long term capital gain. The tax rate of LTCG is 20.8% with indexation.
My total income from pension and investments is Rs 13 lakh. Which ITR form should I use for filing ITR?
Your pension income will need to be declared under salary head and offered to tax at your applicable slab rate after standard deduction of Rs 50,000. LTCG on FMP maturity will be taxed at 20% after indexation.
ITR filing: Computing your total taxable income
According to income tax laws, gross total income is divided into five parts. Here is how you can calculate income under each head and arrive at your gross total income. Depending on your sources of income, you will have to select the appropriate form to file your ITR.
Missed ITR filing? You might pay penalty even if income is below exemption limit
The government via Finance Act 2019 has amended the Income-tax Act whereby it has made it mandatory for certain categories of individuals to file their income tax return (ITR) even if their total income is below the exemption limit for FY 2019-20 onwards.
I am a senior citizen and I did not incur capital gains in FY 2019-20. Can I file ITR-1?
As per the ITR forms notified by the government, an individual is eligible to file a tax return using ITR-1 if the total taxable income from the specified sources does not exceed Rs 50 lakh in the financial year 2019-20.
Do you need professional help in filing ITR? Here's how much it will cost you
Most taxpayers are not aware of the finer points of taxation. A professional can ensure you file an error-free return. Here are things to consider if you are planning on taking professional help to file your ITR and the likely costs of the same.