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Tax optimiser: Finance professional Aikat can save tax by Rs 25,000 via NPS, perks
ET Wealth tells readers how they can optimise their tax by rejigging their income and investments.
Tax optimiser: How HRA, NPS can help bring down Rao's high tax to zero tax
Taxspanner estimates that Rao can reduce her tax to nil if her pay...
After leaving job, how long will my EPF account earn interest? Will interest stay tax-free?
Despite the tax on the interest, EPF continues to...
PAN-Aadhaar, Tax saving, Form 16, belated ITR filing deadlines extended again
The extension has been done to provide further relief to taxpaying individuals.
Opted for moratorium on home loan EMIs? Here's what will happen to your tax-savings
Current income tax laws allow tax benefits on both principal repayment and interest paid on home loans.
Can I claim tax benefit on EMI of loan taken for under-construction flat?
The amount of principal repaid can be claimed as tax deduction u/s 80C subject to maximum of Rs 1.5 lakh. But if the house is sold within five years of possession, the amount claimed as deduction will be considered as income in the year in which property is sold.
Self assessment tax liability for FY19-20 over Rs 1 lakh? Pay by July 31 to avoid penal interest
According to a press release issued by the Central Board of Direct Taxes on June 24, 2020, no extension has been granted to individuals having self-assessment tax liability of over Rs 1 lakh for FY 2019-20. Further, delayed tax-payment would attract penal interest.
TDS levy on cash withdrawal of over Rs 20 lakh from bank account if you haven't done this
As per the amended law, if an individual withdraws cash exceeding Rs 20 lakh in an FY from his/her bank account and has not filed ITR during the last three financial years then TDS will be leviable at the rate of 2 per cent on the amount of cash withdrawn.
Here's how banks will find out if you have filed last 3 years income tax returns
The Budget 2020, has further expanded the scope of section 194N of the Income-tax Act, 1961 to provide different tax rates for two different class of persons and two threshold limits to deduct tax on withdrawal of cash from any savings or current account.
Can I claim HRA tax exemption for rent paid to spouse while filing ITR?
You can certainly claim the rent paid to your wife as an expense for the part of the premises used for your business or profession but generally, it is more onerous to prove a commercial relationship between husband and wife.
Income tax return forms notified: You can claim deductions till June 30
A new schedule (column) has been added in the I-T return forms to report investments made between April 1 up to June 30, 2020, for which deductions can be claimed in financial year 2019-20.
Investment in NPS via this route can help you save tax in new tax regime
Investment in Tier-I account of NPS via your employer allows you to claim a deduction from your gross total income under the Income-tax Act even under the new lower tax regime. Here's all you need to know about it.
Deadline for furnishing TDS/TCS statements extended till July 31
"Understanding the current times that we are in, we have further extended deadlines. Now, furnishing of TDS/TCS statements for FY 19-20 extended to July 31, 2020," said the Income Tax Department.
Government further extends tax compliance deadlines. Check the new dates here
The extension will reduce hardship of taxpayers on one hand and will also give some more breathing time to tax officers, said experts, amid challenges faced in meeting the statutory and regulatory compliance requirements due to the outbreak of Covid-19.