The Economic Times
English EditionEnglish Editionहिन्दीગુજરાતી
| 18 September, 2020, 02:15 PM IST | E-Paper


    Wealth management during coronavirus

    How to link Aadhaar card with income tax returns

    With effect from April 1, 2019, it is mandatory to quote your Aadhaar number while filing ITR unless specifically exempted.

    ITR filing: Income tax return forms 2 and 5 updated again

    As per a notice on the e-filing website, ITR-2 & ITR-5 utilities have been modified to fix bugs.

    Can I claim standard deduction from pension received from EPFO?

    "The standard deduction of up to Rs 50,000 is available for income from salary. "

    How to validate digital signature in Form 16 online

    It is important to validate the digital signatures of Form-16 to ensure the authenticity of it.

    ITR filing: 5 things you should know about section 80DDB deductions

    ITR filing: 5 things you should know about section 80DDB deductions

    One can claim deductions either for himself or dependents which can be one’s spouse, parents, children or dependent siblings or members of HUFs.

    Traded in futures and options? You must use ITR-3 or ITR-4 to file tax return

    Even salaried individuals have to file their tax returns in ITR 3 if they have traded in futures and options.

    Tax saving options under section 80C: Features explained

    You can save tax if you understand how these tax saving options work.

    Budget 2019 amendment: Individuals must deduct TDS on payment of brokerage, commission too

    Individuals now have to deduct tax at source in multiple situations.

    4 reasons why deadline to file ITR needs to be extended this year

    This year especially there is a strong case for the extension of the due date and there are many reasons for this.

    Reporting share-wise details for capital gains in ITR form for FY2018-19 is optional: CBDT

    Reporting share-wise details for capital gains in ITR form for FY2018-19 is optional: CBDT

    Previously, there was confusion among taxpayers on whether it is was mandatory to report the scrip-wise details as provided for in the updated softw

    ITR filing: Prefilled ITRs now available for all individuals

    According to the latest update, the department has started providing pre-filled XML file containing details such as employer details, allowances and so on.

    How to report pension income while filing ITR

    As per the recently notified changes, an individual who is a director in a company or who holds unlisted shares, cannot use ITR 1.

    LTCG makes filing I-T returns tough

    LTCGs of more than Rs 1 lakh on the transfer of listed shares and units of equity mutual funds are taxable from FY 2018-19 onwards.

    How to file ITR-1 online

    Individuals can file ITR-1 either by downloading excel utility from e-filing website or by 'Prepare and Submit Online' option without downloading any software.

    Over 1.46 crore I-T returns filed so far; 90.8 lakh taxpayers file ITR-1

    Over 1.46 crore I-T returns filed so far; 90.8 lakh taxpayers file ITR-1

    Officials said the higher return filing is on account of convenience, mainly due to pre-filled return forms.

    ITR filing: Pre-validate your bank account to claim income tax refund

    The income tax department has tweaked the process of claiming the tax refund from this year.

    Tax optimiser: Why salaried Kumar needs more perks in his salary to cut tax

    ET Wealth tells readers how they can optimise their tax by rejigging their income and investments.

    5 smart things to know about income tax return

    The ITR forms to be selected depends upon the sources of income of the taxpayer, the amount of income earned and the category the taxpayer belongs to.

    ITR filing: How to report income from investments

    Nearly all taxpayers have income from other sources but few declare. Find out how to report such incomes.

    How to file ITR 1 with salary, home loan and other income for FY 2018-19

    How to file ITR 1 with salary, home loan and other income for FY 2018-19

    In this article, we explain the quickest way to file the return in Form ITR-1 using illustrations.

    Budget 2019 analysis: What income tax changes mean for you

    Here is a look at the tax proposals announced in both the budgets and their tax impact on your pocket.

    View: Budget 2019 shows govt's will to use Aadhaar to track financial transactions

    Making Aadhaar and PAN interchangeable for return filing and quoting either for transactions indicates the Government's will to use Aadhaar to track all financial transactions.

    What to check in your Form-16 while filing ITR

    This year the last date to issue Form 16 by your employer has been extended to August 15, 2020 from usual deadline of June 15. If you are confused about what figures you should check in the revised Form 16, here's everything you need to know.

    I have made long term capital gains on sale of shares. Should I use ITR-2 for filing return?

    To arrive at the capital gain, you will have to reduce the indexed cost of acquisition from the selling price.

    We should celebrate those who pay taxes: View

    We should celebrate those who pay taxes: View

    The minority that accounts for its income and pays taxes every year is lonely in its faith and sense of duty.

    Budget 2019 highlights for common man: What it means for you

    The hike in the tax surcharge will affect only super-rich taxpayers earning over Rs 2 crore. But a few other proposals are aimed at small taxpayers.

    Budget 2019: The section for whom salary hikes are now meaningless

    In the new system, if one's income increases by Re 1 from Rs 2 cr or Rs 5 cr, his tax liability will go up.

    Highest personal I-T rate in India still lower than in China, US, South Africa

    Sitharaman in the Budget proposed to hike surcharge from 15% to 25% on taxable income between Rs 2-5 cr.

    Budget 2019: How to defend your income from the taxman

    From knowing how to maximise your annual income to the personal income tax googlies you need to look out for, here's all the help you need to up your tax game post Budget 2019.

    Budget 2019: What happens to your taxes

    Budget 2019: What happens to your taxes

    ​Pick the case study nearest to your annual salary to determine the Budget impact on your savings and taxes.

    Budget 2019: Your tax burden, this year & next

    Here's what the tax slabs and the new higher surcharges on the rich and super-rich now look like, post yesterday's announcements in Budget 2019.

    Hot tips that will lead to cool savings on tax

    An individual taxable at 30% can save Rs 45,000 if he claims Rs 1.5 lakh as deduction under section 80C.

    LTCG: Gains and losses since Modi govt’s first budget of 2014

    From April 1, 2018, LTCGs in excess of 1 lakh arising on sale of listed equity shares, equity-oriented mutual funds held for more than 12 months are taxable at 10% (without indexation benefit).

    Budget 2019: Are you paying more or less tax than 5 years ago?

    Find out which income class household has benefited and suffered the most in terms of tax liability.

    Budget 2019: Are you richer or poorer? Here’s the bottomline

    Budget 2019: Are you richer or poorer? Here’s the bottomline

    The rich and super-rich will have to pay out quite a bit more, owing to a steep increase in surcharge.

    10 challenges taxpayers face while filing ITR

    Some incomes are tax-free, some allow deductions. In such a scenario, computing taxable income is challenging.

    How to set-off short-term capital gains?

    "Short-term capital loss can be set off against short-term capital gains as well as long-term capital gains."

    Tax optimiser: How Choudhury can save Rs 57,000 in tax via NPS and other deductions

    ET Wealth tells readers how they can optimise their tax by rejigging their income and investments.

    Budget 2019: Why salaried Indians need a big hike in standard deduction

    Although the standard deduction was further increased to Rs 50,000 in the 2019 interim budget, this still seems inadequate if you look at the exemptions available to a consultant.

    ITR Filing: Tax dept will pre-fill your salary, FD interest, TDS details in ITR1

    ITR Filing: Tax dept will pre-fill your salary, FD interest, TDS details in ITR1

    Salary, FD interest income and TDS were earlier manually entered by the individual in the ITR-1 form.

    Income tax return filing: Here's your step by step guide

    Filing your income tax return before the deadline i.e. November 30, 2020, for FY 2019-20 offers certain tax benefits. These benefits include carry forward of losses and avoid paying late filing fees which can amount up to Rs 10,000.

    Income Tax changes introduced by Modi government in last 6 budgets

    Here is a look back at the various income tax changes introduced by the Modi government in their first term.

    I filed my ITR for AY 2019-20 but made a mistake. How can I rectify it?

    You can revise your return till July 31, 2019, to save any penal interest on the incremental tax liability.

    Is the LIC annuity from employer superannuation scheme eligible for standard deduction?

    Dilip Lakhani, Senior Chartered Accountant, answers queries from our readers on income tax and other levies.

    Which salaried individuals can't file ITR-1 for FY2018-19

    Which salaried individuals can't file ITR-1 for FY2018-19

    There are certain cases where ITR-1 will not apply to salaried individuals for financial year 2018-19.

    Budget 2019: Hopes of tax exemption limit hike

    Here are some expectations of the common man that the government could consider in the upcoming budget.

    My husband credits Rs 30,000 in my account which I invest in mutual funds. Do I need to file ITR?

    If you reinvest the earnings from your investment and earn further income, then such income will not be clubbed with the husband’s taxable income.

    Tax optimiser: Salaried Chaddha can save over Rs 71,000 in tax via NPS, perks

    ET Wealth tells readers how they can optimise their tax by rejigging their income and investments, like in this salaried taxpayer's case.

    What is the last date to file ITR?

    Under the current income tax laws, the deadline to file an income tax return varies for different categories of taxpayers such as individuals, company etc.

    Filing LTCG on stocks in I-T returns to be tricky

    Filing LTCG on stocks in I-T returns to be tricky

    The ITR form allows only consolidated figures instead of reporting each transaction separately.

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    Income Tax: All about it

    Income tax is a tax levied directly by the central government on the incomes earned by the individuals and other non-individual entities such as Hindu Undivided Family (HUF), partnership firm and so on during a financial year. These various sources of income include salary, pension, capital gains, sale of financial investments, interest income, other incomes and so on.

    Unlike the Goods and Services Tax (GST) Council where the Union Finance Minister and State Finance Ministers decide the rates, the income tax rates are announced by the Finance Minister during the year’s Union Budget.

    The rate at which your total income earned during the year will be taxed depends on the slab in which your income falls. Over and above the income tax, a cess and surcharge is levied. The cess is payable by all taxpayers. For those earning more than Rs 50 lakh a year, a surcharge is levied between 10 percent and 37 percent.

    The total income earned by a taxpayer during a financial year has to be reported to the government in the assessment year by filing income tax return (ITR filing).

    Financial year is the year in which income is earned by a taxpayer; a financial year is between April 1 and March 31. Assessment year is the year immediately following the financial year for which the return is to be filed.

    Income earned from various sources such as salary, pension, interest from fixed deposits (FDs), savings account, capital gains from sale of house, equity mutual funds, debt mutual funds and so on have to be reported in ITR.

    1. What is the basic exemption limit for individuals aged below 60 years?
    According to income tax laws, it is mandatory to file ITR if your income exceeds the basic exemption level. The basic exemption level depends on the age of the individual during the financial year.

    Currently, for individuals below 60 years of age, the maximum income exempt from tax is Rs 2.5 lakh in a financial year. This can change depending on the announcements made in the Union Budget.

    2. What are the tax rates at which income is charged?
    The income tax slab rates are 5 percent, 20 percent, and 30 percent.
    Also Read: Latest income tax slabs

    3. How to file income tax return
    An individual can file income tax return by registering himself on the or via private e-filing websites.

    4. What is the difference between gross total income and net total income?
    Gross total income refers to the total income earned by the taxpayer. Income tax laws allow an individual to claim certain tax-exemptions (such as house rent allowance) and deductions under various sections such as section 80C for investments made in Public Provident Fund, equity mutual funds etc. of up to Rs 1.5 lakh.

    Gross total income minus tax-exemptions and deductions would result in net total income. The tax liability of the person will be calculated on the net total income.

    5. What is the last date to file income tax return?
    The last date to file income tax return for individuals is July 31, unless extended by the government.

    The Economic Times