ITR filing: Taxpayers with foreign income or assets must disclose them by December 31, 2024, to avoid penalties under the Income Tax and Black Money Acts. The Income Tax Department has outlined the necessary steps for taxpayers to meet this obligation. Previously, the Income Tax Department underscored the significance of reporting assets held overseas or income … Read more
If the sale proceeds are deposited in a home loan account of new property already purchased out of the said loan, will the deposited amount be eligible for capital gain exemption? Reply by Prabhakar K.S., Founder and CEO of Shree Tax Chambers It is appropriate to note here that in addition to buying a property … Read more
One can leverage the Hindu Undivided Family (HUF) to lower their tax burden. A HUF functions as a separate entity for tax purposes, allowing the couple and the HUF to claim tax deductions and exemptions individually. This way, one can significantly reduce one’s overall tax liability. Let’s explore how this works further. A HUF is … Read more
It was the end of the month. X (name withheld on request) received that all-important notification on his phone informing him that his salary had been credited. He immediately opened the banking app on his phone to transfer funds to various accounts to meet daily expenses, set aside savings and investments, etc. He also transferred … Read more
The income tax return forms, ITR-1, ITR-2 and ITR-4, for FY 2023-24 (AY 2024-25) are now available for e-filing on the Income Tax department portal. The online ITR forms were made available from April 1, 2024. Taxpayers eligible to file their tax returns can now login and fill their ITRs for FY 2023-24 using these … Read more
If you have not filed the income tax return for fiscal 2020-21, then you will be on the list of non-tax filers and have to face higher tax deduction at source from this financial fear. The Central Board of Direct Taxes (CBDT) has issued a circular to determine the non-filers, or “specified person” who are … Read more