SGB premature redemption: The Sovereign Gold Bond (SGB) Series VIII (2017-18) is scheduled for premature redemption on November 19, 2024, in accordance with the guidelines set by the Reserve Bank of India (RBI). The redemption amount has been determined at Rs 7,460 per unit, determined by the average gold price of 999 purity recorded over … Read more
Declaration of foreign assets: If foreign assets were not declared in the original Income Tax Return (ITR) filed for AY 2024-25, a revised return must be filed by December 31, 2024. Failure to do so could result in a penalty of up to Rs 10 lakh, according to a recent advisory from the Income-Tax Department. … Read more
Tax query: I am 28 years old and still unemployed. My mom gives me Rs 30,000 as pocket money every month. Will I have to pay taxes? I am going to file my ITR nevertheless but not sure if I have to pay any taxes on the money that is credited into my account. My … Read more
I am 45 and I have invested in 5 new fund offers in July and August. How are NFOs taxed? Is there are changes introduced in Union Budget 2024? Name withheld on request How much tax do I have to pay? Calculate now Reply by CA (Dr.) Suresh Surana The taxation of NFOs, like other … Read more
Defective ITR: If your income tax return is found defective, the Income Tax Department will notify you of the defect through a notice issued under section 139(9) of the Income Tax Act. This notice will be sent to your registered email address or by post. You can access and view the notice by logging into the … Read more
The Income Tax Department, through official channels, has issued a caution to taxpayers concerning fraudulent schemes. Individuals are urged to exercise vigilance against deceptive calls and pop-up notifications claiming eligibility for a tax refund on social media platforms. Taxpayers are advised to carefully scrutinise and authenticate any communication from the Income Tax Department. How much … Read more
ITR reassessment: Filing income tax returns, a crucial financial task, poses complexity and error potential, possibly leading to an unsettling tax notice issuance by the income tax department. Taxpayers need to be careful regarding the filing of income tax returns in the first place to prevent getting such notices. However, taxpayers should note that the Income … Read more
Union Budget: The Finance Bill 2024 introduces amendments to Section 148A of the Income-Tax (I-T) Act, which pertain to the time limits for issuing notices regarding the reopening of assessments. Presently, the Income-Tax Department is empowered to reopen assessments under Section 148A for a period of up to 10 years (equivalent to 11 financial years) … Read more
National Pension System: This year in the Budget, Finance Minister Nirmala Sitharaman brought in many tax changes in the existing structure that would affect all taxpayers. She brought in major change to the Capital Gains Tax regime affecting all asset classes. On the other hand, the Budget proposed liberalised tax slabs and rates, and hiked … Read more
The Reserve Bank of India has announced the final redemption price for Sovereign Gold Bonds (SGBs) issued on August 5, 2016. The central bank has fixed the final redemption price at Rs 6,938 per gram, which is 122 percent higher than the issued price. The gold bonds were issued at a price of Rs 3,119 … Read more