2021 has been an outstanding year for India’s stock market, with an unprecedented bull run. Resultantly, investors have booked profits throughout the year. However, there are income tax implications associated with it, depending on the nature of the trades. Mentioning salary, rental income, interest incomes, and likes is a common practice while computing taxes, factoring …
Error while filing your tax return can result in either overpayment or underpayment. Whichever is the case, neither of these situations is desirable. If your overall tax return claim exceeds the total amount of tax paid by you, it can invite scrutiny from the IT department. Not a very welcoming situation, right? You can now …
Have you kept track of your income and how exactly you can optimise your earnings by investing in tax-saving instruments? Tax planning is a key element of your personal finance and spending an hour learning all about it can indeed help you save taxes, almost a month’s worth of it. If you don’t make use …
The government may reportedly bring out new rules in the coming days in a bid to resolve the issue of retrospective taxation. According to reports, the government is considering feedback it has received from firms on the draft rules it had issued earlier on the subject. The Central Board of Direct Taxes (CBDT) had issued …
An Overview Several exporters that took use of government plans to reduce tax outlays in exchange for anticipated export volumes have written to the government, requesting concessions due to ongoing pandemic problems. Due to the pandemic, exporters allege they have been unable to meet their responsibilities. They argue that the government should either extend their …
GOI entered a consensus framework, an effort by the US Government, to levy taxes on MNCs. Representatives from 130 countries, including G20 and OCED members, reached this agreement on Thursday at a meeting held in Frankfurt, Germany. It presents a broader outline of the necessary changes to bring a uniform structure of imposing taxes on …
A tax consultant is an advisor who helps individuals and organisations to pay their taxes. As they are qualified professionals and experts in their field, they will help you with planning your taxes, ensure compliance and provide you insights into the various taxation laws. Here are some benefits from hiring a tax consultant: A tax consultantwill …
Individual taxpayers now have time till December 31, 2020, to file ITR for FY19-20. Taxpayers, who need their accounts audited got an extension till January 31, 2021. The Central Board Of Direct Taxes (CBDT) issued a press release regarding the updated tax filing deadline. Earlier, the last date to file taxes was November 30, 2020. …
According to a government official, a taxpayer will be allowed to submit just one revised return every assessment year. CBDT Chairman JB Mohapatra, speaking at a CII event, said that the purpose of this provision is to assist persons who have truly missed submitting their taxes. According to Mohapatra, such taxpayers “may only submit one …
Declaring your income and filing taxes on the same are one of the most important duties for a citizen. However, instead of doing it on your own, it’s best to have a professional examine your income and the taxes you are liable to pay since they would be much better placed to inform you as …
