Income Tax - New financial year has begun and with this certain new income tax rules have come into effect. Let us discuss the changes applicable to individual tax payers related to Option to choose from Two tax regimes, Reduced period for filing the belated ITR or for revising your filed ITR, Inclusion of dividend income in ITR […]...
Read MoreIncome Tax - As we are approaching end of the financial year, there are certain tasks which we need to complete by 31st March 2021. Some of such task includes Submitting the details of salaries received from earlier employer, Submit the proof of expenses to your employer, Verifying quantum of deductions available from your bank records, Payment of [&h...
Read MoreIncome Tax - The budget presented on 1st February 2021 has proposed exemption to senior citizen from filing of income tax return (ITR) subject to satisfaction of certain conditions. Let us understand what is the proposal and whether it will really work as intended. Relief proposed for Senior citizen Presently, based on the income criteria, every indiv...
Read MoreIncome Tax - The budget proposals affecting salaried employees contributing toward Employee Provident Funds The finance minister has proposed to partially tax the interest accrued on the provident fund account of employees. Let us discuss the provision. Present Provisions Presently, any payment received by an employee from his provident fund account i...
Read MoreIncome Tax - The Finance minister has proposed amendments in the Income Tax Act in an attempt to make the taxation of money received from Unit Linked Insurance Policies (ULIP) of life insurance companies on par with equity mutual funds....
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