When a taxpayer pays more tax than she is liable for in a financial year through excess tax deducted at source (TDS) or miscalculation in income tax, the income tax department refunds the excess amount. The refund is processed after the taxpayer files and verifies her income tax return (ITR). The refund is credited into […]Continue Reading..
When a taxpayer pays more tax than she is liable for in a financial year through excess tax deducted at source (TDS) or miscalculation in income tax, the income tax department refunds the excess amount. The refund is processed after the taxpayer files and verifies her income tax return (ITR). The refund is credited […]Continue Reading..
The State Bank of India (SBI) had launched a special fixed deposit scheme for senior citizens called, ‘SBI WECARE Senior Citizens’ Term Deposit Scheme, in May of 2020. It was originally rolled out with a shelf-life of a few months which was supposed to end in September of 2020. In light of the Covid-19 pandemic, this deadline […]Continue Reading..
My FD interest is less than ₹5 lakh. Am I exempt from TDS if I submit form 15G for every financial year? – Name withheld on request We presume that you don’t have any income other than interest earned from fixed deposit (FD). Since your interest from FD is below the tax exemption threshold of ₹5 lakh, […]Continue Reading..
Most of the individual taxpayers file their own ITR themselves. Since income tax is a complex law, an ordinary taxpayer is bound to commit certain mistakes while filling the ITR forms. In this article I intend to discuss some of the most common mistake committed by individual taxpayers while filling the ITR and which can be avoided. Filling in […]Continue Reading..
Many salaried and retired taxpayers file their Income Tax Return (ITR) themselves and they are bound to commit certain mistakes due to absence of proper knowledge of tax laws, which are anyway complex even for tax professionals like me. Based on my earlier experience as a practicing Chartered Accountant, I intend to enumerate some of the items of […]Continue Reading..
At a time when COVID-19 has a severe impact on the economy, many banks are coming up with doorstep banking facilities so that people can get all the important facilities at the comfort of their homes. One such bank is the State Bank of India (SBI) which is also providing doorstep banking services to its […]Continue Reading..
Income tax is a tax payable on income. Unfortunately, at times, the tax laws end up taxing receipts that are not really incomes, or which are really capital receipts or return of capital. What are these receipts, and how are they taxable? Gifts are a classic form of capital receipt, which, under tax […]Continue Reading..
The finance ministry has come up with a new rule to cut Tax Deducted At Source (TDS) at higher rates for non-filers. By non-filers, we mean those taxpayers who didn’t bother to file an income tax return (ITR) in the last two years, and the total amount TDS goes beyond Rs 50,000 each year. They […]Continue Reading..
The tax-filing season has started. Last year, due to the pandemic, many people faced certain unprecedented situations such as pay cuts, pay deferments and job losses. These have impacted their incomes. Many people withdrew their savings to fund their immediate cash needs. The government also brought certain changes in tax rules to provide certain […]Continue Reading..