Undisclosed Foreign Asset must accurately report in ITRs to avoid Penalties The issue of whether a bona fide mistake in the non-disclosure of foreign assets in an Income Tax Return (ITR) would result in a penalty under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act) has …
Provisions of the Amendment- Choice of Taxation of Capital Gain Scheme Budget 2024 provide relief applies to individuals and Hindu Undivided Families (HUF) who transfer long-term capital assets, specifically land or buildings or both. Following Choice of Taxation of Capital Gain Scheme : – Taxpayers can opt to compute their taxes under either the …
Frequently Asked Questions – New Capital Gains Taxation Regime Finance Minister Nirmala Sitharaman presented the full Budget for this fiscal year on July 23, announcing several significant changes to the capital gains tax regime. Here’s a comprehensive guide to the major changes and their implications: How Capital Gains from Equity Mutual Funds and Other Assets …
Guide to Choosing Correct ITR Form for Stock Market Income For those whose yearly income exceed the basic exemption limit, they must file an ITR. To finish the electronic filing of their income tax returns, taxpayers must fill out a variety of paperwork. These ITR forms are divided according to the type of income. But …
Budget Highlights: Tax Proposals in Finance Bill 2024 Important Direct Tax Proposals: Change in Tax Rates: Changes in 3 slabs ranging from ₹3 lakhs to ₹12 lakhs result in a tax benefit of ₹10,000. Standard Deduction: Increased from ₹50,000 to ₹75,000 in the new tax regime. Not available for those opting for the old regime. …
Allowable Deduction Under New Tax Regime – NPS-related deduction u/s 80CCD(2) Under the new tax regime, the National Pension System (NPS)-related deduction under Section 80CCD(2) can indeed be claimed. Here are the key points to consider: This deduction is available only to salaried individuals. Self-employed individuals cannot claim this benefit. The deduction under Section 80CCD(2) …
Common Misconceptions & Realities on Filing Income Tax Returns A lot of people are concerned about the time of year when ITR Filling Due date is coming due. ITR filing process may appear difficult, confusing, or even intimidating. Moreover, there are Various ITR Return myths that may exacerbate these emotions. In this blog, we hope …
Latest Income Tax Return (ITR) Forms update for the financial Year 2025-26 These updates in the ITR forms for FY 2025-26 aim to simplify the tax filing process, enhance transparency, and ensure compliance with evolving tax regulations. Make sure to incorporate these changes while preparing your ITR to avoid any discrepancies and ensure accurate reporting. …
Key Changes Introduced by CBDT in Tax Audit Report Forms Clause 11 of Form 3CD Reporting on the books of accounts maintained Clause 11 of Form 3CD requires comprehensive reporting on the books of accounts maintained by the assessee, including their locations and the details of the books at each location. Here’s a detailed approach …
FAQ related to ITR and E-verifying ITRs in India What is Timelines for E-verifying ITRs in India ? The CBDT Corrigendum to Notification No. 02 of 2024 dated 31.03.2024 clarifies the procedures and timelines for e-verifying ITRs in India. This notification emphasizes the importance of timely e-verification of Income Tax Returns to ensure that they …