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Effective from FY 2020-21, an individual has an option to contine with the old, exisiting income tax regime and avail tax deductions and exmeptions

November 11, 2022 01:11am

Can you change income tax regimes while filing revised ITR? Else, she can also opt for new income tax regime by foregoing those commonly availed deductions. However, what if an individual has opted for one tax regime while filing ITR and wants to opt another one while revising ITR

At present, the taxpayer has to select the right income tax return or ITR form applicable to him or her while filing the income tax return

By Tax Cognition

November 10, 2022 02:40am

Common ITR form for all taxpayers: What's new in proposed income tax return form? The proposed common ITR is aimed at eliminating this process. Will it ease the ITR filing process for common taxpayers? Let's find out

Are you paying housing rent to a Non-resident Indian? If yes, then ensure that you are deducting tax before making a rent payment to the NRI landlord

By Tax Cognition

November 03, 2022 12:47am

Paying Rent to NRI landlord? Deduct TDS, else pay penalty Remember under the income tax laws, as a tenat if you fail to deduct tax, then you will be liable for penal consequences. Read on to know the income tax rate at which taxes are to be deducted and how to deposit them with the government

The Central Board of Direct Taxes (CBDT) has proposed to introduce a common form for filing income tax return (ITR) by merging all the existing forms, except ITR 7

By Tax Cognition

November 01, 2022 10:03am

ITR filing: CBDT issues draft proposal for common ITR form for all taxpayers; know details

The new e-filing income tax portal has introduced the facility of paying taxes

By Tax Cognition

November 01, 2022 12:46am

How to pay income tax using UPI, credit card, 4 other ways on new tax portal Earlier, taxpayers could use facility provided by NSDL website to pay income taxes to the goverment. The new income tax portal allows the taxpayers to pay income tax via UPI, credit card and 4 other ways. Read on to know the step by step guide for the same

Though fixed deposits and small savings schemes offer assured returns, the interest earned is taxed at normal rates applicable to the investor

By Tax Cognition

October 30, 2022 09:00pm

Debt mutual funds more tax efficient than bank FDs The gains from debt funds are also taxable, but at different rates

The CBDT has extended the due date for filing income tax return (ITRs) by corporate and individuals whose accounts need to be audited, to November 7, 2022

By Tax Cognition

October 27, 2022 05:30am

ITR filing: Deadline to file income tax returns with audit reports for AY 2022-23 extended to November 7; know details The extended due date is applicable to all taxpayers where audit is required, said experts

Have you recently sold or are planning to sell an under-construction property? If yes, then ensure that you know the income tax laws on capital gains correctly

By Tax Cognition

October 26, 2022 12:42am

Income tax rules are different for selling under-construction property vs fully constructed house The income tax laws are different on under-construction property and fully constructed house. Read on to know to calculate capital gains on selling of under-construction property, income tax rate at which tax will be payable on such capital gains

Asset location is a strategy to maximise post-tax returns

By Tax Cognition

October 23, 2022 09:00pm

What is asset location? 5 things to know

Find out about the people who can give you tax-free gifts and the gifting threshold that will not invite any tax

By Tax Cognition

October 23, 2022 09:00pm

Will you be taxed if you get Diwali gifts?

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