Income tax

Indian Railways plans linking of these documents for booking tickets on IRCTC

How NRIs are taxed in India – 2021-08-25 20:35:10

[ad_1] The income of a non-resident Indian (NRI) earned in India is taxable. Whether a person will be clasifed as NRI or not will depend on the number of days he or she has stayed in India and the quantum of income earned. Let’s understand the definition first. A person will be classified as NRI […]

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Indian Railways plans linking of these documents for booking tickets on IRCTC

10 big tax reliefs announced by the government for taxpayers

[ad_1] The government has announced several measures to ease income tax compliance and additional relief measures for taxpayers during the coronavirus pandemic. From further extension of timelines of compliances under Income Tax Act to tax exemption for expenditure on Covid treatment and ex-gratia received on death due to coronavirus. Here the 10 big announcements made […]

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CBDT issued a circular on the implementation of Sections 206AB and 206CCA with respect to higher tax deduction/collection for certain non-filers.

Income tax department issues new functionality for compliance checks. Details here

[ad_1] New Delhi: The income tax department has said it has developed a new utility to help tax deducted at source (TDS) deductors and tax collected at source (TCS) collectors identify the ‘specified persons’ on whom a higher rate of taxes would be levied from July 1. The Central Board of Direct Taxes (CBDT) issued […]

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To make e-filing easier for taxpayers, the income tax department has added many features in new income tax e-filing portal that includes static password generation, which is re-usable in nature.

How you can generate static password

[ad_1] The income tax department on 7th June 2021 rolled out income tax new portal — www.incometax.gov.in. This new income tax portal has various advantages that aims to make income tax return (ITR) filing easy and seamless. To make e-filing easier for taxpayers, the income tax department has added many features in this new income […]

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If the charitable organisation is registered with the Income Tax Department, the donations received for covid treatment will not be taxable (PTI)

Know the tax implications if your covid treatment is crowdfunded

[ad_1] Several crowdfunding organisations are pooling donations to help those facing a financial crisis as the country grapples with the second wave of covid-19. However, the recipient should know that extended financial help may have tax implications. “A donation will be considered a gift in the hands of the recipient and will be tax-free up […]

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Any profits/loss in respect of future and options therefore shall be taxed as normal business income. (REUTERS)

My wife does intra-day trading with money I gave her. How income tax is computed

[ad_1] Question: My wife deals in future and options in shares and also does some intraday transactions on stock exchanges. The money for this purpose was by given by me. I want to know how the income tax liability in respect of these transactions is calculated. I am confused as someone said that these are […]

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The mobile app facility will be rolled out on 7th June 2021 along with the new ITR e-filing portal. (Mint)

Income taxpayers can now file IT return from mobile phone — here is how

[ad_1] Income tax return or ITR filing is going to become possible from one’s mobile phone. The income tax department of India informed about the development from its official twitter handle claiming income tax e-filing portal 2.0 will have an all new mobile app as well. As per the PTI report, the income tax department […]

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