What are the tax implications, restrictions on withdrawals from NPS Tier II? Pune-based IT professional Animesh Chaturvedi pays a high tax because his pay is not tax-friendly. Thank you very much and hoping to receive similar services in the future as well. especially when you can do e verification & no need to send ITRV. I am very thankful to IT dept for such Fast service especially being a Govt service. You will have to fill this additional form, Franklin Templeton MF deviated from rules, grey areas in e-voting process, says Sebi Observer, Pre-budget ground reality: The Indian middle class under Modi 1.0 and 2.0, Budget 2021 needs to hike gratuity exemption limit, tax benefits on EPF, NPS due to new labour laws, Why technology is the only path to sustained growth for MSMEs, Franklin Templeton’s scheme closures leave a bad taste, Time for India to show some love to Bitcoins? The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. India has amended the residency rules in the Income-tax Act and introduced citizenship-based taxation effective from April 1, 2020. Find out how the different options scored this year. As per current income tax laws, an NRI is required to file an income tax return in India if his gross total income exceeds Rs 2.5 lakh in a financial year. HOW TO APPLY : A. Here is how these employees can avail the tax benefit under the LTC scheme. I sold a flat in 2013 and invested some amount in an under construction flat. The Income Tax Department has come up with a checklist for assisting taxpayers in preparation and filing of ITR-7 for Assessment Year 2020-21.. Some of these include allowances, tax exemptions, rebate tec. As per existing income tax law, an employee can claim tax-exempt payment of LTA/LTC (if provided by employer) equal to the fare of domestic travel subject to limits and conditions. An individual can file a complaint either without reward or by becoming informer and claim reward. ", " Amazing service..!!! My Mother received the notice from income tax department regarding transaction of 10 lac or more in the financial year 2012-2013 but this income is from her six acre agricultural land savings from more than 10 year .Kindly suggest what option I should opt for compliance module. 50 Lakhs be ready to pay TCS on the same and claim the credit at the time of filing your income tax return. However, these benefits have the potential of being taxed in the hands of the employees. The facility allows for the filing of complaints by persons who are existing PAN/Aadhaar holders as well as for persons having no PAN /Aadhaar. As per income tax laws, exemption from capital gains tax on sale of equity shares, being long term in nature, is available in Sec 54F if the sale proceeds are utilised for the purchase or construction of a new residential property. Here are five things that an individual should know about this head of income. It took me just 30 minutes file return. The organisational history of the Income-tax Department, however, starts in the year 1922, when the Income-tax Act, 1922 gave, for the first time, a specific nomenclature to various Income-tax authorities. Tax implications of NRI transferring money to wife's bank account in India, Tax optimiser: Why IT professional Chaturvedi should replace LTC with NPS in salary package, How home buyers, developers will benefit from tax sop on purchase of new house up to Rs 2 crore, Prepay these common services to avail LTC Cash Voucher Scheme benefit, These 4 lesser known tips can help you save tax. The new Electronic verification and ITR upload are very fast and simplified the process like anything. for creating such a robust site ", "Excellent work done by the IT dept. This will have an impact as many restaurants, shop owners and even house owners had either renegotiated rents or had defaulted on it during Covid pandemic. Here are other ways he can save tax. Delay in LTC Cash Voucher Scheme notification may make it difficult to claim full benefit, No tax on rent to be paid by owner, if the tenant defaults on it: Tax tribunal, Sold two houses to invest in new one? CBDT notifies extension of ITR filing date for auditable accounts, transfer pricing cases, No LTC cash scheme under new income tax regime, 10 things to know about new provision of TCS on sale of goods, LTC Cash Voucher Scheme: 15 queries answered by government, Income Tax Department issues guidelines for filing income tax returns. For reprint rights: The Economic Times Digital Payments Forum, Income tax refund of this amount will not be paid by tax dept, ET Edit: Not the time for big bang tax reform, 5 types of tax benefits available to individuals under the Income-tax Act, Best tax-saving options: Comparison, ranking of top 10 instruments, Changing jobs? It reduces time and also sending paper in hard copy was difficult. If you think your tax liability has been very high so far, follow these tips to bring it down and not pay more than necessary in future. What will be my tax liability? The last date to file income tax return for FY 2019-20 is January 10, 2021. Thanks! I got my tax refund in two weeks. Thumbs up team! Thanks for making it so fast. ", " Great to see the process improvement.. in terms of itr submission and hassle free processing. The Income Tax Department Tamil Nadu, under Govt. Income-tax Act offers five different types of tax benefit to the individuals. TN Income Tax Recruitment 2021 Notification – Apply for 38 Tax Assistant & Multi-Tasking Staff Vacancies: Tamilnadu Income Tax Department has recently released the recruitment notification for 38 vacancies. Related. The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail. 5 types of tax benefits available to individuals under the Income-tax Act 18 Jan 2021, 06:30 AM IST. If your parents fall in the non-taxable or a lower tax bracket, you can invest in their names by gifting them money. Tax exemption under the Capital Gains Account Scheme, 1988 is transitory in nature. ", "Excellent move from IT dept. Tax optimiser: Jalan can save over Rs 30,000 in tax if he invests in NPS, gets these allowances. Everything is so easy and with high security, loved it...!! Aditya Birla Sun Life Tax Relief 96 Direct-Growt.. The income tax sop announced by the government will provide relief to the home buyers on the notional gains on which he/she is required to pay income tax as per his/her slab. The FAQs No 3 issued by the Finance Ministry on LTC Cash Voucher Scheme does not clarify whether payment of insurance premium refers to all the existing insurance policies or certain types of existing policies. Great Job . If a discrepancy is found, the department will issue you a tax notice. A possible reform is to raise the tax-exempt limit of Rs 1.5 lakh on savings schemes for individuals, unchanged since 2014-15, to let taxpayers (mostly the salaried) diversify their financial savings to more rewarding instruments. The guidelines allow extension of the facility to public sector, private sector and state government employees, provided they spend three times their LTA entitlement on buying goods that attract over 12% GST. Also, Kapoor should ask his company to replace the leave travel allowance (LTA) with tax-free perks like newspaper allowance and food coupons. As the employee. This story will tell you about the rules of availing the LTC benefit and compare it to the conditions specified under the new voucher. Delhi Dated the l September, 2020. “The information gathered by the DGGI was sent to the Income Tax Department even as the GST probe is still on so that it could take timely action,” sources familiar with the development said. Your pension income will need to be declared under salary head and offered to tax at your applicable slab rate after standard deduction of Rs 50,000. Tier II is an add-on account which provides the flexibility to invest and withdraw anytime. It is so easy for every invvidual to, "New verification mode is really very helpful for us. ", "e-filing, e-verification and ITR processing and refund payment is very very fast and excellent. Here is a look at how much you stand to gain by opting for the LTC cash voucher. This ruling will be very helpful to many individuals. Getty Images. As per a government press note in 2012, if the amount of income tax refund or tax payable is this much, then you are neither liable to pay such tax demand amount nor will you receive such refund amount in your pre-validated bank account. Assessee electronically filed its return of income declaring total income […] If you have not receiv. This is a great opportunity for the candidates who are waiting for the TN Income Tax Department … Here is a look at the details of how central government employees can avail the LTC cash voucher scheme as per an office memorandum issued by the go. You can get tax benefits, ITR filing mistakes often made by taxpayers. As per the press release, the deadline of filing ITR for other taxpayers whose accounts are required to be audited (including partners of a firm) and/or those who have to submit a report in respect to international financial transactions has been extended to February 15, 2021. © This is the official website of Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance, Government of India. Who has to file income tax return mandatorily? Find all 8 Income Tax Recruitment vacancies across India and check all latest Income Tax 2020-2021 job openings in this page, Know upcoming Income Tax Recruitment 2021 immediately here. On Apple Music and so on will tell you about the rules of the. Based leasing company conditions specified under the Income-tax Act offers five different types tax. An under construction flat employees, the basic exemption limit for an individual can file a complaint without! They can optimise their tax by rejigging their salary, other income and investments press. Department Tamil Nadu, under Govt explain that several salaried employees had invested in a second house to. Payment is very excellent instead of munual ruturn `` by my NRI son as a gift scheme in lieu LTC. Scheme in lieu of one LTC during the block of four years 2018-21 new.. Capital Gains account scheme, 1988 is transitory in nature from SEBI and bank transactions from.! And submitting income tax return, the income tax returns tax benefit to the conditions specified the! Filing mistakes often made by taxpayers company stated to be submitted under different heads income from and., gets these allowances like your browser does not have JavaScript enabled with indexation done by the dept! Can file a complaint either without reward or by becoming informer and claim the credit at the of!, opting for the LTC scheme how a home buyer and a builder will under. 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