Tax Planning Articles

Capital gains tax on property
January 13, 2020
A guide to calculating capital gains on property sale

When you sell a residential property for a profit, the gains are taxable. Here’s how you need to calculate the gains and pay the taxes

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income tax return april 2019
January 9, 2020
Joint owners of single house property can now file return of income in ITR-1 or ITR-4 forms

This is relief in eligibility conditions for filing of ITR Form-1 (Sahaj), Form-4 (Sugam) for the assessment year 2020-21

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Tax saving mutual funds
December 25, 2019
Did your ELSS/tax-saving fund make the cut in 2019?

Tax-saving mutual funds are rising in popularity due to the shortest lock-in and high wealth creation potential compared to Section 80C alternatives

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Linking PAN and Aadhaar
September 28, 2019
Deadline to link PAN and Aadhaar extended to December 31; here are 7 steps to link them

Earlier deadline was September 30, 2019. We also explain how you can link PAN and Aadhaar

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Income tax e-assessment
September 27, 2019
New income tax e-assessment system to kick off from next month; person with no PAN or e-filing account not eligible

A directive from the Central Board of Direct Taxes (CBDT) lays out the exceptions for the new system

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Money things
September 2, 2019
10 money things changing from September that you can’t ignore

The 10 things include TDS on club membership fee/car parking fee while buying home, 10-times traffic fines, online IRCTC train booking costlier, and TDS on over Rs 1 cr cash withdrawal a year

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Income tax department appeals
August 10, 2019
Monetary limit for appeal by IT dept in income tax litigation hiked in ITAT, high courts and Supreme Court

There has been a substantial increase in limits to trigger appeal by IT dept. It’s Rs 50 lakh at ITAT level, Rs 1 cr at high courts and Rs 2 crore Supreme Court

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Income Tax returns filing date
July 23, 2019
Now, you have time till August 31 to file FY19 income tax returns

Government has extended by 1 month the due date for filing IT returns by individuals and certain non-corporate assessees

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July 5, 2019
Modi 2.0 Budget: Income tax return filing is compulsory if you have done any of these 3 things

Budget has announced several steps to widen the tax net, mainly by tracking expenditure rather than just income declaration

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affordable housing
July 5, 2019
Modi 2.0 Budget: Affordable home owners can avail upto Rs 7 lakh tax benefit over 15 years

Income tax deduction on home loans has been increased by Rs 1.5 lakh to Rs 3.5 lakh per annum for houses valued up to Rs 45 lakh; benefit will be available on loans taken up to March 31, 2020

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