US-based siblings Avani Modi Sarkar and Viral Modi help the Indian diaspora connect with their roots Baby versions of Hindu gods Ganesha, Krishna and Hanuman with squeezy bellies, these toys when pressed, belt out shlokas. Last year, Mindy Kaling, creator of the upbeat series Never Have I Ever, gave birth to her son. One of…
Synopsis An individual taxpayer can bring down his/her tax liability by setting off capital gains from one asset with capital losses in another asset. Here’s how it can be done. If you are not able to set off your entire capital loss in the same year, both short-term and long-term loss can be carried forward…
Synopsis While high inflation is burning a hole in your pocket, there is a silver lining. High inflation also brings down your tax on long-term capital gains which are eligible for indexation benefit. Not all investments are eligible for the indexation benefit. Petrol prices have crossed the Rs 100 mark per litre in many parts of…
Synopsis Amendments made to the way contributions to the EPF, NPS and Superannuation fund have increased the tax burden on certain sections of the salaried class. From a compliance perspective, the affected employees will need to undertake elaborate calculations and track the excess contributions and accretions every year. The Employees’ Provident Fund (EPF) has been…
Synopsis As per the government, individuals having LTC/LTA in their salary package would have been unable to travel and claim income tax exemption on the travel tickets due to the pandemic induced lockdown. Thus, this scheme was introduced last year. Getty ImagesIf you have submitted eligible bills to your employer, then the employer should not…
STORY OUTLINE According to the Income Tax Act, 1961, every individual whose total income exceeds the basic exemption limit is liable to file the relevant ITR. Ideally, the legal heir who would be required to file the ITR would be determined in accordance with the Will, if any, made by the deceased. In the absence…
Synopsis As per the memorandum to the Budget 2021, “In order to provide relief to senior citizens who are of the age of 75 years or above and to reduce compliance for them, it is proposed to insert a new section to provide a relaxation from filing the return of income.” Once the declaration is…
Synopsis Even if your total income does not exceed Rs 2.5 lakh but the payer of income has deducted taxes and you need to claim a refund from the tax authorities, you will need to file an ITR. If the ITR is not filed by the due date, i.e., September 30, 2021, penalty ranging from…
STORY OUTLINE Till last year, if a taxpayer missed the ITR filing deadline, the maximum penalty he/she would have had to pay was Rs 10, 000. With effect from FY 2020-21, a person filing belated ITR will have to pay a penalty of up to Rs 5,000. Till last year, there was a two-tier penalty…
Synopsis Taxpayers should be aware of how incomes from other sources have to be reported in the tax return and know about the various deductions available to them. This week’s cover story looks at some of the incomes that might get missed by DIY taxpayers when they sit down to file their returns. Some taxpayers…
