This is the archive of all our articles related to income tax and filing of tax returns
Income tax filing might look like a tedious process. However, it brings a smile to your face when you see there is a refund due from the income tax department. So, after you file ITR, the wait starts, especially if the refund amount is a little more significant. In this article, we will learn how…
Continue reading →In this article, we shall discuss how REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts) will be taxed from 1st April 2023 (FY 2023-2024 or AY 2024-2025). REITs and InvITs invest in commercial real estate properties and infrastructure assets via special purpose vehicles (SPV) through equity or debt instruments. This allows investors to…
Continue reading →Everyone desires to save tax, and Indian investors are particularly motivated by tax savings. Salaried individuals can reduce their tax liability by utilizing Section 80C, Section 80D, and Section 24 (for tax savings on home loan interest). Investing 50,000 annually in the NPS (National Pension Scheme) can also provide further tax benefits. These are the…
Continue reading →A frustrated reader asks, “Sir, I finally managed to file my ITR this time after several attempts. Why do we have to go through this exercise each year? Is it possible to get rid of it?” It may be possible to eliminate many (certainly not all) return filing compliance requirements, but how many of us…
Continue reading →We recently discussed entering STCG and LTCG from equity shares and mutual funds in ITR2 or ITR3. We now follow this up with a guide to enter capital gains from selling property in ITR2 or ITR3. Do check out our earlier articles on tax filing: How to File ITR Online (FY 2022-23): A Comprehensive Guide…
Continue reading →Filing an Income Tax Return (ITR) is a mandatory obligation for taxpayers in India. The online method of filing ITR has made the process more convenient and efficient. This comprehensive guide will provide step-by-step instructions on how to file ITR online for FY 2022-23 / AY 2023-24. About the author: Salma Sony is a SEBI Registered…
Continue reading →If you are salaried and have capital gains to report, you must file ITR2. If you are a business person or a professional with capital gains, you must file ITR3. This article discusses uploading Equity MF/Share LTCG transactions in ITR2/ITR3 (Schedule 112A). If you have equity or equity MF transactions purchased after 31st Jan 2018,…
Continue reading →Here are two examples of using mutual fund capital gains statements for LTCG and STCG entries in ITR. Please use this along with a step-by-step guide to enter MF and share capital gains in ITR2 (or ITR3) and How to Set off & Carry Forward Capital Losses in ITR2 and ITR3. Salaried taxpayers should use ITR2 if…
Continue reading →We recently published a Step-by-step guide to entering MF and share capital gains in ITR2 (or ITR3). Many readers wanted to know how to set off & carry forward capital losses in ITR2 and ITR3. So here is a quick guide. If you are new to entering capital gains and losses in the ITR utility, we…
Continue reading →This step-by-step guide discusses entering capital gains from mutual funds or shares in ITR2 or ITR3 for AY 2023-2024 (FY 2022-2023). Salaried taxpayers must use ITR2 if they have any capital gains to declare. Businessmen and professionals must ITR3 for the same purpose. The capital gains schedule and filing procedures are identical in ITR2 and…
Continue reading →Any individual with business or professional income should submit Form 10-IE to inform the IT dept if they wish to switch from the old tax regime to the new one on or before July 31st 2023, and only then file their income tax return. The date of submitting Form 10-IE and the acknowledgement number for…
Continue reading →Three readers sent us similar requests over the past couple of weeks. One wanted to know if it is worth booking Rs. 1 lakh capital gains from equity or equity mutual funds each year to lower LTCG tax. Another wanted us to illustrate how to compute the necessary units for such an exercise. Yet another…
Continue reading →The income tax department allows certain “professionals” to pay tax only on 50% of their total income on a presumptive basis under section 44ADA of the IT act (t&c apply)*. However, there is plenty of confusion on who is eligible to file returns under ADA and who is not. A discussion. Disclaimer: No part of this…
Continue reading →A few days ago, Suhas made an interesting observation in the Facebook group, Asan Ideas for Wealth: “I noticed that if we carried forward LTCL (long term capital loss) from previous years then that 1L exemption is not applicable”. Why is this so? Is this an error? Let us find out. This article was made…
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