How to use MF, stock losses to reduce your tax burden (tax-loss harvesting)
Here is how investors can legally reduce their tax liability from capital gains by exploiting recent losses in stocks, equity or non-equity mutual funds
Continue reading →Category: Taxation
This is the archive of all our articles related to income tax and filing of tax returns
If I choose the new tax regime can I switch back to the old regime?
A taxpayer can opt for the new tax regime from April 2020. Can such a tax-payer switch back to the old regime? What are the conditions for switching back?
Continue reading →Do Middle East NRIs need to pay tax in India from April 2020?
Did the finance minister announce in budget 2020 that middle-east NRIs should pay tax in India from April 2020?
Continue reading →New Tax Regime vs Old Tax Regime Calculator: Check which is better
Use this comparison table to enter your salary details and find out if the new or old tax regime announced in budget 2020 will be beneficial for you?
Continue reading →Important changes in ITR Forms for AY 2020-21 (FY 2019-20)
This is a list of important changes in ITR forms for Assessment Year 2020-21(Financial Year 2019-20) and how they are a further step in getting more information from the taxpayers to curb tax evasion and make life easy for compliant taxpayers.
Continue reading →How to link PAN with Aadhaar: Pan Invalid If not done by Dec 31st!
A guide to linking Pan number with Aadhaar number. If not done by Dec 31st 2019, Pan will become invalid!
Continue reading →Tax on Fixed Deposits: Should we pay each year or on maturity?
Should we pay tax on fixed deposits each year or only on maturity? What does the law say? What are the options for the investor? Can we pay on maturity even if there is a tax deduction at source? Let us find out
Continue reading →Will personal income tax be cut as relief measure to boost economy?
The series of relief measures to boost a flagging economy has led to speculation if personal income tax would be cut next. What is the probability of this happening? An analysis
Continue reading →Faceless E-assessment Scheme for Income Tax: What is it? Will it help?
A discussion on the Faceless E-assessment Scheme for Income Tax. What is it and what taxpayers need to keep in mind when this comes into play
Continue reading →Equity fund of fund taxation rule changed: Can we invest in them now?
A fund of fund (FoF) is a mutual fund that invests in other mutual funds (do not ask why!!). Update For units acquired on or after 01-04-2023 Type of Fund Taxation (irrespective of holding period) Equity oriented FoF (invests 90% in Equity ETFs which themselves hold 90% Indian equity) 15% flat Other FoF As per…
Continue reading →Pre-filling of Income-tax Returns: Good move or bad?
The finance ministry wants pre-filled income tax returns from AY 2020-201 onwards as announced in the budget yesterday. At first sight, this is appealing and convenient, but will it result in a host of new problems? The finance minister in her budget speech said, “Pre-filled tax returns will be made available to taxpayers which will…
Continue reading →CPSE ETFs with Tax Saving benefit Introduced in Budget 2019-2020
The finance minister in her budget speech said: “ETFs have proved to be an important investment opportunity for retail investors and has turned out to be a good instrument for Government of India’s divestment programme. To expand this further, The government will offer an investment option in ETFs on the lines of the Equity Linked…
Continue reading →Filing Equity LTCG in ITR2 (AY 2019-2020) is messy! Here is a way out!
From the financial year 2018-2019, long term capital gains above Rs. one lakh from stocks and equity mutual funds are taxed at the rate of 10%. The assessment year 2019-2020 is the first time when taxpayers will have to report equity LTCG in schedule CG of ITR2. However, since the income tax department did not…
Continue reading →Which ITR Form Should I use for A.Y. 2020-21?
The Income Tax Department has published ITR forms for A.Y. 2020-21. You can use this article to quickly determine which form is right for you. As on date, only the PDF version of the forms are available. Once the Excel and Java utilities are available, you can download the ITR forms from here. You can…
Continue reading →Why can’t we get rid of income tax returns?
We cannot afford to get rid of income tax, but why can’t we get rid of income tax returns? Difficulty in figuring out which ITR form to use, which rows to fill, delays in processing, delay in refunds, hassles with TDS, irritating notifications to respond to, I could go on. All this makes you want…
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