Income Tax Archives

Work From Home: Can you buy a house in hometown on loan and claim tax deductions?

The COVID-19 pandemic has forced many people to work from home during the lockdowns. With the benefits of the work from home (WFH) culture visible to both employees (as they may stay at their hometown and cut the cost of staying in expensive metro cities) and employers (as they may save on office rent, electricity, …

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April 19, 2022
288
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How to divide your investment in insurance products to save tax

We have made headway into the new year, which also happens to be the time for financial goal setting and planning for most people. A well-planned beginning helps set the tone for the rest of your year, so it’s imperative to analyse your investment options. Your investments should focus on wealth creation while also ensuring …

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Income Tax

April 18, 2022
245
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Over 22% of verified ITRs processed on same day, Rs 2.24 lakh cr refunds issued in FY22

The finance ministry on Friday said over 22 per cent of the verified returns were processed on the same day, while the overall average processing time was only 26 days for ITR assessments in the last fiscal year. The ministry said that during 2021-22, over 5.70 crore income tax returns (ITRs) were processed. Over 1.28 …

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Income Tax income tax department income tax returns ITR ITR filing Money

April 8, 2022
225
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Income Tax Return: Confusion delays ITR filing efforts of late filers

The filing of Income Tax Return (ITR) for the Assessment Year (AY) 2021-22 – that is for the Financial Year (FY) 2020-21 – could start only after the normal due date of July 31, 2021 due to technical issues in the new Income Tax Portal, resulting in postponement of several deadlines, including the due date …

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Income Tax Income tax return filing Money

March 31, 2022
232
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Last minute tax saving tips for senior citizens, pensioners and others

Here are some of the best tax-saving tips at the last minute for a taxpayer or a senior citizen looking to save tax. By Col. Sanjeev Govila (Retd) We are just a few days away and it is almost like a last chance to save tax during this financial year. In case you are a …

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Income Tax tax saving

March 25, 2022
224
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Last-Minute Tax Planning: 6 things to do before March 31

Taxpayers may need to consider this fact if they propose to book long term capital gains to claim this exemption. As the Financial Year 2021-22 is on the verge of completion, taxpayers have a final chance to review whether they have utilized all the available tax optimization opportunities before 31st March 2022. Here are certain …

March 21, 2022
274
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5-year tax saver fixed deposit: Interest rate, taxation and features to know before you invest

All banks provide tax saving FDs that come with a fixed rate of interest and also help taxpayers save income tax. Tax saving bank fixed deposits are popular investment options especially for those who are risk averse and yet want to save tax under Section 80C of the Income Tax Act, 1961. All banks provide …

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Bank Fixed Deposits Income Tax

March 18, 2022
252
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ITR filing up 3% at 66.3 million till March 15

On March 15, which was the due date for filing of ITRs by companies and other taxpayers who were required to file tax audit reports, about 543,000 ITRs were filed, compared to 477,000 last year on the due date. Over 1.38 million ITRs were filed in the last five days compared to 1.18 million in …

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Income Tax income tax department Income Tax Refund income tax returns ITR ITR filing Money

March 17, 2022
261
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Want to avail tax benefits on affordable housing? You have little time left to get home loan sanctioned

On fulfilling the conditions u/s 80EEA, a homebuyer may get a deduction up to Rs 3.5 lakh (Rs 2 lakh u/s 24 and Rs 1.5 lakh u/s 80EEA) on interest paid on home loan. Apart from getting deduction up to Rs 2 lakh from the taxable income under Section 24 of the Income Tax Act, …

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affordable housing Income Tax Money tax benefits

March 14, 2022
244
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Have PAN Card, Aadhaar? You will have to pay Rs 1000 fine for not doing this before April 1

Fine for not linking PAN Card-Aadhaar Card: Not linking PAN and Aadhaar by March 31, 2022 may cost you Rs 1000 as penalty, according to the Income Tax rules. Fine for not linking PAN Card-Aadhaar Card: Not linking PAN and Aadhaar by March 31, 2022 may cost you Rs 1000 as penalty, according to the …

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Income Tax income tax returns Money

March 14, 2022
238
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Work From Home: Can you buy a house in hometown on loan and claim tax deductions?

How to divide your investment in insurance products to save tax

Over 22% of verified ITRs processed on same day, Rs 2.24 lakh cr refunds issued in FY22

Income Tax Return: Confusion delays ITR filing efforts of late filers

Last minute tax saving tips for senior citizens, pensioners and others

Last-Minute Tax Planning: 6 things to do before March 31

5-year tax saver fixed deposit: Interest rate, taxation and features to know before you invest

ITR filing up 3% at 66.3 million till March 15

Want to avail tax benefits on affordable housing? You have little time left to get home loan sanctioned

Have PAN Card, Aadhaar? You will have to pay Rs 1000 fine for not doing this before April 1

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