ads

ads

Aditya Birla Ad

Tax (Plan, Retirement)

Pension is considered as an income and is taxed the same way as salary. The filing of ITR for pension is also similar to that of salary income : ITR Filing: How To File ITR For Pension Income

ITR Filing: How To File ITR For Pension Income

BY Outlook Money

Section 80D of the Income-tax Act, 1961 allows for tax deduction for senior citizens on medical expenses, whether the expenses were incurred by themselves or their children : Section 80D: How Can Senior Citizens Claim Deductions

Section 80D: How Can Senior Citizens Claim Deduction On Medical Expenditure

BY Outlook Money

Systematic Transfer Plans (STPs) in mutual funds allow the transfer of funds from one scheme to another within the same fund house. : Systematic Transfer Plan (STP) In MF: How It Works And Taxed

Systematic Transfer Plan (STP) In Mutual Funds: Know How It Works And Taxed

There are different types of income tax return (ITR) forms, each with a specific purpose. : Which ITR Form Should You File?

Which ITR Form Should You File? Know The Types Of Forms And Their Purposes

BY Outlook Money

Verifying your tax return is as important as filing your Income Tax Return (ITR), failing which can attract penalties. Learn more. : ITR Filing: Verify Your Tax Return Within 30 Days To Avoid Penalty

ITR Filing: Verify Your Tax Return Within 30 Days To Avoid Penalty—Know More

BY Outlook Money

You can track your income tax refund status on the income tax departments e-filing portal. : Income Tax Refund FY2023-24: Here’s How To Check The Status

Income Tax Refund FY2023-24: Here’s A Step-by-Step Guide To Check The Status

BY Outlook Money

The sale proceeds from a capital asset can be stored in a capital gain savings account if not reinvested immediately to save tax. Learn more : What Is Capital Gain Account Scheme And When Will You Need It?

What Is Capital Gain Account Scheme And When Will You Need It? All You Need To Know

BY Outlook Money

Maintain records of home construction/ improvement bills as proof to claim appropriate deduction or reduce the burden of capital gain tax. : Capital Gain Tax: Here’s How To Reduce Liability Of Property Sale

Capital Gain Tax: Here’s How To Reduce Liability From Sale Of Property And Other Assets

Section 80TTB benefit can be availed of only if the senior citizen chooses the old tax regime and meets the eligibility criteria, such as age and residency status. : ITR Filing: Section 80TTB, And Its Benefit For Senior Citizens?

ITR Filing: What Is Section 80TTB, And How Does It Benefit Senior Citizens?

BY Outlook Money

The income tax (I-T) department has put in place certain safeguards, including monitoring of high-value transactions, to combat the menace of tax evasion and money laundering. : 5 High-Value Transactions That May Attract IT Department Scrutiny

Income Tax Notice: 5 High-Value Transactions That Could Attract Scrutiny, And Here’s What You Can Do

BY Outlook Money

Non-government employees will have to pay tax on 50 per cent of the lump sum amount drawn at retirement. Read About tax on retirement benefits : ITR Filing: How Are Retirement Benefits Taxed? Read these 4 rules

ITR Filing: How Are Retirement Benefits Taxed? 4 Rules That You Should Know

BY Outlook Money

Equity investment is one of the most tax-efficient instruments, but they are also liable for taxes depending on factors such as the type and the size of capital gain tax. : How Can You Save Capital Gain Tax On Your Equity Investments?

ITR Filing: How Can You Save Capital Gain Tax On Your Equity Investments?

Senior citizens aged above 60 and below 80 can avail of the benefits under Section 87(A) of the Income Tax Act in the old and new tax regimes. : ITR Filing: Are Senior Citizens Eligible For Section 87(A) Rebate?

ITR Filing: Are Senior Citizens Eligible For Tax Rebate Under Section 87(A)?

BY Outlook Money

One has to file an income tax return in case of a tax liability, but in some cases, it is mandatory to file one. Read More About ITR Filing. : ITR Filing: When It’s Mandatory, Not Just Important, To File An ITR

ITR Filing: When It’s Mandatory, Not Just Important, To File An ITR

BY Outlook Money

With Budget 2024 round the corner, seniors have a wishlist for some concession from Union Minister of Finance Nirmala Sitharaman. : Budget 2024: 4 Wishlist Of Senior Citizens in Various Aspects

Budget 2024: From Increased Exemption In Mediclaim To Tax-Free Annuities In NPS—4 Items On Seniors’ Wish List

BY Himani Verma

Filing income tax returns (ITR) is crucial even if there is no tax liability. Here’s how to your ITR in 10 easy steps online. : Filing ITR: 10 Simple Steps To Pay Taxes

Filing ITR: Here Are 10 Simple Steps To Pay Tax Online

BY Outlook Money

All senior citizens aged 60 and above but below 75 must file their income tax returns. Read these tax reliefs they may get from budget 2024. : Budget 2024: 6 Income Tax Benefits Could Ease Senior Living

Budget 2024: 6 Income Tax Benefits Could Ease Senior Living

BY Outlook Money

The last date of filing income tax return (ITR) for FY2023-24 is July 31;in case you miss the deadline, you will be liable for a penalty. : ITR Filing: Delay In Submitting Income Tax Returns Can Cost You

ITR Filing: Delay In Submitting Income Tax Returns Can Cost You; Here’s How

BY Outlook Money

Every individual, including senior citizens, with income above the exemption limit must file ITR under Section 139 of the Income Tax Act. : How can senior citizens calculate taxable income, boost deductions

ITR Filing For Senior Citizens: How To Calculate Taxable Income And Maximise Deductions

BY Anuradha Mishra

The last date to file an income tax return (ITR) without a late fee is July 31; all resident Indians with taxable income must file ITR. : When Can Senior Citizens Stop Filing Income Tax Return (ITR)?

ITR Filing: When Can Senior Citizens Stop Filing Income Tax Returns?

BY Outlook Money

Older people new to ITR filing or with limited knowledge should know their basic tax exemption limit. For instance, for senior citizens, it is Rs 3 lakh; for super senior citizens, it is Rs 5 lakh. : ITR Filing: Things Senior Citizens Should Know Before Filing

ITR Filing: Things Senior Citizens Should Know Before Submitting Income Tax Returns

BY Outlook Money

Double Tax Avoidance Agreements (DTAA) can help optimise tax obligations and ensure financial efficiency. Read More. : Understanding DTAA: How NRIs Can Avoid Double Taxation

Understanding DTAA: How NRIs Can Avoid Double Taxation In India

BY Outlook Money

Senior citizens whose age is 75 years or more are exempted from filing the ITR u/s 194P, subject to fulfilment of certain terms and conditions as applicable according to the ITR rule. : How Can Taxable Income Be Calculated For Seniors in ITR Filing?

How Does Taxable Income Be Calculated For Seniors Seeking Exemption From ITR Filing?

From decoding residency status to leveraging DTAA, heres a comprehensive guide to demystify tax complexities for NRIs. : Know Tax Deductions And Liability On Transactions For NRIs

Decoding NRI Taxation: Know Tax Deductions And Liability On Various Transactions

BY Outlook Money

Income sources dealt with under Section 56 of the Income Tax Act include dividends, one-time payments, advance payments, severance packages etc. : What Is Section 56 Of Income Tax Act And How Does The Rule Apply?

What Is Section 56 Of Income Tax Act And How Does The Rule Apply?

BY Outlook Money

Tax evasion differs from tax avoidance, and taxpayers should know the difference to avoid unknowingly committing tax fraud. Learn more. : How Is Tax Evasion Different From Tax Avoidance?

How Is Tax Evasion Different From Tax Avoidance? Know The Consequences

BY Outlook Money

Money, land, etc., received as gifts from people are taxable in the hands of the receiver, and the Income Tax Act sets the rules. : How Are Gifts Taxed? All You Need To Know

How Are Gifts Taxed? All You Need To Know

BY Outlook Money

Gold investors consider the yellow metal a safe investment because of its price stability and stable returns over the long term.

What Are Tax Rules For Different Gold Products?

BY Outlook Money

An inherited property is not subjected to tax at the time of inheritance, but it is taxable during sale under the Indian Succession Act 1925. : When Does Capital Gains Tax Apply On An Inherited Property?

When Does Capital Gains Tax Apply On An Inherited Property?

BY Outlook Money

Section 24 of the Income-tax Act of 1961 allows taxpayers to claim tax deductions against home loan interest and income from a rental property in a financial year. Learn more. : What Does Section 24 Of Income Tax Act Provide For House Property?

What Does Section 24 Of Income Tax Act Provide For House Property?

BY Outlook Money

If you are self-employed or work as a consultant and pay home rent, you may not have access to the HRA as salaried people do. : How Can Self-Employed Get Tax Relief On Rent Payments ?

How To Get Tax Relief On Rent Payments If You Are Self-Employed?

BY Outlook Money

Double taxation means tax levied on a person in more than one country for an income, item, or service purchased. : Double Taxation Avoidance Agreement: Coverages and Benefits

Double Taxation Avoidance Agreement: What Does It Cover And How You Can Benefit

BY Outlook Money

load more stories