What is ITR V? Income Tax Return Verification (ITR-V) is a receipt sent by the Income Tax Department acknowledging that the taxpayer has successfully filed the income tax return. If you have not filed your ITR this year then first select the suitable package and file your ITR with the help of Tax Spanner.It is mandatory for you to verify your return to … [Read more...] about 5 Ways to E- verify Your Tax Return
Long Term Capital Gains Tax on Sale of shares and equity-oriented mutual funds.
Background Before 1st April 2018, long-term capital gain (LTCG) on the sale of shares and equity-oriented mutual funds on which Securities transaction Tax has been paid was exempted by the Indian Government. New Law & Applicability But in the year 2018 government passed a law making LTCG taxable at a rate of 10% on gains over Rs 1 Lakh a year without … [Read more...] about Long Term Capital Gains Tax on Sale of shares and equity-oriented mutual funds.
Why You Should File Your Tax Return Right Now!!
It is important for a taxpayer to know the circumstances under which it is mandatory for an individual to file tax returns. In every case if individual’s income exceeds Rs 2.50 lakh, it is mandatory to file a tax return. Income tax return is very different from tax challans generated while making the tax payment. ‘Income tax return’ is a form in which taxpayers declare details … [Read more...] about Why You Should File Your Tax Return Right Now!!
Tax optimiser: IT professional Sharma should use NPS instead of PPF to save tax
Bengaluru-based IT professional Anumod Sharma has a fairly tax friendly salary structure but he does not avail of all the deductions available to him, which has pushed up his tax liability. Taxspanner estimates that Sharma can reduce his tax by nearly Rs 52,000 if he avails of the NPS benefit offered by his company and he invests more in the pension scheme on his own.Sharma … [Read more...] about Tax optimiser: IT professional Sharma should use NPS instead of PPF to save tax
Old Tax Regime is better than New Tax Regime for your family’s financial wellbeing.
Companies have started working on the compensation plans for the new financial year. Many have already asked their employees to submit their tax declaration for FY 2020-21. Among other things, employees are also being asked whether they want to be taxed as per the old or new tax regime. The Finance Bill 2020 proposed a new tax regime with lower tax rates. The intent was to … [Read more...] about Old Tax Regime is better than New Tax Regime for your family’s financial wellbeing.
