Tax Liability News


How work from home may increase tax liability for certain employees

House rent allowance (HRA) is one of the major exemptions that employees claim, which helps them bring down their tax liability.

2 min read13 Aug 2020

Why Not Mint Money | Look beyond 80C deductions to reduce your tax liability

There are different sections of the Income-Tax Act other than Section 80C that can help you save tax. We tell you about different categories under which these deductions are available and its various conditions.

13 Jan 2020

Transfer of shares from parents to kids doesn’t trigger any tax liability

But, if you choose to sell the shares, you will be required to compute the taxable long-term capital gains or loss arising in your handsThe TDS obligations in India depend on the payor, payee status and the nature of payment

1 min read1 Sep 2019

Income-tax law does not consider all inherited assets as ancestral property

Ancestral property is defined as one which a person inherits from any of three immediate male ancestors—father, grandfather and great grandfatherHere’s how ancestral property is taxed under the Hindu Succession Act.

3 min read19 Jun 2019

Indian merchants do not want to go digital

Notions of customer preferences and concerns over tax liability explain the low rates of digital payment adoption in India according to a new study

1 min read25 Apr 2019

What you should do if you have missed the 31 March ITR deadline

Taxpayers who have missed the last deadline will continue to be liable to pay tax along with interest and penalty.They will also be liable to be prosecuted under Section 276CC of the Income-tax Act, 1961, for wilful failure to file ITR

2 min read10 Apr 2019

Why you shouldn’t miss the ITR deadline for FY18

If you miss the 31 March 2019 deadline, you will not be able to file ITR for AY 2018-19 at all, which could lead to imprisonment and steep penaltyTax authorities may prosecute you for wilfully not furnishing ITR if the amount of unpaid tax exceeds ₹3,000

3 min read26 Mar 2019

Pay your pending advance tax by 15 March

Every individual tax assessee whose estimated tax liability for an FY exceeds ₹10,000 needs to pay advance taxA resident senior citizen not having any income from business or profession is not liable to pay advance tax

1 min read13 Mar 2019

Look beyond 80C deductions to reduce your tax liability

There are quite a few products and expenses that do not fall into the 80C basket of deductions but can fit into your financial plan and also get you additional tax benefitHealth insurance premiums, and interest paid on home and education loans can get you extra tax benefit

3 min read24 Jan 2019

3rd instalment of advance tax due on 15 December

If you fail to adhere to the advance tax schedule, you will have to pay interest on the due taxes

3 min read13 Dec 2018
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The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared

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