Tax Liability News

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

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

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.

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

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

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

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

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

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