RBI to commence pilot launch of Digital Rupee, releases concept note on CBDC
The concept note further details the broad objectives that will be achieved by the introduction of CBDC using blockchain and other technologies....
Second Installment Advance Tax Payment Due
f the Income Tax Liability of any taxpayer is more than Rs. 10,000 in a financial year, then he is liable to pay such tax in installments during the year itself rather than paying this tax at the end of the year. This tax which is payable during the year is called “Advance Tax” or […]...
5 smart tax moves to maximise investment returns
As a salaried individual, you can’t avoid taxes. If you are earning, you are liable to pay the applicable taxes, and the quantum of tax you need to pay depends on the tax bracket you fall in and your age. As your income grows, so does your tax liability, and lesser you have to save and [&hell...
4 tax-saving investment tools Tax saving for senior citizens
Investing is not only a thing that should be done when you are young but senior citizens can also park their money in investment tools that not only offer risk-free returns but also allow tax deductions. It is ideal for an individual to commence their tax-saving at the beginning of a new fiscal year...
Income Tax on your employee provident fund withdrawal: All you need to know
As per the provisions of the Income-Tax (I-T) Act, 1961, the accumulated balance in EPF that is payable to an employee is excluded from the computation of the total income, in case certain conditions are met....
Filed your ITR? Check 5 types of ITR filing status
It is tax season, and once you have filed your income tax return (ITR), you can check to see if the Income Tax Department has accepted and processed your ITR. In specific cases where differences are detected, you may be required to react to the ITD notification. It is the season to file your income ...
ITR filing penalty: These taxpayers don’t have to pay late fee for missing deadline
If an individual missed the deadline to file an income tax return (ITR), then a late filing fee of up to Rs 5,000 is levied. However, there are certain individuals who can file their ITR without paying a penalty even after the expiry of the deadline. Let us take a look at who will not […]...
Which senior citizens are no longer required to file ITR?
Budget 2021 announced an exemption from the ITR filing process for senior citizens above a certain age. This exemption is available to senior citizens provide they satisfy certain conditions. If the specified conditions are met, he/she is required to submit a declaration during the previous year (i....
You may end up getting income tax notice if this document is filled with error
In November 2021, the income tax department has launched the AIS. It may happen that you have forgotten to check it before filing ITR. What are the repercussions of not checking AIS before filing ITR?...
Loan against PPF: 7 things to know
1. Loan not available against full depositA PPF account holder is eligible to avail of a loan after the third financial year, although this option is only available until the end of the sixth financial year. However, one cannot avail of a loan for the complete amount. A maximum of 25% of the sum ava...
