'Tax is not required to be deducted from specified payments if a recipient files a self-declaration with the deductor for no deduction of tax.'
Streedhan refers to gifts, money or property that a woman receives before her marriage, at the time of her marriage, during childbirth or widowhood, primarily from her parents, relatives or in-laws.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
Gold is an excellent asset class for diversification and should be included in all long-term portfolios.
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
The choice of tax regime dictates how your income will be taxed. If you don't make the right pick, you might end up losing money.
FMPs remain an option for investors who believe interest rates could head downward over time and wish to lock in the current rates. TMFs have very low expense ratios, which makes them cost-efficient.
If you fail to make the lump sum deposit before April 5, do so at least before the 5th of the next month (May). That way you will only lose out on the interest for April.
Don't solely focus on tax-saving alone.
If the gift is received from a relative, there is no tax implication. But if the gift is received from a non-relative and exceeds Rs 50,000 in value during a financial year, the entire value of the gift is taxable.
In numerous instances, family members are unaware of an insurance policy's existence, let alone its details.
An individual can avail tax deduction on the amount spent during the year on a deferred annuity for self, spouse, or child.
Taxpayers with old, outstanding taxes will benefit from the CBDT's new scheme.
Everyone (with some exceptions) whose estimated tax liability is Rs 10,000 or more in a financial year must pay advance tax.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
Municipal corporations penalise late property tax payments. 'Penalties can include attachment of properties, bank accounts, rent and other movable assets," says Anand Moorthy, co-founder, Square Yards.
'The barbell strategy says that the best way to strike a balance between risk and reward is to invest at the extremes of the risk spectrum.'
What many don't realise is that including their spouse and children in their tax planning can enable them to reduce their tax burden legally.
Since MAAFs invest across multiple asset classes, they offer diversification.
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
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