Parents of spouse/ in-laws are not covered in the said definition, hence income tax exemption has been denied. By Chirag Nangia I was in the Netherlands from April 2020 till Dec 2020 for my project assignments. I started working in India from January 1, 2021. My employer has deducted Rs 50,000 for income tax considering
Income Tax
The guidelines for preparation and submission of Statement of Financial Transactions information have been issued by CBDT. For the purposes of prefilling the return of income, CBDT has issued a Notification to include reporting of information relating to dividend income. Section 285BA of the Income Tax Act, 1961 and Rule 114E requires specified reporting persons
The Income Tax provisions prescribe taxation of long term capital gains at 20% (including surcharge and cess as applicable By Chirag Nangia Last financial year, I made long term capital gains (LTCG) of Rs 2 lakh from mutual funds and booked long term capital loss (LTCL) of Rs 2 lakh from direct shares. While filing
Tax benefits for home loans are available for interest payment as well as for repayment of the principal amount. I get many questions about whether one can claim the tax benefits for House Rent Allowance (HRA) and home loan both at the same time. The conditions for claiming HRA are different and those for claiming
Form 15H is for an individual who is of the age of sixty years or more while Form 15G is for all other individuals. If you have a bank fixed deposit, it’s time to make sure that your bank does not deduct tax at source on the interest income earned. The bank will not make