Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.
Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.
It's crucial to remember that TDS is only deducted from some transactions when the payment's value exceeds the predetermined threshold.
HRA tax exemption: Employers must collect supporting documents, such as rent receipts, in order to provide the HRA deduction benefit when calculating TDS on salary. The rent agreement will be considered legally valid if it has the signatures of witnesses, the landlord and tenant, and is notarized as well.
Budget 2023 raised the Tax Collection at Source (TCS) rate for foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent for select transactions. The new rates of TCS will kick in from July 1, 2023. Let's understand how the new TCS rule will impact students who are already studying in foreign universities and schools or are planning to study abroad soon.
Unlike in online, the Excel utility (offline) requires the taxpayer to download the form, fill it out with the necessary information, and then upload it to the website for electronic filing.
Contrary to the norms, the Central Board of Direct Taxes (CBDT) notified the income tax return forms for FY 2022-23 (AY 2023-24) in February 2023, instead of April usually. While filing ITR for AY 2023-24, one needs to ensure that they have picked the correct ITR forms depending on the sources of their income. Else their ITR will be termed as defective.
The Central Board of Direct Taxes (CBDT) has issued guidelines on how online gaming companies will deduct tax from winnings they have earned. The guidelines have come after government removed the threshold of Rs 10,000 for deducting tax from the winnings in Budget 2023. The new rules have come into effect from April 1, 2023.
The finance ministry announced the maximum limit for encashment of earned leave that is exempt from income tax in accordance with the budget 2023 proposal.
The Central Board of Direct Taxes (CBDT) has issued guidelines of the income tax officials regarding parameters to be followed to pick up tax returns for complete scrutiny. The guidelines have been issued via order dated May 24, 2023.