'Ensure that all property-related documents are up-to-date.' 'Relying on outdated documents can create legal complications.'
'Any earnings, regardless of location, will be subject to Indian income tax.'
Long-term tax-saving FDs can also be considered after the PPF limit has been exhausted.
Scammers sometimes misuse personal information collected during tax preparation, leading to identity theft or unauthorised financial transactions.
'Despite rising inflows, many NRIs lack awareness about NRO and NRE accounts and mistakenly use family accounts or invest in a relative's name.' 'Many are unaware of tax implications.'
Make minimum payments on all debts, then use extra funds to tackle the smallest debt first.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
'File all the supporting documents in response to the allegation since there is a possibility of the proceedings getting dropped at that stage if the reply is satisfactory.'
A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
It is advisable to file your ITR right away and not rely on potential extensions.
'The adjustments (of tax slabs and standard deduction) will reduce the tax burden for salaried individuals with an income of around Rs 20 lakh by approximately Rs 18,000.' 'For non-salaried individuals with the same income level, the savings will be around Rs 10,000.'
'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'
'If an individual makes significant financial investments, she should stick to the old regime.' 'If the individual prefers straightforward computation without any tax benefits, the new regime would be suitable.'
'A mid-year review makes the end-of-year financial review manageable and less stressful.'
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
Form 16 contains details of salary income, deductions, and exemptions.
If gratuity is not paid within 30 days of termination, the employer must pay interest as set by the central government.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
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