Suresh Surana News

18.03 / 12:53

COST UPS Provident SEC Missed advance tax deadline? To avoid another interest charge you must pay off any remaining advance tax liability before March 31

advance income tax for FY 2024-25 but you can still pay the last quarter’s due advance tax. This payment will attract interest under Section 234C. However, despite this interest amount you will end up paying less than what you would pay after 31 March. In case you do not pay the last quarter’s advance tax by March 31, 2025 then additional interest under Section 234B will also be levied from April 1, 2025. Advance tax has to be paid by every taxpayer whose total tax liability is above Rs 10,000 in a financial year. To save on unnecessary interest cost, you must pay it now if possible.

28.09 / 08:17

markets Death Sony reports Schools Equality Pay a penalty of Rs 1.5 lakh or 0.5% of total sales if you fail to upload tax audit report within next 3 days

Income tax audit report submission deadline is September 30, 2024, for FY 2023-24 (AY 2024-25). If you miss this deadline then you can submit the tax audit report, however, it involves payment of a penalty. If you do not upload the tax audit report even after the deadline by paying a penalty then your income tax return will be considered defective.

13.07 / 14:39

COST Provident Digital Progressive electronic rights Save income tax with medical expenses: Claim deduction while filing ITR u/s 80DD and 80U on treatment cost of a disabled person

income tax return (ITR) to save on taxes. There are two deductions under sections 80DD and 80U, using which an individual can reduce their total taxable income. By reducing the total income, ultimately an individual is paying a lower quantum of tax.

28.06 / 11:25

Provident Digital Experts electronic ITR Filing for FY2023-24: Eligibility and Procedure for switching between Old and New Tax Regimes

Question: Since the concessional tax regime u/s 115BAC of the I-T Act has now been made the default tax regime for individual taxpayers, kindly guide us on switching between the tax regimes.

17.06 / 14:07

UPS Target economy 2020 reports Modi 3.0 Budget 2024 Expectations: What are Finance Minister Nirmala Sitharaman's plans for taxpayers?

With the dawn of Modi 3.0, all eyes are eagerly set on the upcoming Union Budget of 2024, slated for presentation in July. Anticipation runs high among industries, farmers, taxpayers, and the middle class alike, as they await potential boosts and tax reliefs from Finance Minister Nirmala Sitharaman.

15.06 / 10:31

UPS Provident Experts information Department ITR Filing for FY2023-24: Key documents required for filing income tax returns

Question: As the income tax return filing season has set in, kindly guide on what are the key documents which taxpayers should possess for duly furnishing their tax returns?

03.06 / 06:31

Provident FIVE Maxim Strategy Discover information Income Tax Return: How to get maximum tax refunds on filing ITR | Check out these 5 ways!

Income tax return filing FY 2023-24: The deadline to file ITR for AY 2024-25 is July 31, 2024. Salaried individuals are waiting for their employers to issue Form 16, in a week or two. Once they receive Form 16, they will be in a position to file income tax returns easily. However, this document is not necessary to file an ITR if a taxpayer uses other documents like Form 26AS, Annual Information Statement (AIS) / Tax Information Summary (TIS), capital gains details, bank statements, home loan statement and interest certificates from banks.

24.05 / 15:29

Provident Aware consequences information reports recommendations Features ITR Filing for AY 2024-25: How will the new feature in AIS introduced by CBDT recently help taxpayers?

Question: When will ITR e-filing start this year? When can salaried taxpayers start filing their tax returns for AY 2024-25? Also, kindly enlighten us on the new AIS functionality.

17.05 / 14:05

UPS Provident Citizens Experts NPS: How do contributions to and withdrawal from National Pension System are taxed?

Question: Kindly guide us on the tax benefits associated with making contributions and withdrawal to/from the National Pension System.

12.05 / 08:49

Provident Citizens Experts consequences What are the consequences of PAN becoming inoperative due to non-linkage to Aadhaar?

Question: What are the consequences of PAN becoming inoperative due to non-linkage to Aadhaar? Any further clarifications from the government in this regard?

03.05 / 14:21

Experts reports Department recommendations Updates Income tax: Close to 6 lakh IT returns filed within 30 days of portal’s opening, two-thirds processed, says report

reported Business Line. Over 5.92 lakh returns were filed by April 29. Out of these, over 5.38 lakh had been verified and 3.67 lakh verified returns were processed.

02.05 / 07:59

BLOCK Citizens wellness Experts recommendations How can Form 15G & Form 15H save TDS on interest income?

Question: As the new financial year has commenced, kindly guide us on the requirement for submission of Forms 15G & 15H by the taxpayers to banks. Who are the eligible taxpayers to submit the said forms? Further, what are the applicable deadlines for submitting these forms?

21.03 / 12:55

UPS Booking Citizens information prevention Updates Updated Income Tax Return: What is it, when to file and who can file it?

Question: What is an updated return of income? When shall a taxpayer be eligible to furnish the same?

14.03 / 08:37

Provident Maxim Puzzle consequences Advance Tax Payment: Last Date, Applicability, Tax Considerations – Here’s all you need to know

Question: What is the last date to pay advance tax for Financial Year (FY) 2023-24? What are the consequences in case of non-compliance with the advance tax due date?

02.03 / 06:27

UPS Provident Waters wellness Experts Taxation of Rental Income: How is rental income taxed in India?

Question: I have purchased a new house on a home loan for which I am paying Rs 2.5 lakh as interest on an annual basis. Further, I am also deriving rental income amounting to Rs 40,000 per month from a tenant. I have also paid municipal taxes of Rs 5,000 during the year. Considering the same, kindly guide me on tax implications of the above components and what would be the amount which would be subjected to tax?

26.02 / 07:09

wellness students Experts Universities Schools International How can I claim tax deduction for interest paid on education loan?

Question: I am an individual taxpayer and intending to avail an education loan on behalf of my daughter who would be pursuing a course in an International Educational Institute abroad. Kindly guide on whether the interest paid on such educational loan taken for the purpose of daughter’s education can be claimed as tax deduction in my tax return. Further, whether such tax deduction would be restricted to education loan availed for Indian courses or extended to foreign courses as well?

23.02 / 09:45

UPS Provident Platform Sony show NOT TDS on salary is not on a fixed rate; Know how tax is calculated and deducted by employer

«The employer deducts TDS on salary at the employee's 'average rate' of income tax. This is because TDS on salary is not deducted at a flat rate,» says Abhishek Soni, co-founder, Tax2Win, a tax filing assistance platform. Here's how this TDS deduction works and how it can impact your monthly income.

17.02 / 08:16

Provident Booking Bill Experts Which outstanding tax demands would be withdrawn, as announced by the FM?

Question: Recently, the Finance Minister announced withdrawal of outstanding demands for the taxpayers. Kindly enlighten us on whether all such outstanding tax demands would be withdrawn.

09.02 / 11:59

markets Digital wellness Experts Option Taxation of Employee Stock Option Plans

Question: Can you elaborate on the taxation of ESOPs?

26.01 / 05:11

UPS Provident Food Trade medicines donates How to claim tax deductions on donations made by individual taxpayers

Question: I am an individual taxpayer and have made certain donations during the year. Kindly guide me on the aspects to be considered for claiming deduction w.r.t. such donations in the Income Tax Return.

20.01 / 09:55

COST Digital Experts How are cryptocurrencies taxed in India?

Question: I am a taxpayer regularly investing in cryptocurrencies and Non-Fungible Tokens (NFTs). Please guide me on the tax implications applicable on sale of such investments made in cryptocurrencies.

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