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ULIP INCOME IN ITR
Reporting ULIP payout of Rs 3.22 crore under wrong head in ITR triggers tax penalty; ITAT Hyderabad cancels penaltyA man who invested Rs 75 lakh in ULIPs and surrendered them for Rs 3.22 crore was penalized Rs 2.48 crore for reporting the income under th...
New income tax slabs, zero tax on income up to Rs 12 lakh, 9 other income tax laws effective from April 1, 2025New Financial Year 2025, new tax laws: Today marks the beginning of the new financial year 2025-26. With the new year, a lot of changes are...
Ulip tax, updated ITR, NPS Vatsalya and other Budget 2025 personal finance changes that can impact youBudget 2025 has brought about changes to Ulips, tax on NPS Vatsalaya and for filing of updated income tax returns. Read our story to know h...
Long weekend cancelled for income tax department; it will work on March 29 to 31st to facilitate taxpayersIncome tax department: March 29, 2024 is Good Friday, a holiday and March 30 is a Saturday. Further March 31 is a sunday. In light of the f...
Interim Budget 2024 wish list: 15 income tax, personal finance ideas for the Finance MinisterThe Union Budget will be announced next month. ET Wealth reached out to experts to know what they want on February 1.
New tax slabs, no tax on income up to Rs 7 lakh in new tax regime, 13 changes in 2023 that will impact you in 2024Many changes were announced in the Budget 2023 as well as during the year in 2023 by the Central Board of Direct Taxes (CBDT). These change...
How are NRIs taxed: 8 questions on residency status, taxable income, deductions and exemptions, ITR formsHere’s everything you wanted to know about taxation that NRIs are subjected to in India.
New income tax slabs under new tax regime, no LTCG tax benefit on debt mutual funds: 15 income tax changes from April 1Budget 2023 has made many changes under the Income Tax Act, 1961. Some of these changes will come into effect from the start of new financi...
How will Budget 2023 tax changes impact investors?Under the new tax regime, the rebate for income tax has been increased to Rs 7 lakh from the earlier limit of up to Rs 5 lakh. The budget a...
Income tax rules: Tax on PF interest, reduction in time limit of ITR filing, other changesWith the start of the new financial year on April 1, various tax and money rules come into effect. Here is a look at 11 rules that will imp...
5 reasons you could get an income tax notice and how to deal with itOnce you have filed your income tax return, the income tax department processes your tax return. If a discrepancy is found, the department ...
7 direct tax announcements in Budget 2021 and its impact on taxpayersIn order to encourage first time homebuyers, deduction on account of home loan interest up to Rs 1.5 lakh which was available on loans take...
5 Budget 2021 announcements taxpayers should make note ofEven though personal income tax slabs did not see any change this Budget by FM Sitharaman, tax compliance measures were announced to simpli...
Key Budget 2021 announcements that impact individual tax payersWhile no changes have been proposed to the personal tax rates, the budget contains various relief measures and proposals to facilitate ease...
Budget had marginal income-tax relief, compliance rationalisedIt has been interestingly proposed that for ULIPs taken on or after Feb 1, 2021 the maturity proceeds of policy with an annual premium of m...
Do I have to pay tax on insurance maturity proceeds?"According to Section 10(10D) of the Income-Tax Act, any sum received from a life insurance policy is exempt from tax."
Vote on account 2014: Few major tax changes that happened during last decadeHere are a few major tax changes that happened during the last decade and identify the good, bad and ugly part of it.