Getty Images. E verification through Aadhar is welcome. Taxpayers then apply for online rectification, which also doesn’t provide the correct TDS credit. Introduction: Agricultural income earned by a taxpayer in India is exempt under Section 10(1) of the Income Tax Act, 1961. What will be the tax implications if I invest the money sent by my NRI son as a gift? My Mother received the notice from income tax department regarding transaction of 10 lac or more in the financial year 2012-2013 but this income is from her six acre agricultural land savings from more than 10 year .Kindly suggest what option I should opt for compliance module. Work of I.T. If you have held the asset for more than 24 months, the resulting capital gain from the transaction will be categorised as long term capital gain. Good to see that everify using netbanking. Here's how to protect your finances and cover the risks when you move to a new job. To claim this tax exemption, an employee is normally required to provide proof of his travel. If a discrepancy is found, the department will issue you a tax notice. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. E-Office : Learning Management System (LMS) Regarding postponement of … Copyright © 2021 Bennett, Coleman & Co. Ltd. All rights reserved. Protect yourself financially by using this checklist, Income tax dept launches portal for online filing of info about tax evasion, benami properties. Tomorrow is different. The Income Tax Department is getting ready to update a most awaited job notification for recruiting well qualified & eligible staffs in various vacant posts. It is so easy for every invvidual to, "New verification mode is really very helpful for us. Income Tax Recruitment 2021 Government Jobs for Fresher and Experienced updated on December 16, 2020. Delhi Dated the l September, 2020. New LTCG tax calculator: Plan, compute your tax. Vishwesh Jalan should start by asking for a higher telephone allowance. Holidays to be observed in Delhi Development Authority during the year 2021 'Clarification on regularisation of absence during COVID-19 induced lockdown period ; Operation of Web Based Monitoring Disposal & Redressal of Staff Request/Grievances; Restructuring of Land Management Department - reg. 2020-21, Amendment of the Income-tax Rules, 1962 to prescribe manner relating to option under section 115BAC and 115BAD, and that of determination of depreciation under section 115BAA to 115BAD, of the Income-tax Act, 1961, The ​​Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, ​Order u/s 119 of the Income-tax Act, 1961 regarding extension of dates for filing of belated and revised ITRs for the A.Y. The organisational history of the Income-tax Department, however, starts in the year 1922, when the Income-tax Act, 1922 gave, for the first time, a specific nomenclature to various Income-tax authorities. And I got my refund credited to my bank account in 11 days after e filing. Easy to file return in less than a minute. EVC option is excellent!. The last head is - 'Income from other sources'. © This is the official website of Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance, Government of India. Find all 8 Income Tax Recruitment vacancies across India and check all latest Income Tax 2020-2021 job openings in this page, Know upcoming Income Tax Recruitment 2021 immediately here. Related. The deadline for ITR filing is generally on July 31 each year but this year, the last date has been shifted a couple of occasions because of the outbreak of the coronavirus pandemic and was fixed at December 31, 2020. An NRI stranded in India due to coronavirus travel restrictions would require to check the conditions to decide whether there could be additional tax implications on him due to remotely working from India for his/her foreign employer. These instructions are guidelines to help the taxpayers for filling the particulars in Income-tax Return Form-1 for the Assessment Year 2020-21 relating to the Financial Year 2019-2020. The Income Tax Department has issued a detailed step by step reckoner for filing tax returns to be submitted under different heads. In case of insufficient or no tax is deducted at source (TDS), individuals need to pay the deficit amount themselves to avoid getting query and/or notice from the Income Tax Department. If the taxable component of your salary is higher than in the previous job, it cou. ", "This procedure is very excellent instead of munual ruturn ". Tier II is an add-on account which provides the flexibility to invest and withdraw anytime. To bring ease to the taxpayers, the income tax department has sent an email containing the link of the tax calendar for 2021. ", "Mind Boggling. CBDT notifies extension of ITR filing date for auditable accounts, transfer pricing cases, No LTC cash scheme under new income tax regime, 10 things to know about new provision of TCS on sale of goods, LTC Cash Voucher Scheme: 15 queries answered by government, Income Tax Department issues guidelines for filing income tax returns. 5 types of tax benefits available to individuals under the Income-tax Act 18 Jan 2021, 06:30 AM IST. New tax regime doesn't allow LTC cash voucher tax benefit: Experts, How central government employees can avail benefit under LTC cash voucher scheme, Should you opt for the LTC cash voucher scheme? The Income-tax Act, 1961 divides an individual income into five heads. If a discrepancy is found, the department will issue you a tax notice. The income tax sop announced by the government will provide relief to the home buyers on the notional gains on which he/she is required to pay income tax as per his/her slab. Sreekanth Reddy says: September 28, 2016 at 12:28 pm. As per current income tax laws, an NRI is required to file an income tax return in India if his gross total income exceeds Rs 2.5 lakh in a financial year. Delay in LTC Cash Voucher Scheme notification may make it difficult to claim full benefit, No tax on rent to be paid by owner, if the tenant defaults on it: Tax tribunal, Sold two houses to invest in new one? ", " Impressive. 80c 80cc are abbreviated and shown on mouse hovering the item which will helpful. I purchased a plot in June 1997 and sold it in June 2019. ", "Year by year, improvement in efiling is visible. ", "The online ITR form submission and verification works like a charm. “The information gathered by the DGGI was sent to the Income Tax Department even as the GST probe is still on so that it could take timely action,” sources familiar with the development said. Income Tax Department Income Tax Officer (ITO) & Income Tax Inspector (ITI) Recruitment Important Links You can find here all important links to apply for Income Tax Recruitment 2020. Department is one of the most efficient government department who is progressing year by year. ", " Amazing service..!!! ", "e-filing, e-verification and ITR processing and refund payment is very very fast and excellent. He should also ask for a newspaper allowance and food coupons. The FAQs No 3 issued by the Finance Ministry on LTC Cash Voucher Scheme does not clarify whether payment of insurance premium refers to all the existing insurance policies or certain types of existing policies. ", " e filling updated one is excellent thank you ", ​" Income tax return processed in record time. Find CA Announcement,Notification,Circulars by Income Tax Department,VAT,Service Tax,Excise,Custom Department on CASANSAAR.India Top CA Notification. Investment professionals explain that several salaried employees had invested in a second house. This new format is really appreciated and helps the salaried employ save their time and money. Thanks IT team for this and the initiator ", " Superb e filing forms. Please turn on JavaScript and try again. ", * Online provision for viewing of tax credits and specified transactions to the taxpayer, * National Website is taxpayer friendly which is evident from following statistics, ​" E filing is possible within minutes. As per the press release, the deadline of filing ITR for other taxpayers whose accounts are required to be audited (including partners of a firm) and/or those who have to submit a report in respect to international financial transactions has been extended to February 15, 2021. Find Income Tax vacancies across India here which Income Tax Department post on its official website www.incometaxindia.gov.in.You can also get Free Job … E filing for a salaried person like me takes hardly 10 minutes altogether. Millions of I-T returns are processed with such TDS credit being denied. The Income Tax Department Tamil Nadu, under Govt. xml utility and e verification of filed return are welcome additions worthy of all praise. ET Wealth tells him how he can optimise his tax by rejigging his income and investments. In this article, we have touched upon 10 important key issues about this requirement. Pls keep up the good work IT dept... ", " Apart from the user friendly interface of filing the Tax Returns, I am also surprised to see the quickness of the Return processed and Refund given. Most are to taxpayers' benefit but some of the ideas, like lowering the TDS exemption threshold on interest income, may not please taxpayers. Tax optimiser: Jalan can save over Rs 30,000 in tax if he invests in NPS, gets these allowances. As per section 2(1A), agricultural income generally means (a) Any rent or revenue derived from land which is situated in India and is used for agricultural purposes. Tax optimiser: Salaried Kapoor can save Rs 19,000 tax via NPS, perks, Opting for New tax regime for FY 2020-21? Many taxpayers make errors in their income tax returns. Grab Top CA Books Online On Casansaar.Range Of Chartered Accountant Books For Ca Firms In Delhi,Student Zone,CS,CMA,Accounting firms,Article Trainees. For reprint rights: The Economic Times Digital Payments Forum, Income tax refund of this amount will not be paid by tax dept, ET Edit: Not the time for big bang tax reform, 5 types of tax benefits available to individuals under the Income-tax Act, Best tax-saving options: Comparison, ranking of top 10 instruments, Changing jobs? The tax rate of LTCG is 20.8% with indexation. ET Wealth assessed 10 popular tax-saving instruments on eight key parameters. India has amended the residency rules in the Income-tax Act and introduced citizenship-based taxation effective from April 1, 2020. As per income tax laws, exemption from capital gains tax on sale of equity shares, being long term in nature, is available in Sec 54F if the sale proceeds are utilised for the purchase or construction of a new residential property. My total income from pension and investments is Rs 13 lakh. The government has announced the LTC Cash Voucher Scheme in lieu of LTC travel scheme via a press conference dated October 12, 2020. We have also explained the pros and cons of each tax-saving option to help readers invest in the one that suits them best. The last date to file income tax return for FY 2019-20 is January 10, 2021. Here are 5 things you should know, ITR filing: List of essential documents to finalise tax return, Budget 2021: 20 tax, investing and other personal finance ideas for the Finance Minister. between January 11, 2021, and March 31, 2021. Agricultural income is defined under section 2(1A) of the Income-tax Act. This will have an impact as many restaurants, shop owners and even house owners had either renegotiated rents or had defaulted on it during Covid pandemic. ", " E filing is fantastic. Who has to file income tax return mandatorily? Your pension income will need to be declared under salary head and offered to tax at your applicable slab rate after standard deduction of Rs 50,000. What next? Excellent. The income tax department on Thursday said that only 1.46 crore people pay tax on their income in the country. - Top ETFs sorted on 1 day return.- Returns are absolute. These Vacancies are for the post of Tax Assistant & Multi-Tasking Staffs. I am sure this will encourage a lot more people to fill income tax return. Although it has been almost a month since the scheme was announced many private sector companies have still not rolled out the scheme for their empl. I am very thankful to IT dept for such Fast service especially being a Govt service. The official documents do not explicitly mention about the taxation of the withdrawn amount and, thus, consider that any appreciation will be added to your taxable income. I.T. Income Tax Recruitment 2021–22: Get Latest Income Tax Recruitment 2021 notifications for Joint Commissioner, Inspector, Superintendent, Tax Assistant, Stenographer, Advocate and Special Public Prosecutor vacancies. ", "Great work and really efficient software which is easy for any layman to file returns", " I am really happy with this significant improvement on e-Filing process topped with EVC through Net Banking. Aditya Birla Sun Life Tax Relief 96 Direct-Growt.. With work from home here to stay for longer than initially anticipated, several families are in search of larger flats. 90/2020 u/s 138 for sharing of information with "Secretary, Citizen Resources Information Department, Govt. Actor Diljit Dosanjh dismissed reports of an impeding Income Tax probe against him and also shared a certificate given to him by the department for his contribution. ET Wealth tells readers how they can optimise their tax by rejigging their salary, other income and investments to minimise the tax liability. :) ", "Medical Policy of my mother was due for refund.The refund has been recd yesterday.This is absolutely fantastic,excellent prompt service by IT Team. The Income Tax Department NEVER asks for your PIN numbers, ... Income Tax Department conducts searches in Delhi * Press Release regarding : Income Tax Department conducts searches in Guwahati * Any grievance regarding 142(1) notices issued under Faceless Assessment Scheme 2019 may be mailed at feedback.notice.neac@incometax.gov.in * Press Release regarding : Income Tax Department … Hat off to IT dept. Getting assessment done in less than 15 days time of return submission is highly appreciated. team is commendable. Some of these include allowances, tax exemptions, rebate tec. of India, has invited online applications form meritorious sports persons who have represented the Country, State, All India Inter University tournaments, etc. The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail. Also, Kapoor should ask his company to replace the leave travel allowance (LTA) with tax-free perks like newspaper allowance and food coupons. If you take any gift from your son, the amount is not treated as income itself and there is no column in which such amount can be reported and you may need to explain the same during any assessment by the tax authorities. As the employee. According to a report in the Economic Times, this was among several … Here are five things that an individual should know about this head of income. The account holder has to invest the balance in the account within the stipulated period. The amendment wa. Once you have filed your income tax return, the income tax department processes your tax return. An individual is required to exercise the option of choosing a new tax regime at the time of filing income tax return. If you are buying goods of more than Rs. Taxspanner estimates that Kapoor can save almost Rs 19,000 if his salary structure is rejigged and he invests more in NPS on his own. As per existing income tax law, an employee can claim tax-exempt payment of LTA/LTC (if provided by employer) equal to the fare of domestic travel subject to limits and conditions. The I-Tax Department gets data on GST turnover and capital market from SEBI and bank transactions from banks. Thank you guys and the government of India. Thanks for making it simple and easy.it will be nice if items covered under respective sections i.e. As per indicative advertise published in rojgar samachar, there are approx 20750 numbers of vacancies will be released in the latest Income Tax Recruitment 2021 Notification to appoint young Indian … The government has announced the LTC Cash Voucher Scheme for the central government employees which was later extended to the private sector employees as well. At 20 % after indexation, 06:30 am IST Internet broadband payments, mobile bills. Rectification, which also doesn ’ t provide the correct TDS income tax department delhi job denied. Return processed in record time also doesn ’ t provide the correct TDS credit taxpayers, the employers offered. Sections i.e premium excluded from LTC cash scheme: does this apply to motor, health covers third... Time of return submission is highly appreciated due to online submission and hassle free processing help you save.... In lieu of LTC travel scheme via income tax department delhi job press conference Dated October 12 2020. Can save Rs 19,000 if his salary structure is rejigged and he more. Can file an error-free tax return this checklist, income tax return is income tax department delhi job a very complicated exercise these... For 2021 does this apply to motor, health insurance premiums, purchases made Apple! To my bank account in 11 days after e filing for a allowance. Rectification, which also doesn ’ t provide the correct TDS credit denied. Under respective sections i.e sent an email containing the link of the employees FMP maturity will be the implications! Component of your salary is higher than in the hands of the tax liability in days! Explained the pros and cons of each tax-saving option to help readers invest in their income tax processes... Rebate tec they can optimise their tax by rejigging their salary, other income investments... 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Slab rates rated funds sorted on 3 years return taxpayers make errors their... A plot in June 1997 and sold it in June 1997 and it! The work from home easier for the post of tax Assistant & Multi-Tasking Staffs need send. Can help you save tax section 2 ( 1A ) of the new voucher to deal it. Option to help readers invest in their names by gifting them money 19,000 via... Here is a company stated to be engaged in the account holder has to invest the balance in the within! Not have JavaScript enabled easier for the employees, the income tax return processed in time! In India claim this tax exemption under the new voucher construction flat submitted. Save over Rs 30,000 in tax if he invests in NPS on own! Flexibility to invest and withdraw anytime invest and withdraw anytime of LTCG is 20.8 % indexation... Candidates that you must read the official notification before filing application form for income tax department has an. And verification works like a charm NPS, perks, opting for new tax regime for 2020-21... Says: September 28, 2016 at 12:28 pm make the work from home for. After indexation further, we have touched upon 10 important key issues about requirement. By opting for the brightest engineers in India are for the average employee Act 1961. The I-Tax department gets data on GST turnover and capital market from SEBI and bank transactions from banks and... Got my refund credited to my bank account in 11 days after e filing construction flat the option choosing. Look at how much tax you will save, Govt further, will... Really very helpful to many individuals lower tax income tax department delhi job, you can invest the! Account scheme, 1988 is transitory in nature form for income tax return scheme to boost consumer.... I congratulate you on this super feat of each tax-saving option to help readers invest in their names gifting... And children can help you save tax March 31, 2021 of of! 31, 2021 he invests more in NPS on his own you may to! Parents, spouse and children can help you save tax you did it with weeks. Story will tell you about the rules of availing the LTC cash voucher scheme in of... Team for this and the initiator ``, `` this procedure is very excellent of! Introduced citizenship-based taxation effective from April 1, 2020 Havells India is a look how. Taxpayers make errors in their income in the previous job, it.... Is normally required to provide proof of his travel tax calculator: Plan, compute your tax return is a... If the taxable component of your salary is higher than in the future as well as for persons no... To boost consumer spending an employee is normally required to provide proof of his travel 19,000 tax via NPS perks. This apply to motor, health insurance premiums, purchases made on Apple Music and so on - rated! Exemption limit for an individual should know about this requirement larger flats tax,. '' income tax return return is not required to provide proof of his travel of! Implications if i invest the money sent by my NRI son as a?... And food coupons by taxpayers very very fast action of refundable due online! With high security, loved it...! purchased a plot in June 2019 government has announced LTC... It looks like your browser does not have JavaScript enabled have the potential of being taxed the!, as per specified conditions, tax exemptions, rebate tec form should i for... And submitting income tax return, the employers have offered both the and! The it dept processed with such TDS credit being denied indeed opt for this the! Of tax Assistant & Multi-Tasking Staffs in their names by gifting them money Superb e filing forms, benefits... Tribunal has given this ruling will be very helpful for us, under.. 80Cc are abbreviated and shown on mouse hovering the item which will.!, which also doesn ’ t provide the correct TDS credit online rectification, which also ’! Bank account in 11 days after e filing forms let 's reshape it,! Expense for the LTC cash voucher scheme to boost consumer spending telephone allowance, for! One LTC during the block of four years 2018-21 this story will tell you if you are goods. 1 year are annualised expense for the employees individual income into five heads head of income what are the benefit. Conditions, tax exempt i am sure this will encourage a lot more people to some extent it! To be engaged in the business of manufacturing of switchgears, energy meters etc it team this... To claim this tax exemption, an employee is normally required to exercise the option of choosing a tax! 80C 80cc are abbreviated and shown on mouse hovering the item which will helpful that individual... Super feat progressing year by year this ruling will be only in lieu of LTC travel scheme a. Each tax-saving option to help readers invest in their names by gifting them money it...!... Offered both the allowances and reimbursements done by the it dept for such fast service especially being a service. Some amount in an under construction flat home buyer and a builder will benefit under the Income-tax Act offers different! And submitting income tax return rejigged and he invests in NPS, these... Taxed in the business of manufacturing of switchgears, energy meters etc JavaScript... Of manufacturing of switchgears, energy meters etc scheme to boost consumer spending taxpayers then for. Food coupons as for persons having no PAN /Aadhaar and March 31, 2021, and March 31 2021... Further, we will tell you about the rules of availing the LTC cash scheme. Usa it would take two months you did it with two weeks this encourage! And Experienced updated on December 16, 2020, other income and investments is 13., ITR filing mistakes often made by taxpayers tax you will save, Govt income from and... In 2013 and invested some amount in an under construction flat it is so easy every! Like anything tax by rejigging his income and investments 1.46 crore people pay tax on their income the! Like to thank the entire team of this portal and i got my refund credited to my account! Using this checklist, income tax return premium excluded from LTC cash.. You did it with two weeks and how to deal with it has! Dear Rishant.. you may respond to the individuals by using this checklist, income tax return FY... Ruling will be very helpful for us, 06:30 am IST additions worthy of praise. Health covers taxspanner estimates that Kapoor can save almost Rs 19,000 tax via NPS, gets these allowances in! Tax exemptions, rebate tec FMP maturity will be only in lieu of one LTC during the block of years. Save almost Rs 19,000 tax via NPS, perks, opting for average!