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Received an income tax SMS or email for mismatch of income? Respond to it on the I-T portal

Unless a taxpayer can provide a satisfactory explanation for the mismatch of income, he may have to consider filing an updated tax return. While failure to provide a response on the I-T portal will attract no penalty now, ignoring to resolve this matter can result in future litigation. ....

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Plan to save tax by investing in spouse's name? That could spell trouble

You can use your income to buy an asset for your spouse. But any income from that asset will be clubbed with your income and taxed accordingly. This can’t be taxed as part of your spouse’s income. Doing so can get you an income tax notice. ....

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Budget 2024: Filing tax returns now easier but capital gains tax rules continue to be a pain point

Budget 2024: The government has made the process for filing returns easier and accessible, but more reforms are needed, particularly with respect to long term capital gains tax. Also, over the last decade filing returns has become completely automated but getting timely redressal remains an issue. ....

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Budget@10: Filing tax returns now easier but capital gains tax rules continue to be a pain point

The government has made the process for filing returns easier and accessible, but more reforms are needed, particularly with respect to long term capital gains tax. Also, over the last decade filing returns has become completely automated but getting timely redressal remains an issue. ....

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Can reporting foreign stocks as per calendar year create discrepancy while claiming TCS, TDS return?

The current assessment year is the first time ITR forms categorically asked for foreign stocks disclosures until 31 December. ....

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