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ITR filing: How banks, mutual funds and companies will check if you have filed ITR

Synopsis
Deductors of TDS/TCS like banks, mutual fund houses etc can now check if you have filed ITR when your income crosses the TDS limit from July 1, and levy two times the TDS amount if you haven t filed your tax return.
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The tax department has prepared a list with names of taxpayers who have not filed their ITRs for the previous two fiscals, which can be used by deductors.
Effective from July 1, 2021, a person who has not filed ITR for the previous two financial years and the aggregate TDS and TCS deducted from payments made to him/her in each of these financial years exceeds Rs 50,000, then such person would be subjected to higher TDS rate. ....

Naveen Wadhwa , Income Tax Act , Accountant Naveen Wadhwa , நவீன் வாத்வா , வருமானம் வரி நாடகம் , கணக்கர் நவீன் வாத்வா ,

elss mutual fund: Invest more than Rs 1.5 lakh in ELSS mutual fund to claim full benefit under section 80C: Experts

Suggested InvestmentHorizon: >3 years
Time taken to doublemoney: 1.1 Years
Chartered Accountant Naveen Wadhwa, DGM, Taxmann.com says, Section 80C allows deduction in respect of various investments such as a subscription to units of ELSS, ULIPs, etc. The Indian Stamp Act provides for the levy of stamp duty at the rate of 0.005% on purchase of units. If an investor is investing Rs 50,000 then stamp duty of Rs 2.5 shall be levied, and a balance amount of Rs 49,997.5 will be invested in the units. The provision is silent whether the amount of deduction under Section 80C shall be arrived at before excluding or after excluding the stamp duty. It is advisable to claim the deduction for the net amount, that is, after excluding the stamp duty. ....

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Invest more than Rs 1.5 lakh in ELSS mutual fund to claim full benefit under section 80C: Experts

Synopsis
According to chartered accountants, this is necessary to claim the full tax-saving benefit of Rs 1.5 lakh, which is the maximum allowed under section 80C.
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Effective from July 1, 2020, investments in equity mutual funds attract stamp duty at the rate of 0.005%.
If you are investing in an equity-linked savings scheme (ELSS) to claim the tax benefit under section 80C of the Income-tax Act, 1961, then do make sure that you have invested marginally more than the specified limit of Rs 1.5 lakh in a financial year. According to chartered accountants, this is necessary to claim the full tax-saving benefit of Rs 1.5 lakh, which is the maximum allowed under section 80C. However, in order to do this you may have to end up investing at least Rs 500 more than Rs 1.5 lakh i.e. Rs 1,50,500 in case of a lump sum investment. In case of SIPs, the amount may have to be more. ....

Abhishek Soni , Naveen Wadhwa , Rama Karmakar , Axis Mutual Fund , Prudential Long Term Equity Fund , Mirae Asset Mutual Fund , Axis Long Term Equity Fund , Mirae Asset Tax Saver Fund Is Rs , People Advisory Services , Income Tax Act , Tax Partner , Advisory Services , Accountant Naveen Wadhwa , Indian Stamp Act , Mirae Asset Tax Saver Fund , Long Term Equity Fund , அபிஷேக் சோனி , நவீன் வாத்வா , ராமா கர்மகர் , அச்சு பரஸ்பர நிதி , விவேகமான நீண்டது கால பங்கு நிதி , மீரே சொத்து பரஸ்பர நிதி , அச்சு நீண்டது கால பங்கு நிதி , வருமானம் வரி நாடகம் , வரி கூட்டாளர் , கணக்கர் நவீன் வாத்வா ,

Not linking PAN and Aadhaar by March 31, 2021 will cost you Rs 1,000: Here is why

Not linking PAN and Aadhaar by March 31, 2021 will cost you Rs 1,000: Here is why
indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.

Abhishek Soni , Naveen Wadhwa , Saraswathi Kasturirangan , Income Tax Act , Finance Bill , Aadhaar Number , Accountant Naveen Wadhwa , Deloitte India , அபிஷேக் சோனி , நவீன் வாத்வா , வருமானம் வரி நாடகம் , நிதி ர சி து , ஆதார் எண் , கணக்கர் நவீன் வாத்வா , டெலோய்ட்டே இந்தியா ,