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Tag: income tax department

  • How earnings tax rule applies on capital positive factors after sale of jewellery

    Income tax calculator: Gold, silver or some other treasured steel jewellery purchased by an Indian is taken into account funding by the earnings tax division of India. As per the earnings tax act, if an individual sells one’s jewellery then short-term capital achieve or long-term capital achieve turns into relevant (relying upon the time of acquisition). In the case of reward or inheritance, if the jewellery holder is unable to provide the unique invoice, then she or he has the choice to assert price of acquisition as on its value on 1st April 2001 by consulting a authorities recognised jewellery valuer.

    Speaking on the earnings tax rule relevant on one’s capital achieve after jewellery sale Pankaj Mathpal, Founder & CEO at Optima Money Managers stated, “If the period of acquisition is not more than 36 month, then short-term capital gain will be applied on the jewelry sale. However, in the case of jewelry acquisition being more than 36 months long term capital gain will be applied.”

    Pankaj Mathpal of Optima Managers stated that within the case of long run capital achieve on jewellery sale, one will be capable of get indexation profit and the payable tax shall be 20.8 per cent (20 per cent earnings tax plus 4 per cent cess payable on the web earnings). However, within the case of brief time period capital achieve, one’s internet earnings from the jewellery sale will get added in a single’s common earnings and the earnings tax will develop into payable as per the earnings tax slab during which the person falls.

    On how the acquisition price shall be determined if the jewellery offered was gifted or inherited and the proprietor is unable to provide its authentic invoice Balwant Jain, a Mumbai-based tax and funding knowledgeable stated, “In case of gift or inheritance of the jewelry, the owner can claim its acquisition cost as per its price on 1st April 2001. One can get its valuation done by consulting a government recognised jewelry valuer.”

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  • Income tax relaxations you possibly can declare on rental earnings

    Income tax division prescribes some rest to the property proprietor on one’s let loose property. So, whereas submitting the earnings tax return (ITR) one wants to make use of the earnings tax calculator correctly as one’s gross rental earnings is complete annual lease minus municipal taxes being paid in that monetary 12 months. Apart from this, the property proprietor is eligible for 30 per cent customary deduction on the gross rental earnings too.

    Speaking on the earnings tax calculation guidelines utilized on rental earnings Mumbai-based tax and funding knowledgeable Balwant Jain mentioned, “As per the income tax act, total annual rent is not considered as rental income of the property owner. Gross annual rental income, as per the law is net rent of the let out property minus total municipal taxes paid by the property owner.”

    On customary deduction that property proprietor can declare on one’s rental earnings Balwant Jain mentioned, “Income tax department allows up to 30 per cent standard deduction on one’s gross rental income. This standard deduction can be claimed by the property owner for renovation or maintenance of the property.”

    Elaborating upon how one can declare customary deduction on one’s rental earnings from a let loose property SEBI registered tax and funding knowledgeable Jitendra Solanki mentioned, “While claiming standard deduction on rental income, owner of the let out property will have to produce the voucher for establishing one’s expenses on house repair or maintenance. If the property owner has taken loan (either from bank or from any individual) for house repair or loan for the let out property, the owner is eligible for claiming the tax paid on loan repayment in standard deduction.” However, he maintained that one cannot declare greater than 30 per cent of 1’s gross rental earnings for normal deduction.

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  • New Income Tax Return (ITR) submitting portal to be launched. Here’s what adjustments

    The Income Tax Department on Saturday stated its new e-filing portal can be cell pleasant, have pre-filled ITR type and simplified utility.

    The I-T division can be launching its new portal e-filing 2.0 on June 7 for the taxpayers. The new web site can be changing the prevailing portal referred to as incometaxindiaefiling.gov.in.

    Ahead of the launch of recent Income Tax Department’s web site, the e-filing providers can be can be shut for six days between June 1 and 6.

    “Income Tax Department will launch its new e-filing portal incometax.gov.in on 7th June’21. It will replace the existing portal of the Department http://incometaxindiaefiling.gov.in,” the I-T division tweeted.

    Giving the salient options of the “e-filing 2.0 portal”, the I-T Department stated there can be a “all new mobile app” and taxpayers may have a step-by-step steering with consumer manuals and movies.

    Besides, a number of choices for on-portal tax funds, a number of choices for login, helpdesk assist and chatbot are the options within the portal.

    The e-filing portal is utilized by the taxpayers to file their revenue tax returns (ITRs) and in addition to boost complaints looking for refunds.

    Taxmen use it to challenge queries, notices, get responses from the taxpayer and to speak last orders like assessments, appeals, amongst others, on the taxpayers’ dashboard.

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  • I-T Department points refunds price Rs 25,301 crore thus far this fiscal

    The Income Tax Department on Wednesday stated it has issued Rs 25,301 crore-worth refunds to greater than 15.45 lakh taxpayers thus far this fiscal.
    Out of the overall quantity, private revenue tax refunds to the tune of Rs 7,494 crore have been issued in over 15 lakh instances. Corporate tax refunds of Rs 17,807 crore have been issued to 44,140 taxpayers.
    “CBDT issues refunds of over Rs 25,301 crore to more than 15.45 lakh taxpayers between 1st April, 2021 to 24th May, 2021,” the Income Tax Department stated in a tweet.

    The I-T division didn’t specify about which monetary yr the refunds pertained to. However, it’s believed that the refunds are for tax returns filed for 2019-20 fiscal.

    In the earlier fiscal, the division had issued Rs 2.62 lakh crore-worth refunds to greater than 2.38 crore taxpayers.
    The refunds issued in 2020-21 fiscal was 43.2 per cent greater than Rs 1.83 lakh crore issued in 2019-20 fiscal, which ended March 31, 2020.

  • Income Tax Department to launch new e-filing portal for taxpayers on June 7

    The Income Tax Department is anticipated to launch a brand new e-filing internet portal for taxpayers, which they use to file routine ITRs and carry out different tax-related works, early subsequent month, officers stated on Thursday.
    The present internet portal might be shut for six days between June 1-6.
    Officials stated the brand new portal might be made extra user-friendly.

    An order issued by the techniques wing of the division on Wednesday stated the “transition” from the previous portal — http://www.incometaxindiaefiling.gov.in — to the brand new –www.incometaxgov.in — might be accomplished and made operational from June 7.
    “In preparation of this launch and for migration activities, the existing portal of the department at http://www.incometaxindiaefiling.gov.in would not be available for a brief period of six days from June 1 to 6,” the order stated.
    The exiting portal will “not be available” to each the taxpayers in addition to Income Tax Department officers throughout this era, it stated.
    “All officers may be directed to fix any hearing or compliances only from June 10 onwards to give taxpayers time to respond to the new system,” it stated.
    Any work scheduled between the taxpayer and the assessing officer of the division could also be preponed or adjourned, the order stated.

    The e-filing portal is utilized by the taxpayers to file their particular person or enterprise class earnings tax returns (ITRs) and likewise to lift complaints looking for refunds and different works with the tax division.
    The taxman makes use of it to difficulty notices, get responses from the taxpayer and reply to their queries and to speak closing orders like assessments, appeals, exemption and penalties, amongst others.

  • I-T division to launch new e-filing portal for taxpayers on June 7

    The Income Tax division will quickly be launching a brand new net portal for taxpayers to make the routine ITRs submitting course of simpler and hassle-free, officers stated on Thursday. The officers added that the prevailing net portals will probably be shut for six days between June 1 and 6, this yr. And, by June 7, the brand new e-filing net portal could be made operational for taxpayers.

    An order issued by the methods wing of the division stated the “transition” from the outdated portal — www.incometaxindiaefiling.gov.in — to the brand new –www.incometaxgov.in — will probably be accomplished and made operational from June 7.

    “In preparation for this launch and migration activities, the existing portal of the department at www.incometaxindiaefiling.gov.in would not be available for a brief period of six days from June 1 to 6,” the order stated.

    The exiting portal will “not be available” to each the taxpayers in addition to Income Tax Department officers throughout this era, it stated.

    “All officers may be directed to fix any hearing or compliances only from June 10 onwards to give taxpayers time to respond to the new system,” it stated.

    Any work scheduled between the taxpayer and the assessing officer of the division could also be preponed or adjourned, the order stated.

    The e-filing portal is utilized by the taxpayers to file their particular person or enterprise class earnings tax returns (ITRs) and likewise to boost complaints in search of refunds and different works with the tax division.

    Meanwhile, the I-T division has issued over ₹24,792 crore refunds to greater than 15 lakh taxpayers to this point this fiscal.

    Of this private earnings tax refunds price ₹7,458 crore has been issued in over 14.98 lakh circumstances. Corporate tax refunds of ₹17,334 crore have been issued to 43,661 taxpayers.

    “CBDT points refunds of over ₹24,792 crore to greater than 15 lakh taxpayers between 1st April 2021 to seventeenth May 2021,” the Income-tax division tweeted.

    The I-T division didn’t specify the monetary yr for the refunds. However, it’s believed that the refunds are for tax returns filed for 2019-20 fiscal.

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  • Received revenue tax discover? No have to panic, counsel consultants

    Income tax division has change into fairly vigilant about our spending (each money and digital). Just a single glimpse of mismatch between the revenue tax return (ITR) filed by the taxpayer and its spending is sufficient for the revenue tax division to slap revenue tax discover to the incomes particular person. However, if we go by the tax and consultants’ views, there isn’t any have to panic if the revenue tax division has served discover towards any incomes particular person. They stated that the revenue tax division provides ample time to the taxpayer to defend towards the discover.

    Speaking on the revenue tax discover SEBI registered tax and funding professional Jitendra Solanki stated, “Income tax department can slap notice on both cash and digital yt. But, after receiving the income tax notice, one should first find out the reason for income tax notice. To find that reason, one needs to log in to the income tax portal and look at the form 26AS where reason for income tax notice will be mentioned.”

    Solanki went on so as to add that after discovering out the explanation for I-T discover, the taxpayer must defend himself by logging in on the revenue tax web site and put its grievance on the house web page.

    On what ought to be the plan of action if the revenue tax discover is towards money transaction Dr. Suresh Surana, Founder at RSM India stated, “There are various restrictions or limits imposed on cash transactions which can be carried out by the taxpayers. In case of violation of any of the restrictions, the income tax department may issue a notice to the taxpayer assessee, which is generally done online. The revenue department collects data relating to transactions from the Annual Information Report (AIR) filed by various third party organisations such as mutual funds, banks, registrar of properties, etc. This data is then co-related with the income tax return and any discrepancy in both would be highlighted by way of notice which may be intimated to the taxpayer assessee by way of SMS or e-mail.”

    Dr. Suresh Surana went on so as to add that response to such notices could be within the following step-by-step method:

    Step 1 : Login into the Income Tax portal by way of https://incometaxindiaefiling.gov.in.

    Step 2 : Go to the ‘e-campaign – High Value Transaction’ on the ‘Compliance Portal’ which could be accessed by way of the ‘My Accounts’ Tab. (additionally refer Page 38 onwards of the connected Compliance Portal User Guide enclosed on your reference).

    Step 3 : Taxpayer must click on on Financial Year below High Value Transactions after which an informative advisory message can be shows which is to be dealt by merely clicking on “OK” button. The taxpayer can then view info Summary.

    Step 4 : The taxpayer has to pick one of many following choices based mostly on the information of the case as follows:

    Option A – Information is appropriate.

    Option B – Information will not be totally appropriate.

    Option C – Information associated to different Person/ Year.

    Option D – Information is duplicate/ included in different displayed info.

    Option E – Information is Denied.

    Step 5 : Once such info is chosen by the taxpayer assessee, he has to additional present particulars in regards to the supply of such transaction quantity and/or every other particulars based mostly on the choice chosen. For occasion, if he selects Option C above, he can be required to supply particulars comparable to identify of the opposite individual, their PAN, relationship with such individual, and many others.

    Step 6 : The submitted response could be seen below the identical e-campaign Tab for reference functions.

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  • Income Tax Department ITR refund record: Here is how one can verify your standing

    Income Tax Department ITR refund record: The Income Tax Department has introduced that it has issued refunds of over ₹12,038 crore to greater than 10.83 lakh taxpayers between 1st April 2021 to twenty sixth April 2021. The Central Board of Direct Taxes (CBDT) made an announcement on this regard. After this announcement, a taxpayer nonetheless ready for its Income Tax Return (ITR) refund declare have to know that ITR refund comes inside 10 working days of ITR submitting. So, these taxpayers who’ve filed their ITR and ready for his or her ITR refund are suggested to verify their ITR refund standing whether it is greater than 10 working days since their ITR submitting.

    CBDT points refunds of over Rs. 12,038 crore to greater than 10.83 lakh taxpayers between 1st April, 2021 to twenty sixth April, 2021. Income tax refunds of Rs. 4,577 crore have been issued in 10,65,861 circumstances & company tax refunds of Rs. 7,461crore have been issued in 17,273 circumstances.— Income Tax India (@IncomeTaxIndia) April 28, 2021

    The earnings tax payers are suggested to keep watch over the official earnings tax division web site — incometaxindia.gov.in — and hold checking their ITR refund standing. In case, there’s any downside raised by the earnings tax division, it should get mirrored there and after coming throughout the issue in ITR refund declare, the taxpayer is suggested to rectify that downside on-line and get its refund in its given checking account quite losing time in ready for the ITR refund, which has been rejected for some motive(s).

    ITR refund standing: How to verify on-line

    To verify one’s ITR refund declare standing on-line, one must go to the official web site of the Income Tax Department — incometaxindia.gov.in. At dwelling web page of the web site, the taxpayer must go to ‘My Account’ and click on at ‘Refund/Demand Status.’ After that they should comply with some steps. Here is step-by-step information to verify ITR refund standing on-line:

    1] Log in at official web site of the Income Tax Department — incometaxindia.gov.in;

    2] Go to ‘My Account’ on the house web page and click on at ‘Refund/Demand Status’;

    3] Details given beneath will get opened:

    i) Assessment yr;

    ii) Status;

    iii) Reason for failure of ITR refund; and

    iv) Mode of cost.

    The taxpayers are suggested to decide on the evaluation yr and ITR refund standing. If there’s rejection or failure standing, then they’re suggested to verify on the third possibility ‘Reason for failure of refund.’

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