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28 Nov 2020

Here are key things to know about ITR filing for FY19-20

While the deadline to file ITR for FY19-20 (assessment year 20-21) may end on December 30, it is better to file it as soon as possible.

23 Nov 2020

Tax department rejects DPIIT proposal to extend exemptions for start-up

Start-ups incorporated between April 1, 2016, and April 1, 2021, are eligible for Full Deduction on Start-Up profits & gains provided under Sec 80-IAC of the Income Tax Act.

21 Nov 2020

How to respond to income tax notice online? Here's a step-by-step guide

The CBDT issues income tax notices to taxpayers if there is any discrepancy found between the income tax calculated by the taxpayer and that calculated by the Income Tax department.

17 Nov 2020

Amit Maheshwari, answers queries of The Economic Times readers

Q&A : I am 62. I bought a 10-year regular plan of UTI Ulip 71 in 1998 at an annual premium of Rs 4,500. The policy matured in 2008. However, I left the units as it is. I plan to redeem in the financial year 2020-21. Its target amount is Rs 45,000 and current value will be Rs 2.56 lakh. I bought ICICI Prudential Lifetime openended regular plan (Maximiser Plan) in 2005, at an annual premium of Rs 18,000, and with initial death benefit of Rs 1 lakh. Till date, I have given 16 premiums (Rs 2.88 lakh) and the current market value of units is Rs 5.25 lakh. Is the redeemable value of the units exempt from tax under Section 10(10D) in both cases? If it is taxable, how do I calculate the tax on it?

12 Nov 2020

FM’s Diwali gift to home buyers: Tax relief on difference between circle and market rates

This measure will reduce hardships faced by both home-buyers and developers and help in clearing unsold inventories

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