Mutual Fund News

The Pension Fund Regulatory and Development Authority (PFRDA) easedthe process of withdrawing corpus from National Pension System (NPS) for investors earlier. As per the rules, an NPS subscriber can withdraw entire corpus as lumpsum if it does not exceed Rs 5 lakh. However, the income tax rules regarding such lumpsum withdrawal are not clear. Read on to know more about it.

According to the income tax department’s website, here’s a quick rundown of what co browsing is and how it benefits taxpayers.

The way to pay income tax is changing. The Central Board of Direct Taxes (CBDT) has directed banks to migrate from TIN NSDL website to e-filing income tax portal for payment of taxes such as self-assessment tax, advance tax etc. Here is the list of the banks that have been moved to new e-filing income tax portal for taxes payment.

Effective from FY 2020-21, an individual has an option to contine with the old, exisiting income tax regime and avail tax deductions and exmeptions. Else, she can also opt for new income tax regime by foregoing those commonly availed deductions. However, what if an individual has opted for one tax regime while filing ITR and wants to opt another one while revising ITR.

At present, a taxpayer has to select the right income tax return or ITR form applicable to him or her while filing the income tax return. The selection of the correct ITR form depends on various factors — status of the taxpayer, types of income earned, residential status, etc. The CBDT has proposed a common ITR form to eliminate this process. Will the new common ITR ease the ITR filing process for common taxpayers? Let’s find out what experts say

Are you paying housing rent to a Non-resident Indian? If yes, then ensure that you are deducting tax before making a rent payment to the NRI landlord. Remember under the income tax laws, as a tenat if you fail to deduct tax, then you will be liable for penal consequences. Read on to know the income tax rate at which taxes are to be deducted and how to deposit them with the government.

The Central Board of Direct Taxes (CBDT) has proposed to merge all the existing ITR forms except ITR 7. The income taxpayers will get an option to choose which form they want while filing their tax returns — the proposed common ITR form or the existing form (ITR 1 or ITR 4), the draft proposal mentioned.

The new e-filing income tax portal has introduced the facility of paying taxes. Earlier, taxpayers could use facility provided by NSDL website to pay income taxes to the goverment. The new income tax portal allows the taxpayers to pay income tax via UPI, credit card and 4 other ways. Read on to know the step by step guide for the same.

Though fixed deposits and small savings schemes offer assured returns, the interest earned is taxed at normal rates applicable to the investor. The gains from debt funds are also taxable, but at different rates.

The CBDT has extended the due date for filing income tax return (ITRs) by corporate and individuals whose accounts need to be audited, to November 7, 2022. The extended due date is applicable to all taxpayers where audit is required, said experts.