Page 7 - Bindisha Sarang %c2%a0%c2%a0

Sec 54 benefit gets forfeited unless taxpayer meets multiple criteria

An ITAT ruling has clarified seller can commit to buy new house much before selling old one

Fair share: Children born of invalid marriages are treated as legitimate

Court judgments have said they are entitled to rights in both self-acquired and ancestral properties of parents

Prioritise insurance policies with higher maturity for tax exemption

This approach will minimise your tax liability on traditional policies with lower maturity proceeds

Safeguard yourself against massive vet bills with pet insurance policy

Understand waiting periods for pre-existing diseases and the co-pay requirement before buying this policy

Beware tax refund fraud: Verify your source before clicking on links

Verify source before clicking on links; enter address of tax dept's official website directly into browser

Rank loans, save money, seek advice: Strategies to get out of debt

Recovery agents cannot harass debtors and have to take consent before visiting them

Missed July 31 deadline for filing ITR? File belated return by December 31

But you will have to pay a late fee, interest, and won't be able to carry forward business and capital losses

Critical illness policy must cover ailments relevant to your family history

Go for high coverage amount and choose policy with minimal survival period condition

Revised return: File to rectify errors, omissions in original ITR

Multiple revisions, while legal, can attract scrutiny, especially if the final revised return deviates significantly from the original

Don't agree with a tax notice? You should respond through I-T portal

Act promptly or else the tax department could confirm the tax due and impose an additional penalty

Filing tax return at the last minute: What to do and what to avoid

Missing the deadline for the annual exercise can lead to penalties and more paper work

Nil return: A must-do even for those with income below threshold level

Banks, passport and visa authorities ask for your ITR, and it's a prerequisite for tax refund

Consequence of failure to file deceased's ITR: Penalties, interest, jail

However, a legal heir's liability is capped at the value of the inherited estate

Salary, fee or business gains? Type of moonlighting income decides taxation

The taxman, unlike your employer, knows about your moonlighting income via TDS, so disclose it accurately

Account Aggregator to Digilocker: Apps that help in managing financial life

These government-backed services make sharing and access of important documents easy

Verify data in pre-filled forms carefully before filing your tax return

Keep all relevant documents handy to to cross-check the data and weed out inaccuracies

Check Form 26AS, reconcile with Form 16 before you file your tax return

Claiming excess tax credit in your return could trigger a notice from the tax authorities

Seniors citizens must disclose all forms of income in ITR to avoid charge

Review forms 26AS and Annual Information Statement to see if you are eligible for refund of TDS

Report crypto income accurately to avoid mismatch during verification

New tax forms also require accurate reporting of income from intraday trading and retirement benefit accounts

Onus on taxpayers to make correct declaration about LRS remittances

TCS on LRS will also apply to remote education and medical consultancy