Ashwini Kumar Sharma

ITR Filing: Rental income, dividends, and capital gains from real estate investments are all taxed differently. A look at how the tax laws look at the different types of investments.

The due date to file income tax returns for 2023-24 is July 31. Missing this deadline can result in late fees, interest, penalties and delay in refund processing.

Under current rules, investing up to Rs 50,000 in their NPS Tier I accounts gives taxpayers another head under which to decrease their liability.

Union Budget 2024 expectations: Under current rules, investing up to Rs 50,000 in their NPS Tier I accounts gives taxpayers another head under which to decrease their liability. But financial planners believe that this amount is too low to contribute significantly to a retirement corpus, and want the limit on this deductible component raised to incentivise savings.

Union Budget 2024: The standard deduction of Rs 50,000 is a flat deduction available under both the old and new tax regimes, to individuals earning salary and pension.

The finance minister has proposed changes in LTCG taxation rates and rules for assets such as real estate and gold.

Finance Minister proposed that listed financial assets held for more than a year will be classified as long term

Income from letting out house property shall not be charged under ‘profits and gains of business or profession’ but will be taxed under ‘income from house property’ only. However, this could hit those operating genuine renting businesses hard.

An employer is required to deduct TDS from an employee’s salary and deposit it with the department by the 7th of the following month.

From capping the exemption limit under Section 54F to limiting exemptions on reinvestment in real estate for tax savings, the government’s moves over the years appear to have made real estate less speculative and more favourable to genuine homebuyers