Page 2 - Tax Deductions
Multi-point trip: Tax break is on direct travel cost to farthest place
Journeys with foreign leg not eligible for benefit, even if they start and end in India
 "Multi-point trip: Tax break is on direct travel cost to farthest place")
Homeowner can claim house rent allowance while living in rented house
If you pay rent to spouse or parents, maintain proof for HRA claim
 "Homeowner can claim house rent allowance while living in rented house")
Leverage HUF to max tax benefits by distributing income, availing deduction
By distributing income and availing of deductions, it can facilitate tax savings
 "Leverage HUF to max tax benefits by distributing income, availing deduction")
85% taxpayers opt for old regime, 55% fully utilise 80C benefit: survey
Among the available tax deductions, 50% of users claimed 80D for tax deductions on medical insurance, while 20% utilised 80CCD(1B) for tax deductions on NPS self-contributions.
 "85% taxpayers opt for old regime, 55% fully utilise 80C benefit: survey")
Over 750,000 HUFs claimed Rs 3,803 cr tax deductions in 2022-23: FinMin
Over 8.75 lakh Hindu Undivided Families (HUFs) have filed income tax returns (ITRs) and claimed deductions worth Rs 3,803 crore during 2022-23, the Finance Ministry said on Tuesday. Minister of State for Finance Pankaj Chaudhary in a reply to the Rajya Sabha provided details of the number of Hindu Undivided Families (HUF) availing tax benefits (in the form of deduction under Chapter VIA of the Income-tax Act) during the last five years. To a question on whether the government has assessed the impact of the Uniform Civil Code on tax benefits to HUFs in the country, the minister said: "No such assessment has been made as there is no such Code at present". Currently, a debate is going on about the status of the HUFs, following the implementation of the Uniform Civil Code on which the Law Commission has invited comments from the public. Under Hindu Law, a HUF is a family comprising all lineally descendants of a common ancestor, including wives and unmarried daughters. This provision al
 "Over 750,000 HUFs claimed Rs 3,803 cr tax deductions in 2022-23: FinMin")
TMS Ep466: New TCS regime, HDFC twin merger, markets, wreck-diving
How will the new TCS regime affect you? What are the implications of the HDFC merger? Report card H1-CY23: How did the markets fare? What is wreck-diving? All answers here
 "TMS Ep466: New TCS regime, HDFC twin merger, markets, wreck-diving")
Maintain proper documents proving source of funds remitted abroad
Have transparent reasons for each transfer and use reputable service providers in order to avoid scrunity
 "Maintain proper documents proving source of funds remitted abroad")
How health check-up, insurance premium can help you in saving tax
Preventive check-up is one available to save tax based on medical-related issues
 "How health check-up, insurance premium can help you in saving tax")
New and old: How two tax regimes work for home loan interest benefit
You can benefit under the new tax regime but there are a few caveats
 "New and old: How two tax regimes work for home loan interest benefit")
Taxing times: Businesses face tax heat over deductions claimed for cess
CBDT tells I-T officials to nudge entities; move could help garner over Rs 5,000 cr
 "Taxing times: Businesses face tax heat over deductions claimed for cess")
Avoid higher TDS with timely, accurate submission of investment proof
For investments made after proof has been submitted to the employer, claim refund in ITR
 "Avoid higher TDS with timely, accurate submission of investment proof")
TDS guidelines for gaming companies may require greater disclosure
The move is aimed at improving reporting and transparency in these sectors
 "TDS guidelines for gaming companies may require greater disclosure")
File tax return by Dec 31 if you haven't yet, to avoid notice and penalty
Meeting that deadline will allow you to claim refund on excess tax deducted
 "File tax return by Dec 31 if you haven't yet, to avoid notice and penalty")
Make the most of higher tax deductions to senior citizens, say experts
Those over 60 need not file ITR if any tax has been deducted under Section 194P
 "Make the most of higher tax deductions to senior citizens, say experts")
Income tax rules: Here are the changes in rules from July 1, 2022
While the late fees for linking PAN-Aadhaar will shoot up, doctors and influencers will have to pay 10% TDS on the benefits they receive from sales promotions
Missed declaring rental to employer? Claim HRA exemption while filing ITR
Keep rent receipts that serve as proof handy should taxmen come calling
No more freebies! Influencers, music bands, doctors liable to 10% TDS
Ensure value of goods doesn't exceed Rs 20,000 to avoid TDS
 "No more freebies! Influencers, music bands, doctors liable to 10% TDS")
Transactions to paper trail: CBDT clears the air on TDS levy on cryptos
From July 1, TDS of 1 per cent will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year
 "Transactions to paper trail: CBDT clears the air on TDS levy on cryptos")
Claim deduction either under Section 80 TTA or 80 TTB, but not both
Exemption under Section 10(15)(i) can be availed in conjunction with 80 TTA or 80 TTB
 "Claim deduction either under Section 80 TTA or 80 TTB, but not both")
Collect Form 10BE before May 31 for availing tax deduction under Sec 80G
Check the information therein carefully and get any error corrected before this deadline
