I have opened fixed deposits on behalf of my three minor children, on which the bank has been deducting TDS. My children’s PAN bear their father’s name. Can I or my husband claim refund on the tax deducted in our tax returns? Amit Maheshwari, Partner, Ashok Maheshwary and Associates says, "As per Section 64(1A) of the Income-tax Act, income of minor child shall be included in the income of the parent whose total income after including minor’s income is greater. Any such income included in the parent’s income is exempt up to Rs 1,500 per minor annually, for a maximum of two children. If TDS is deducted on such income then the parent with whose income the minor’s income is clubbed can claim refund of the TDS amount in his/her return. According to Rule 37BA(2), such credit can be claimed by that parent by filing a declaration with the bank to report such tax deduction in the name of the said parent." I had bought 10,000 shares of Gitanjali Gems at Rs 8.25 … [Read more...] about Can you claim refund on tax deducted on FD in the name of your children?
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If you still have not zeroed in on a financial product to invest in to reduce your tax outgo for the year, you can take the online route. Here are few tax-saving options which can be made online where you do not have to issue a cheque. However, do keep in mind that there could be glitches while making these online transactions at the last minute. It’s always better to get in touch with the company and then proceed after getting a confirmation from them regarding the availability of tax benefit on the transaction made today. 1. Five-year bank fixed deposit The five-year tax-saving fixed deposit is the probably the most hassle-free way of making an online tax saving investment. If you have a know-your-customer (KYC) compliant account, all you need to do is log into your Net banking account and invest from there. Make sure your PAN is updated in the bank's records. Redemption on maturity comes directly to your bank account. You can indicate whether you want monthly, quarterly or … [Read more...] about 6 online tax-saving investments for late-starters
A: Yes, it ranged from errors on uploading JSON of the annual return form to the unavailability of the option to upload GSTR-9 while GSTR-9C is already filed. While some faced difficulties in receiving the verification OTP within the time limit while filing returns, others got late fee messages despite attempting to file within the deadline. … [Read more...] about Simplified GST return will hugely help SMEs: ClearTax CEO
Addressing a question on why women’s participation in the economy was not addressed, Dr. Goyal observed that India had one of the lowest levels of women’s participation in the economy. “If women are empowered to transition from informal to formal [work] then that will boost GDP growth,” she said. … [Read more...] about The Huddle 2020 | Widening direct tax net should be key priority, say economists
By going to the IRS site, taxpayers can browse all the offers or use a tool to help them find the right product. Each program partner has different eligibility standards, but the IRS assures taxpayers that if their adjusted gross income was $69,000 or less, they will find at least one free product to use. … [Read more...] about Free tax filing has confused many Americans. Here’s help.
It is not yet known what those storylines might look like this time around. Back in 2013, Hurwitz said that season 4 would serve as prologue to a movie. But more recently, talk of more Arrested came in the context of a fifth season. Season 4 concluded on a murder mystery cliffhanger with the arrest of Buster (Hale) following the death of Lucille Two (Liza Minnelli). Hurwitz said that this story line was put into play before the true crime genre exploded (Serial, The Jinx, Making a Murderer, etc.). “There was a lot of Making a Murderer in there,” he said last year. “We quietly set up these guilty parties all over the place, and hopefully that won’t be old hat by now.” … [Read more...] about Returning for Season 5 on Netflix