Showing posts with the label income tax returns

Mutual Funds Taxation - Simply Explained

Mutual Funds Taxation - Simply Explained Generally, there is no TDS (Tax Deducted at Source) applicable for the Mutual Funds and Shares in India. One should declare these type of income as 'Other source of income' while filing the Income Tax returns. For the Mutual Fund schemes, the Taxation is divided into two categories - Debt Funds and Equity / Hybrid Funds. Hybrid Funds (Earlier Balanced Fund) is a combination of both debt and equity based funds. In case of Investing in Debt oriented funds, the holding period of a funds will tells the taxation rate. As you can see in the below table, If an investor redeem his money from the debt fund with in three years from the time of investment, then he or she will be taxed as per the Income Tax Slab. If the holding period is more than 3 years and the redemption is happening, then the Tax rate would be 20 percent with Indexation Benefit. For instance, Rs. 1 Lakh will be invested in a Debt Fund Scheme of a particular AMC (Asset Management

Link your Aadhaar to your PAN – Before 31st March 2019

Link your Aadhaar to your PAN – Before 31st March 2019 (Extended to September 2019)* If you are not an income tax payer, but you may received an Email from the Income Tax Department recently (Income Tax India E Filing Website). That email tells you the timeline of link your Aadhaar number with your PAN (Permanent Account Number) before 31st March, 2019. You cannot file the income tax returns in future, if you do not link the Aadhaar to your PAN before the said date. It is said to be better link the Aadhaar Number with the PAN, even if you are not a regular Tax Payer. Still, there is an exempt for the below categories from PAN-Aadhaar linking process. It is also not mandatory for the following persons, Resident Individuals in the state of Assam, Jammu and Kashmir and Meghalaya Individuals who are not citizen of India Individuals who are Non-resident Individuals who are 80 Years or Above. For linking Aadhaar Number with your PAN, just go to the below link, Income Tax India E