DAILY BUSINESS TIMES 03.04.2021

 


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High inflation can help reduce your income tax liability. Here's how

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  New Delhi: Inflation in India has risen significantly since the outbreak of the Covid pandemic as supply of various products and services has been impacted. Even prices of fuels like petrol, diesel and LPG have gone up significantly amid the rise in international crude prices and taxes. High inflation has created a hole in the pockets of consumers but it is certainly not bad for taxpayers as it reduces their tax liability. Long-term capital gains, which enjoy indexation benefit, come down due to high inflation. It may be noted that indexation takes into account inflation during the investment period and adjusts the purchase price of the asset upward to reflect the impact of inflation. As a result your net capital gains come down and you pay lower capital gains tax. How indexation benefit is applied in capital gains The government announces a cost inflation index (CII) every year. This inflation rate is applicable for all the assets bought in the same financial year irrespective o...
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Haryana first state to reimburse GST on Covid-related donations

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  Haryana on Tuesday became the first state in the country to allow reimbursement of goods and services tax (GST) paid on Covid-related donations made to the state and state-run facilities. This will be applicable till June 30. The move is aimed at encouraging efforts by corporations, non-government organisations (NGOs) and individuals and facilitating donations of items such as oxygen concentrators, Covid-19 vaccines, Remdesivir injections, etc. as the country battles the intense second Covid-19 wave. Haryana will reimburse GST already paid on such Covid-19 related items, subject to conditions. “Haryana is facing an acute shortage of liquid medical oxygen and other health equipment such as ventilator, medicines etc… in order to encourage efforts by corporates, NGOs and individuals coming forward to help the state government … by way of donations, it is necessary in the public interest to facilitate donation of such items,” the state government said in a notification on Tuesday. Re...
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IMPORTANT - INCOME TAX ALERT! Tasks you MUST finish before filing ITR - FULL LIST

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  The government recently extended the date of filing income tax returns for the Assessment Year 2021-22 by two months. Initially, it was 31 July 2021, but now one can file till 30 September 2021. However, there are a number of to-do things before filing for the income tax return. Let’s check this to-do list if in case you missed out on something. Link your Aadhaar with PAN: This is one of the most important tasks to perform before filing for your return. You need to link your permanent account number (PAN) with your Aadhaar Link PAN and Bank account: Link your bank account with your PAN. The income tax department will only transfer refunds online to your bank account. In case you have forgotten to link your PAN with your bank account then you won't get the refund. Declare Tax saving investments: For claiming deductions and exemptions under various sections while filing ITR, you will need to make the investments declaration. For this, you will have to check how much more you need...
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