Latest news with #MukeshPatel
Time of India
3 days ago
- Business
- Time of India
Details must to claim exemptions, deductions in new ITR
Ahmedabad: Taxpayers, especially those under the old regime, will need to provide comprehensive information while claiming exemptions and deductions in their income tax return (ITR) for the assessment year 2025-26. The ITR utility is now available, and tax experts have stated that submitting detailed information has become compulsory. This includes insurance company names, policy numbers, housing loan particulars, actual house rent allowance (HRA), and rent payments. Additional requirements include information on landlords for HRA claims, registration numbers of political parties for donation deductions, and other relevant details. For medical treatment deductions, specific ailment details are now required. Tax experts indicate that this unprecedented requirement for detailed information aims to prevent fraudulent deduction claims. International tax expert Mukesh Patel said, "This year, the income tax department made it mandatory to disclose various details for all the exemptions and deductions, especially under the old regime. The department aims to stop fake deduction claims. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Banheiro escorregadio? Barra de apoio vira febre no Brasil Evite quedas e escorregões Saiba Mais Undo Based on the details submitted in the ITR by the taxpayers, the department will cross-check such deductions." With the ITR filing deadline extended to Sep 15, taxpayers must collect all necessary documentation. Chartered accountant Karim Lakhani said, "For claiming HRA exemption, the taxpayers will have to give details of the place of work, actual HRA received, actual rent paid, apart from landlord details. For claiming a deduction for insurance premiums under section 80C, the taxpayer is required to submit the policy number or receipt number. Similarly, for the deduction for PPF account, the taxpayer will have to mention the account number in the return. Also, for claiming a deduction for health insurance, the name of the insurance company and policy number must be submitted." Tax authorities have noticed numerous instances of false deduction claims due to minimal documentation requirements. According to experts, taxpayers should gather all the required information for filing ITR so they can claim various deductions and exemptions easily. Box: Additional details to be provided For HRA exemption: The taxpayer will be required to provide details about the actual HRA received and the house rent paid Under Section 80C: The taxpayer must provide the document or receipt number of the insurance policy and the PPF account number Under Section 80D: The name of the health insurance company and the policy number must be provided For home loan interest deduction: The taxpayer will need to give details of the lender, loan particulars, and the outstanding amount Treatment of diseases: To claim a deduction for the treatment of a specific disease, details of the disease will have to be provided
Time of India
07-05-2025
- Health
- Time of India
A tax expert's journey to saving lives
Ahmedabad: The presidential honour for Mukesh Patel recognises his role in establishing the Ahmedabad Red Cross Shatabdi Bhavan , acknowledged as India's largest blood centre with state-of-the art facilities. He has spearheaded the Thalassemia Care, Awareness & Prevention (CAP) Mission since 1983, providing free life-saving transfusions to over 1,200 children suffering from blood about his inspiration behind championing voluntary blood donation and thalassemia care, Patel told TOI, "Blood donation is the only gift that costs nothing to the donor but means a whole world to someone in need. You do not have to be a doctor to save a life, just donate blood."Ahmedabad has earned recognition as the blood donation capital of India and global hub of centurion blood donors under Patel's leadership. The city boasts 138 centurion blood donors, including all five of India's women centurions, three double centurions, India's first centurion couple and first differently abled an international tax expert by profession, Patel has donated blood in 25 countries worldwide. "My globetrotting gave me ample opportunities to visit leading blood banks around the world, donate blood, study their blood donation promotion, interact with experts and in the process nurture innovative ideas and strategies for fruitful implementation," he innovative approaches include "instilling the feeling of pride and participation through blood donor recognition, setting up of diverse activity hubs and clubs, launch of our imaginative mascots Sherdil and Caredil, motivational songs on Raktdaan and showcasing the creative Blood-o-pedia, Thalas-e-media and Jeevan Utsav".
Time of India
02-05-2025
- Business
- Time of India
Row over rebate on capital gains tax settled in taxpayers' favour
Ahmedabad: The rebate row over capital gains tax has taken a decisive turn. With the Centre amending Section 87A through the Finance Act, 2025, the law now clearly denies rebates on income taxed under special rates, including capital gains. Tired of too many ads? go ad free now But here's the twist — the change is forward-looking, not retrospective. That gives taxpayers a strong legal footing to claim missed rebates from previous years. The debate over the eligibility of rebate under Section 87A of the Income-Tax Act — particularly concerning tax on short-term capital gains (STCG) from equity shares under Section 111A and long-term capital gains (LTCG) from listed securities under Section 112 — has been a long-standing one. The Central Board of Direct Taxes (CBDT), in its Budget 2025 FAQs, clarified that rebates under Section 87A are only available for taxes calculated as per slab rates under the new tax regime (Section 115BAC) and not on capital gains, lotteries, or other special-rate incomes. International tax expert Mukesh Patel explained that the legislative amendment now restricts the rebate to only the tax payable under Section 115BAC(1A). "This amendment, applicable from Assessment Year 2026–27, shuts the door on future claims based on capital gains. But since it has been made prospectively, taxpayers can still claim such rebates for AYs 2024–25 and 2025–26," he said. This update could offer significant relief to many taxpayers who faced rejection of their rebate claims after the CBDT, on July 5, 2024, instructed the Centralised Processing Centre (CPC) to block such claims in the ITR utility. Tired of too many ads? go ad free now The govt had earlier enhanced the scope of rebate — increasing the income threshold from Rs 5 lakh to Rs 7 lakh and the rebate amount from Rs 12,500 to Rs 25,000 — to push taxpayers toward the new regime under Section 115BAC. However, the tax department refused to extend these benefits to capital gains incomes, which sparked protests and legal challenges. "The Bombay high court directed the reopening of the ITR utility. However, the department continued to reject claims for rebate in this regard, without heeding the view that taxpayers could not be deprived of their legitimate claim, as there was no amendment in law to support its interpretation," said Patel. Mukesh Patel said, "After above-referred amendment, introduced only with prospective effect, there is no room for controversy any longer. Taxpayers can easily defend their claims under appeal or even press for relief by way of revision or rectification in respect of concluded matters for Assessment Year 2024-25."
