Filing of Income Tax Return is not just a statutory compliance for the taxpayers but it also a way of informing the Government about the total income that the taxpayer has earned during a relevant financial year and that he has paid the tax on that income.
We have a perception that the best ways to save taxes in India are just under Section 80C. However, that is not the case. There are various other ways to …
Generally, Income Tax Return is to be filed by the individuals, if their income exceeds the threshold limit of Rs. 2.5 lacs, set up by the Ministry of Finance, Government …
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An ITR Refund or Income Tax Refund is a state of reimbursement to a taxpayer when he pays a higher tax in the given Financial Year than his final assessed …
There is no change in income tax slabs for the Financial Year 2022-23; Assessment year 2023-2034. Income Tax is charged on the persons as per the income(s) earned by them …
Know about the income tax slabs FY 2022-23 | FY 2021-22 Read More »
Annual Information Statement or AIS is rolled out by the Income Tax Department on the new Income Tax Portal. It is an enhanced version of Form 26AS. Further, it aims …
Important facts about Annual Information Statement Read More »
Filing of belated/revised Income Tax Return of income for the assessment year 2020-21 for all assessee is 31st May, 2021
Dearness Allowance or D.A. essentially is considered to be as a component of salary, which is some fixed percentage of the basic salary. It is provided to the central government/public sector employees to bear with the consequences of inflation. Furthermore, the D.A varies from place to place and sector in which the employee is employed.
It is a settled law that every person who has earned income above the basic exemption limit has to file Income Tax Return during each financial year. Further, these ITRs …
Know Penalty for Late filing of ITR (Section 234F) Read More »
As per the Income Tax laws, any individual whose primary source of income is salary has to file Income Tax Return-1 or ITR-1 form, commonly known as SAHAJ form.