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 …
Know Reasons Why You Should File Your Income Tax Return Read More »
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 »
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.
In the last year’s Union Budget of 2020, the Finance Minister Smt. Nirmala Sitharaman had capped the tax exemption on employers contribution to Provident Fund, National Pension Scheme and superannuation …