Do’s and Don’ts of filing Income Tax Return
Do’s and Don’ts of Filing ITR: During each Financial Year, we are required to file our Income Tax Returns, also commonly known as ITR. Many of us think that filing …
ITR
Do I need to File ITR? Comprehensive Guide Easily Explained
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.
All You Need To Know About Form 16: TDS Certificate For Salary
The employers issue Form 16 TDS certificate to their employees. It is proof of tax deduction at source from the employee’s salary. Further, the genesis of this Form can be …
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Can I claim HRA even if I’m staying at my parents’ house?
Salaried individuals residing in rented house are entitled to tax exemption on House Rent Allowance (HRA) under Section 10(13A) of the Income Tax Act, 1961. But are you aware of the fact that you, as a salaried individual you can take advantage of this exemption while staying at your parents’ home.
Know Reasons Why You Should File Your Income Tax Return
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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TDS on Cash Withdrawal (Section 194N) (Expert Guide)
The Union Budget, 2020 amended Section 194N related to TDS on cash withdrawal from savings/current bank account. As per this amended Section, if an assessee has not filed Income Tax Return (ITR) for the last three financial years, then cash withdrawal from his/her savings or current bank account will attract TDS if the total amount withdrawn in a financial year exceeds Rs 20 lakh / Rs. 1 crore
How to file your Income Tax Returns Offline?
Income Tax Returns offline can be filed by downloading the offline utiliy for ITRs. Filing of Income Tax Return or ITR becomes compulsory in cases where the assessee’s income exceeds …
All you need to know about section 87A at TaxHelpdesk
In order to provide relief and lessen the burden on small taxpayers, the Governmeny had announced the tax rebate scheme by introducing Section 87A in the Income Tax Act.
Can I file Income Tax Return after 31st December 2021?
Oh no! You missed the deadline of filing Income Tax Return by 31st December, 2021 and now you are worried as to what to do next? Don’t worry, even if …
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Deductions on Interest on Deposits in Savings Account: Section 80TTA
Section 80TTA of the Act provides deduction on the interest earned on the savings account with a bank / cooperative society / post office. In other words, the deduction is allowed only on interest earned on savings account and not on interest earned or fixed deposits / timed deposits.