Tue, Dec 26, 2023
The income tax department stated that such communication is only to facilitate the taxpayers and create awareness around the information available with the I-T department regarding the transactions reported by the Reporting Entities during the year.
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Sun, Dec 03, 2023
Taxpayers rejoice! The Income Tax Department has introduced a revolutionary new feature – the 'Discard' option. In this video, we’ll delve into the details of this game-changer, explaining its benefits, eligibility criteria, and the simple process of discarding your income tax return. So, whether you're a seasoned taxpayer or a first-timer, this video will equip you with the knowledge to make the most of this convenient option.
Tue, Nov 07, 2023
Don't assume that all transactions between spouses are tax-free. There are some nuanced rules to be aware of, especially when it comes to gifts, investments, and rental income. In this video, we'll break down the key tax implications to keep in mind when dealing with your spouse financially.
Wed, Jul 26, 2017
If you are still thinking whether you are eligible to file ITR or not, then we give you 10 situations as per the Income Tax Act which makes it mandatory for an individual to file ITR in India
Tue, Jul 25, 2017
Form 16A is a tax deducted at source Certificate. While Form 16 is for only salary income, Form 16A is applicable for TDS on Income Other than Salary.
E-filing or electronic filing is submitting your income tax returns online. There are two ways to file your income tax returns.
Mon, Jul 24, 2017
Arun Jaitley praised Revenue Secretary, Minister of Finance, Hasmukh Adhia for successful implementation of Income Declaration Scheme and activities during and after demonetisation.
This year the department has added a new column where the taxpayer’s will have to report the details of cash deposited in their bank accounts (including loan account) if the aggregate cash deposits for all accounts exceeds Rs 2 lakh during the demonetisation period
Fri, Jul 21, 2017
Even if you don't earn enough to be in the lowest income tax bracket, you should still file income tax returns as its copy is required for many financial transactions.
Thu, Jul 20, 2017
Once the income tax returns have been processed by the tax department, the taxpayer can make changes by filing a rectification request under Section 154(1).
Wed, Jul 19, 2017
As per the Section 194J of Income Tax Act, employers need to deduct tax deduct at source (TDS) from payments made to professionals.
Tue, Jul 18, 2017
Mon, Jul 17, 2017
Legally, the government allows for certain tax-saving deductions that you can use to lower your taxable income. You can effectively use these deductions to pay less tax.
Fri, Jul 14, 2017
The Income Tax Department on Friday launched phase 2 of its Operation Clean Money. In the first phase, it had identified nearly 20 lakh people who deposited cash inconsistent with their incomes.
Finance Arun Jaitley had introduced a late filing fee under new provision of Section 234F under Income Tax Act. As per the rule, taxpayer will have to pay penalty of up to Rs 10,000 for late filing of ITR.
Tue, Jul 11, 2017
Sometimes, while filing the return, you may end-up paying more tax to the government than your actual tax liability. In such cases, you are eligible for a tax refund.
Mon, Jul 10, 2017
Form no 16 is issued once in a year, on or before 31st May of the next year immediately following the financial year in which tax is deducted.
Fri, Jul 07, 2017
If you purchase a property of more than Rs 50 lakh value, you need to deduct TDS at 1% from the payment you have made.
Wed, Jul 05, 2017
A self-employed person needs to understand the tax treatment. From a tax perspective, self-employed individual's income is Profit & Gains of Business & Profession.
Mon, Jul 03, 2017
Even if you have left your job, your employer will provide you a Form 16. Unfortunately, this income tax form 16, cannot be downloaded from anywhere.
Tue, Jun 27, 2017
Taxable income is the total of all incomes excluding all exemptions and deductions.
Fri, Jun 23, 2017
ITR filing process is considered as little complex, and if you are a non-resident Indian (NRI) the process will be different all together.
Tue, May 30, 2017
With just few months in hand, you might have started the process of filing income tax returns for FY16-17. If not then you should start and not wait for the last moment.
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