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Income Tax Form

Are You Moonlighting For Additional Income? Do Take Care Of Taxation

Do you have a second job going for some extra income? You need to be aware of the tax implications

16 September 2022

Income Tax (Representational Image)

SR Prabhu, Gnanavel Raja, Anbu Chezhiyan, Kalaipuli Thanu - 10 Tamil Film Producers-Distributors Raided By Income Tax Department

The income tax department conducted searches across Tamil Nadu and reportedly some popular film producers and distributors’ properties were raided in that.


Submit Form 15 G To Receive Dividend Income Without Tax Deduction At Source

If you are unlikely to have any tax liability, you can submit For 15 G to the company paying you dividend income to avoid tax deduction at source. Gift received from parent is not treated as income and is thus, not taxed


Counselling Fees Received By Medical Practitioner Will Be Treated As Income From Business

Counselling income received by a medical practitioner falls under the head ‘profits and gains of business or profession’, and accordingly they will need to file their income tax returns through ITR 3. Gifts received from...

03 September 2022

ITR Filing Deadline: What Should You Do If You Missed Filing Your Return By the Due Date?

If you have missed the ITR filing deadline for the assessment year 2022-23, you can still file a belated return after paying the relevant penalty.


Filing Your Income Tax Return? Know The Difference Between AIS And Form 26AS

The AIS is essentially a comprehensive statement containing details of financial transactions, including income, investment, and expenditure, whereas Form 26AS is just the data of income on which tax has been withheld.

20 July 2022

The last date to file income tax returns for individual taxpayers was December 31, 2021.

Income Tax Refund: Six Ways To Make The Most Of It

Did you just get your income tax refund and wondering whether to save it, invest it, or splurge it? It would be wise to make the optimum use of it for your future benefit

02 September 2022

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How To Calculate Gross Total Income For Tax Filing Purpose

You have received your Form 16 from your employer. But is that the only income you have? What about any income you have earned on your bank deposits or from your home? Do take care to include them as well to correctly...

06 July 2022

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01 July 2022
ITR Filing: Documents To Keep Handy To Make Process Faster

ITR Filing: Documents To Keep Handy To Make Process Faster

Before you start the process to file your tax return for the year, make sure you keep these documents handy to make the process less cumbersome and hassle-free


14 June 2022
I-T Dept. Charms Kids With ‘Snakes And Ladders’; Hopes For Next Gen. Of Honest Taxpayers

I-T Dept. Charms Kids With ‘Snakes And Ladders’; Hopes For Next Gen. Of Honest Taxpayers

The Income Tax Department has come out with popular snakes and ladders board games and Motu-Patlu comic strip to spread tax literacy among children and young...


04 June 2022
Gifts Received From Spouse Is Not Treated As Income Under Income Tax Laws

Gifts Received From Spouse Is Not Treated As Income Under Income Tax Laws

Under Income Tax laws, income earned on the gifts made by a spouse is required to be clubbed with the income of the spouse giving the gift


18 April 2022
Financial Instruments To Invest In For Your Retirement Planning

Financial Instruments To Invest In For Your Retirement Planning

Retirement planning is a vague concept in India, and many do not plan for it while in their working years. As a result, they either invest too little or in the...


08 April 2022
Tax Revenues In 2021-22 Exceed Budget Estimates By Rs 5 Lakh Crore 

Tax Revenues In 2021-22 Exceed Budget Estimates By Rs 5 Lakh Crore 

The year 2021-22 marks the highest tax-GDP ratio of 11.7 per cent, with direct tax to GDP ratio at 6.1 per cent and indirect tax to GDP ratio at 5.6 per cent


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08 April 2022
Tax Collections Soar To Record Rs 27.07 Lakh Crore In FY22

Tax Collections Soar To Record Rs 27.07 Lakh Crore In FY22

Gross tax collection of Rs 27.07 lakh crore during April 2021 to March 2022 compares with budget estimate of Rs 22.17 lakh crore


01 April 2022
Govt Notifies ITR Forms For 2021-22; Seeks Details Of Income From Overseas Retirement Benefit Account

Govt Notifies ITR Forms For 2021-22; Seeks Details Of Income From Overseas Retirement Benefit Account

The Income Tax returns forms 1-5 have been notified by the Central Board of Direct Taxes


31 March 2022
PAN-Aadhaar Link Deadline Is Now March 2023; PAN To Remain Operative But Linking Penalty Applies

PAN-Aadhaar Link Deadline Is Now March 2023; PAN To Remain Operative But Linking Penalty Applies

Till March 31, 2022, you can link PAN and Aadhaar for free. From April 1, a penalty will apply although your PAN will not be blocked if you do not link it with...


31 March 2022
Today Is The Last Day To File Income Tax Returns For AY2021-22: Here Is How You Can Do It

Today Is The Last Day To File Income Tax Returns For AY2021-22: Here Is How You Can Do It

Not filing an ITR would attract a fine of Rs 5,000. Income tax returns can be filed online as well as offline.


03 March 2022
Freelancers Can Use These Expenses To Avail Tax Deductions

Freelancers Can Use These Expenses To Avail Tax Deductions

Even when you are a freelancer, you are liable to pay taxes, as per income tax laws. Here’s a guide to understanding the expenses that are tax deductible...


26 February 2022
New tax regime needs to be incentivized for it to pick up: Tarun Bajaj

New tax regime needs to be incentivized for it to pick up: Tarun Bajaj

It is important to simplify tax laws simple and unless exemptions are removed, it would be difficult to do so, says revenue secretary Tarun Bajaj


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20 February 2022
How Are Cess And Surcharge Calculated For Incomes Above Rs 50 lakh?

How Are Cess And Surcharge Calculated For Incomes Above Rs 50 lakh?

Those with income above Rs 50 lakh face higher taxability due to surcharge and cess of at least 10 per cent.


11 February 2022
Income Tax Department To Hold Budget Discussions For Taxpayers Today February 11

Income Tax Department To Hold Budget Discussions For Taxpayers Today February 11

Email from the income tax department says discussion to be on Budget 2022’s impact on taxpayers. To understand your tax choices better, here’s a look at...


05 February 2022
What Not To Include In The Updated Income Tax Return (ITR)

What Not To Include In The Updated Income Tax Return (ITR)

The new updated return proposal comes with many twists and fine print. The facility of filing an updated return is mainly applicable when you have an...


26 December 2021
More Than 4.43 Crore Income Tax Returns Filed Till Dec 25 For FY 21

More Than 4.43 Crore Income Tax Returns Filed Till Dec 25 For FY 21

This comprises over 2.41 crore ITR-1 and 1.09 crore ITR-4 getting filed for FY2020-21 (The assessment Year 2021-22) till December 25, 2021.


25 December 2021
How Are Stock Market Gains Taxed And How To Declare Them In Your ITR?

How Are Stock Market Gains Taxed And How To Declare Them In Your ITR?

Remember to declare the trading gains made on the stock market while filling your income tax return (ITR). Choose the ITR form accordingly.


29 November 2021
Things To Keep In Mind While Filling Tax Declaration Form

Things To Keep In Mind While Filling Tax Declaration Form

Two things one should keep in mind while filling tax declaration to avail tax exemption and deduction. Failing to declare the investments and expenses may lead...


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