The Central Board of Direct Taxes has announced the new income tax forms for FY2022-23 at least two months earlier than usual, though there are no major changes in these forms
Should you want to switch from the old tax regime to the new, then here’s how you should go about it. Also remember to keep a few things in mind while switching to the new tax regime
As 2022 draws to a close, we take a look at the investor-friendly taxation actions undertaken in the year
In her Budget speech, Union Finance Minister Nirmala Sitharaman said the government would make the tax compliance process easy for taxpayers
If you enter the wrong assessment year in your tax challan, then you will still have tax arrears due against your income for the respective assessment year. Here’s how to get the details rectified
Dec 31, 2022, is the last date for filing your late income tax returns (ITR), and if you haven’t done it yet, you may use the co-browsing feature for help in real time.
If you have received such a notice, don’t panic. Respond to it online after checking the records and tallying them with the filled ITR details for discrepancies.
Keeping physical gold at home is not a good idea owing to safety concerns and the risk of theft
A minor or major is required to file separate income tax returns (ITR) if they have an income or do specific transactions, regardless of their dependence on...
Senior and super senior citizens get extra tax benefits and deductions, but many are not using them. Know the deductions and benefits that Income Tax Act...
The employer issues Form 16 only after the annual returns of TDS have been filed with the income tax department. A deduction of Rs. 5,000 is available for...
The income tax department monitors high-value transactions, and often during Diwali or otherwise too, these transactions might cross a certain threshold. Here...
About 34 per cent of women below the age of 26 years have filed their income tax returns, and about 46 per cent of them fully exhausted their Section 80C tax...
It would be wise to file your income tax correctly and on time to avoid scrutiny by the income tax department.
Counselling income received by a medical practitioner falls under the head ‘profits and gains of business or profession’, and accordingly they will need to...
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...
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.
A lot many taxpayers are still not aware of the many tax deductions options available to them under various sections of the Income Tax Act 1961. Here’s a...
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...
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
Form 16, also known as salary certificate, is a tax deduction certificate provided by employers to those employees who are under the realm of taxpayer category
If you are someone who is facing an internal battle between saving & investing, and not able to decide which way to go, it is always a good idea to learn about...
Out of 6.17 crore ITRs filed for the assessment year 2021-22 (FY2020-21), 48 per cent of these are ITR-1 (2.97 crore), nine per cent is ITR-2 (56 lakh), 13 per...
If you don’t file your income tax return (ITR) by the deadline of December 31, 2021, there could be repercussions. However, there is an option to file...
