Wed, Sep 04, 2024
Income Tax Return Filing: House Rent Allowance (HRA) is a key component in the salary of an employee taxpayer. It can help them save considerable tax. But sometimes, such taxpayers get greedy and use wrong methods to cheat the Income Tax Department (I-T Department). But the I-T Department has its own ways to catch such violators.
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Wed, Jul 31, 2024
Income Tax Filing Deadline: The last date to file income tax return (ITR deadline) is today (July 31, 2024) and just a few hours are left in it. If taxpayers miss it, not only the Income Tax Department (I-T Department) will impose a penalty on them, but they will have to file a belated ITR for the financial year 2023-24.
Tue, Jul 30, 2024
Currently, taxpayers have two personal income tax regimes to choose from. In the old income tax regime, the tax rates are relatively high but taxpayers can claim several exemptions and deductions. However, in the new tax regime, tax rates are lower but fewer deductions.
Mon, Jul 29, 2024
Income Tax Season: There are only a few days left for the last date of filing Income Tax Return (ITR Deadline July 31, 2024). With a few days go do, many people are filing ITR return in a hurry and are also making a lot of mistakes in thm. As a results, the Income Tax Department (I-T Department) is also rejecting such forms.
Wed, Jul 24, 2024
Old vs New Tax Regime: The old tax regime provides deductions under Sections 80C, 80D, 80TTA of the Income Tax Act, 1961, while there are no such deductions available in the new tax regime.
Mon, Jul 15, 2024
Income Tax Season: Saving tax through House Rent Allowance (HRA) is a time-tested tactic. But some taxpayers take the wrong route by submitting fake rent receipts for tax saving. The Income Tax Department (I-T) can outsmart such people easily. With the last date to file ITR return today (July 31, 2024), it is important to know how the I-T Department catches violators.
Wed, May 22, 2024
ITR Filing: Do you know that we have to give information about many gifts while filing ITR? Income Tax Return (ITR) has to be filed by 31 July 2024 for the financial year 2023-24. In such a situation, know here what is the rule of income tax on gifts?
Wed, Apr 10, 2024
Income Tax Return Filing EXCLUSIVE: The IT department plans to finish all pending refund cases by April 30th.
Tue, Apr 09, 2024
Since the new tax regime was introduced in the 2020 budget, taxpayers can file their income tax return under one of two tax regimes. When it started, one could select between the old and new tax regimes, but following Budget 2023, the new tax regime has become the default choice. This implies that, as a new taxpayer, the income taxes will be submitted under the new tax regime, unless one opts for the old tax regime.
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.
Fri, Aug 18, 2023
After the Income Tax Filing deadline ends, the I-T department scrutinizes the I-T returns to ensure compliance with tax laws and to track mistakes or instances of tax evasion in the ITRs. In case of any discrepancy, the tax department sends notices to taxpayers who then have to respond promptly to avoid penalty or legal action. In this video we discuss the meaning of common Income Tax notices and how taxpayers should respond to them.
Mon, Jul 31, 2023
Tax will have to be saved by wrong means, income tax return of employed people will be scrutinized, know full details in this video
Fri, Jul 28, 2023
Income Tax Return Filing Deadline: Beyond the conventional tax saving measures that salaried taxpayers use to the hilt, like the regular 80C and 80D, here are three other powerful tax-saving clauses that could yield sufficient tax savings.
Wed, Jul 19, 2023
Income Tax Returns Filling: Over 3 crore ITRs for income earned in 2022-23 fiscal have been filed so far, out of which 91 per cent have been verified electronically, the income tax department said.
Fri, Jul 07, 2023
Income Tax Return Filing: All those who have sold or transferred an asset and reinvested the proceeds in a new residential property can avail tax benefits under Section 54F.
Tue, Jul 04, 2023
Form 26AS is a consolidated tax statement which can be accessed from the Income Tax department's e-filing website.
Tue, Jun 27, 2023
No income tax on wedding gifts: It is important to note that there are certain conditions that need to be met in order for the gifts to be exempt from tax.
Thu, Jun 01, 2023
From PAN-Aadhaar linking to Higher EPS pension deadlines, the month of June, which is the last month of the Q1FY24, will see a number of changes that would affect the common man. Here’s a quick look at the rules, deadlines, and things to note.
Tue, May 23, 2023
The Income Tax department has enabled online filing of income tax returns (ITRs) 1 and 4, filed by individuals, professionals and small businesses, for 2022-23 fiscal.
Tue, Aug 16, 2022
E-verification is necessary after filing the return. If ITR is not verified, then the agreement will be invalid. The government has tightened the rules of e-verification (ITR e-verification). After August 1, there will be a penalty for filing the return. 30 days will be given to e-verify the return. Late fee up to Rs 5000 may have to be paid if the return is not filed. Report the mismatch in Form 16 and AIS to your office. Fill the ITR as per the salary slip. Ask your office to provide correct income in AIS: Sunil Garg, Tax Expert and Kapil Mittal.
Sat, Jul 30, 2022
Income tax return filing deadline for the Financial Year 2021-22 and Assessment Year 2022-23 is July 31, 2022.
Mon, May 31, 2021
People will be witnessing changes in several rules which will come into effect from June 1. These changes will not only affect your daily life but also your pocket. The changes which are going to impact you include hike in domestic air ticket prices, LPG cylinder rates, the way one avail's banking services, etc.
Tue, Dec 10, 2019
Income tax outgo can be saved by an earning individual if he or she takes advantage of these tips and thereby save money.
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