Form 26AS is an annual statement that includes information about the tax deducted and collected at source, advance tax payable, self-assessment tax payments, and details concerning the refund you have received during a financial year. It also includes.....
The new income tax portal was launched on June 7, 2021, by the Central Board of Direct Taxes (CBDT). The income tax portal has now changed from 'www.incometaxindiaefiling.gov.....
Did you know that the income of charitable institutions and trusts is exempt from tax? However, such institutions need to have a registration under section 12A to claim an exemption.
It is the statement of the ‘Specified Financial Transactions’ (SFT) that individuals are expected to present to the government for a particular financial year. Form 61A was formerly called Annual Information Return (AIR).
According to the IT rule.....
The Government of India launched the new version of the income tax portal on June 7, 2021. The main aim behind this endeavour was to improve the user experience of the taxpayers and give them easier accessibility and control over their e-filing process.
The original income tax e-filing portal stopped its active operations and gave way to Income Tax Portal 2.0 on June 7, 2021. Access to the income tax return portal is currently available via www.incometaxgov.in.
With the financial year in full swing, it's time to file your income tax return, but did you know just filing your ITR doesn't count? You have to verify your return via the income tax portal within 120 days to deem.....
TDS or Tax Deduction at Source is a type of income tax reduced by the payer. The person making the payment has to deduct the TDS amount and transfer it to the central government. This concept was introduced to collect tax directly from the source of income.<.....
Amidst the chaos, the nation not just tackles the extremities of a health crisis but also battles the consistently affected economy. With a negative impact over businesses, down sliding market and a state of lockdown across the country, there have been major amendments made by the jurisdiction to.....
TDS, which stands for Tax Deducted at Source, means exactly that: it is that component of tax which is levied by the Income Tax department on your salary, depending on the income slab that you belong to. Since this component of tax is collected/levied at the source, it can often be more than the .....
For youngsters attempting tax planning for the first time, understanding income tax basics can be quite confusing. Most people hire a tax advisor or a CA to for tax planning and to invest in tax saving instruments, especially at the last minute. However, that’s not the only way out. In this age w.....
Similar to the previous year, the government has extended the ITR filing deadline for 2019 as well. With a grace period of 1 month, taxpayers have until August 31 to file their tax returns instead of July 31. The obvious purpose of this extension is to allow more people to file their income tax r.....
Money has become the accepted medium for the exchange of goods and services. We spend our hard-earned money to purchase products or experiences that we require or desire. One can always monitor the result of the money we spend. But a substantial portion of our earnings is taken away as taxes. Bei.....
With the deadline for ITR filing in 2019 extended by a month to August 31, you should have enough time to prepare all the income tax return documents for filing your returns. To avoid last minute glitches and delays, it’s advisable to prepare well before the extended deadline.
Mandated by the Income Tax Department of India, filing an income tax return is a process of reporting your gross taxable income from all sources, while also mentioning various tax deductions and thereby declaring your net tax liability. As a taxpayer, you can file your income tax return online (e.....