ITR-U Updated Income Tax Return – Complete Detail

Income Tax Updated Return (ITR-U) For the persons to update income within 24 months from the end of the relevant assessment year Why ITR-U  The department has provided the additional time of 24 months to file an updated return whether you have filed income tax return previously or not. So, you can say that there … Read more

How to File Income Tax Return Without Form 16?

Form 16 is a certificate issued by employer for the TDS deducted by employer on the salary of the employee. The employer has to issue the Form 16 once in a year on before 31st May of the next year immediately following the financial year in which the TDS is deducted. Form 16 is a … Read more

Section 44ADA: Estimated Income Scheme for Small Professionals – Complete Guidance

Presumptive Taxation Scheme of Section 44ADA:  The scheme is started by the income tax department to provide relief to small taxpayers engaged in a specified profession. There is no need to maintain detailed books of accounts or to spend unnecessary time separating personal expenses from business expenses. The special scheme which reports your income is known as … Read more

How to Deposit Advance Tax Online or Offline?

The procedure to deposit advance tax is similar to income tax. Advance tax is itself an income tax. We call it advance tax as we deposit in in advance before the due date of income tax. So the procedure is the same as income tax. After calculation of advance tax, you can deposit advance tax … Read more

Who is Liable to Pay Advance Tax?

Taxpayers are required to pay advance tax on their income which they expect to earn during the current year. For example, for the financial year 2021-22/the assessment year, 2022-23 advance tax is payable in instalments during 2021-22 itself. The advance tax so paid is adjusted against the total tax assessed for that assessment year i.e. … Read more

Advance Tax Due Dates F.Y.2021-22 A.Y.2022-23

Advance Tax is pre-paid tax by the assessee on the income earned during the year. In simple words, you can say that assessee has to pay taxes in advance on the estimated income during the year in instalment for the individual assessee, companies and corporate assessees. For example, for the financial year 2021-22 (relevant to … Read more

Interest for Default in Payment of Advance Tax (Section 234B)

Section 243B: Section 234B provides for levy of interest for default in payment of advance tax. The interest under section 234B will be levied on the assessee for two reasons (i) when the taxpayer has failed to pay advance tax (ii) when the advance tax paid by the taxpayer is less than 90% of assessed tax/calculated … Read more

Interest 234A under Income Tax Act

In case of income tax return is filed after the specified due date or is not filed at all, simple interest is payable on the amount of tax assessed as reduced by the amount of advance tax paid, TDS/TCS. The interest rate is @1% for every month (or part of the month) of delay, i.e. … Read more

Depreciation Rates Under Income Tax Act

Most Common Used Asset Depreciation Rates Depreciation Rates as Per Income Tax Act This depreciation table is application from A.Y.2018-19 onwards. Notes : 1. Buildings include roads, bridges, culverts, wells and tube wells. 2. A building shall be deemed to be a building used mainly for residential purposes, if the built-up floor area thereof used … Read more

How to e-Verify ITR with Aadhaar OTP

In this article, we will discuss about how to e-verify income tax return (ITR) with Aadhaar OTP on new website of income tax department. The verification of income tax return (ITR) is mandatory. The income tax return will be treated as invalid until verification after filing. There are two ways of verification i.e. online or … Read more

NSC National Saving Certificate Interest Rates & Tax Deducation

National Saving Certificate is an investment option by which an individual can invest his income to get a fixed interest. You can reinvest the interested earned and get benefit of 80C deduction under income tax. We will talk about here the complete detail about National Saving Certificate (NSC) VIII Issue like who can apply, where … Read more

SBI PPF Interest Rate & Maturity Period

The State Bank of India offers the option to invest in PPF to existing users and new users of its bank. The channel is aimed to create a habit of savings among the people of India, along with creating a reliable pool of investment which can be used by the banks from time to time. … Read more

5 Benefits to Open PPF in SBI

The SBI PPF account is one of the smartest ways to save tax and build a steady habit of savings. Apart from that, the SBI PPF account offers numerous benefits to the account holders which includes appointing a nominee and transferring the PPF account to some other banks as well. Given such credibility, it is … Read more

How to Open PPF Account in SBI?

Today, the PPF account has become an important consideration for every individual who has a source of income. The facility of PPF not only offers an individual with the benefit of making savings on a regular basis, but also allows a person to save taxes. One of the most recognized ways to invest in PPF … Read more

PPF (Updated 2022) A Popular Tax Saving Scheme

Who Can Open PPF Account? Any individual in his own name or on behalf of a minor for whom he is a guardian, can open a PPF account in addition to their GPF account. Only one PPF A/c can be opened in one name. Either father or mother can open a PPF account on behalf … Read more

Paid Life Insurance Premium! Remember to Claim Tax Benefits

Life insurance premium protects one’s life as well as it is a great tool for tax planning.It helps to save tax. Life insurance premium is the amount paid by a person for buying a insurance policy. The life insurance company provides a lump sum amount at the end of term which is called maturity in … Read more

Deduction 80C A.Y.2022-23 & A.Y.2021-22 – Complete Guide

We will cover here the complete detail about deduction under section 80C for A.Y.2022-23 & A.Y.2021-22. We know that you are very much interested to know the deduction from gross total income to calculate net income tax. As we will discuss only here deduction under section 80C in detail. There are lots of deductions comes under … Read more

Tax Audit Report and Return Date Extension A.Y.2021-22 [Read Circular]

CBDT has extended the due dates of filing income tax returns and various reports of audit for the assessment year 2021-22. Download Official Circular No.01/2022 Dated 11-01-2022 – Download Here  Official Website Link to Download Circular – Visit here Tax Audit Report and Return Date Extension A.Y.2021-22 Events Extended Date The due date of furnishing … Read more

Cost Inflation Index Table 2021-22 Updates

New Cost Inflation Index Table: Check here the latest cost inlflation index table. Sr.No. Financial Year Cost Inflation Index 1 2001-02 100 2 2002-03 105 3 2003-04 109 4 2004-05 113 5 2005-06 117 6 2006-07 122 7 2007-08 129 8 2008-09 137 9 2009-10 148 10 2010-10 167 11 2011-12 184 12 2012-13 200 13 … Read more

LIC Tax Deductions & Benefits (A.Y.2022-23 & A.Y.2021-22)

The first thing comes in our mind is LIC (Life Insurance Premium) or LIP whenever we talk about deduction under section 80C. But you all know it is only one of the part or deduction along with other deductions comes under section 80C. Life Insurance Premium paid on the life insurance policies issued by LIC … Read more