How to File Revised Income Tax Return?: As a taxpayer, it’s not uncommon to realize that you’ve made a mistake or missed important details in your initial Income Tax Return (ITR) submission. The good news is that you can rectify these errors. The process involves using the tax authorities’ online platform, known as the eFiling … Read more
How to File Belated Income Tax Return Online A.Y. 2023-24: You can still file your income tax return if you missed the deadline of July 31, 2023, for the Assessment Year 2023-24. This is referred to as a belated income tax return by the income tax department. While there are certain drawbacks to filing your … Read more
Belated Income Tax Return: Penalty, Time Frame & Consequences: A belated return is a term used for a tax return that is filed after its original due date. You have a specific window of time within which you can submit a belated return. This window is calculated as follows: You can file a belated return … Read more
Every year, you need to file your taxes and income tax returns by the 31st of July. For the year that starts in April and ends in March, the due date is always 31st July. The tax office sends us reminders through emails and texts so we don’t forget and end up with penalties. Still, some … Read more
Deduction 80E – Interest on Education Loan Section 80E: Getting a higher degree can really boost your knowledge and job prospects, but it’s no secret it can be pretty pricey. To help with that, there are some tax rules in place to lighten the load and keep encouraging us to learn more. One of the … Read more
Income Tax Slab A.Y.2023-24 (F.Y.2022-23): Income tax slabs in India follow a progressive system: This means that as your income increases, the tax rates also increase. It ensures that individuals with higher incomes contribute more in taxes compared to those with lower incomes. The slabs are revised periodically, typically during each budget announcement: The income … Read more
Section 44AE of the Income Tax Act is a significant provision that facilitates the implementation and management of the Presumptive Taxation Scheme. This scheme is specifically designed for small and medium enterprises engaged in the business of plying, hiring, or leasing goods carriages. It aims to simplify the tax compliance process by providing a standard … Read more
Form 10IEA: Switch to Old Tax Regime (A.Y. 2024-25): Form 10IEA is a tax form introduced by the income tax department specifically for the assessment year 2024-25. It is used by individuals and Hindu Undivided Families (HUFs) having business and professional income who want to opt out of the default new tax regime and switch … Read more
HUFs and individuals interested in opting for the new tax regime for the Assessment Year 2023-24 are advised to use Form 10IE. The purpose of this form is to indicate that they would prefer the new tax regime to the default old tax regime. Individuals and HUFs with business or professional income must use Form … Read more
The Income-tax Act provides certain provisions to simplify the taxation process for professionals, such as doctors, lawyers, architects, engineers, and other specified professionals. One such provision is Section 44ADA, which introduces a presumptive taxation scheme exclusively for professionals. In this article, we will discuss about of Section 44ADA and its benefits for professionals. The professional … Read more
ITR-4 (Sugam) A.Y.2023-24: ITR-4 (Sugam), also known as the Income Tax Return Form 4, is a tax filing form for individuals, Hindu Undivided Families (HUFs), and firms (excluding Limited Liability Partnerships) who have income from business or profession. ITR-4 is especially for individuals/HUF/Firms whose total income does not exceed ₹50 lakh and who have income … Read more
ITR-3 A.Y. 2023-24 – Individuals and HUFs have income from profit and gains of business or profession: ITR-3 is a form applicable to resident individuals and Hindu Undivided Families (HUFs) who earn income from proprietary businesses or professions. It is used for filing income tax returns. Individuals or HUFs engaged in activities such as proprietary businesses, including … Read more
How to File ITR-2 (A.Y.2023-24) – Step-by-Step Procedure: You can use ITR-2 to file your income tax return if you are an individual and HUFs and earn over Rs. 50 Lakh without business income. An ITR-2 covers any income from a salary, pension, house property (More than one house property), capital gains, director in a … Read more
1. What is ITR and what is ITR-1? – ITR stands for Income Tax Return, which is a form filed by taxpayers to disclose their income earned during the financial year. ITR-1 is the simplest form, also known as Sahaj, used by individuals with income from salaries, one house property, or other sources (excluding capital … Read more
How to File ITR-1 (Sahaj) Step by Step (A.Y.2023-24): To file an income tax return, the income tax department has released different types of income tax forms based on the category of taxpayers. Currently, there are seven ITR forms available to file an income tax return. The Income Tax Return Form 1 (ITR-1), also known … Read more
Form 26AS is an important document for taxpayers in India as it provides a comprehensive summary of the tax credits associated with their Permanent Account Number (PAN). Form 26 AS consolidates information from various sources such as tax deducted at source (TDS), tax collected at source (TCS), advance tax, and self-assessment tax payments. You have … Read more
E-verifying your income tax return is a crucial step in the tax filing process. Without e-verification, your return remains incomplete, and any refunds due will be withheld. In this comprehensive guide, we will explore how to e-verify income tax returns using various methods, ensuring a smooth and hassle-free experience. Updates: The new rule for e-verification … Read more
As per Income Tax Department guidelines, you will get your income tax refund only if your bank account is validated on the income tax filing portal. So all taxpayers who want income tax refunds fast and without any error should pre-validate their bank account on the income tax portal. The official website of income tax … Read more
Income Tax Login: Income Tax Portal Registration for Easy ITR Filing: Is filing your income tax returns every year a hassle for you? The new income tax portal offers a seamless experience that makes filing your ITR a breeze. A user-friendly interface, faster processing times, and a variety of services make tax compliance easier with the … Read more
Essentials Documents Needed for Filing ITR (A.Y.2023-24): When filing your Income Tax Return (ITR), it is crucial to have the necessary documents readily available, even though physical attachments are not required. In the event of a future audit or query from the tax authorities, you will have the necessary information readily available. The process of preparing … Read more