ITR-3 A.Y.2022-23: How to File ITR-3 Online?

ITR-3 AY 2022-23:  The ITR-3 form is used to file income tax returns if the assessee has income from his or her business, profession, salary, house property, pension or income from other sources. The ITR-3 form is applicable for resident individuals and Hindu Undivided Families (HUFs). An assessee must have income from a proprietorship business … Read more

ITR-2 A.Y.2022-23: How to File ITR 2 Online?

ITR-2 A.Y.2022-23: ITR form 2 is for the individuals or HUFs who are not eligible to file the ITR-1 (Sahaj) form. In other words, you can say that individuals and HUFs who are not having income from any business and profession can use ITR 2. You can file ITR-2 online easily by following the below … Read more

ITR-1 (Sahaj) Form AY 2022-23: How to file ITR-1 Online?

ITR-1 (Sahaj) AY 2022-23: ITR-1 is a simple tax return form. People with incomes less than Rs.50 lakhs can use ITR-1. This income should be from salary, income from other sources (Interest etc.) and only one house property. In this article, we will discuss the detail about ITR-1 like how to fill ITR-1, excel utility, … Read more

Income Tax Surcharge & Marginal Relief Calculation A.Y.2022-23

Income Tax Surcharge & Marginal Relief Calculation A.Y.2022-23/A.Y.2023-24: There is an additional charge on income tax called an income tax surcharge. As per the guidelines issued by the IT Department, the rate of surcharge affects entities whose income is more than Rs. 50 Lakh in a financial year. The surcharge is subject to marginal relief. … Read more

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

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

Which ITR Form to File for A.Y.2019-20?

Which ITR Form to File for Income Tax Return (A.Y.2019-20) Individual and HUF Nature of Income ITR-1* (Sahaj) ITR-2 ITR-3 ITR-4* Salary Income Income from salary/pension (for ordinarily resident person) √ √ √ √ Income from salary/pension (for not ordinarily resident and non-resident person) √ √ Any individual who is a Director in any company … Read more

Preparing to File Your Income Tax Return for A.Y. 2019-20

The season for filing income tax returns (ITR) is gathering pace as the due date of 31st July is approaching for the majority of taxpayers. Before you actually sit down to file your ITR or visit the office of your tax advisors, you need to do some ground preparation so that the information given in … Read more

Complete Guide to File Income Tax Return for A.Y. 2019-20

How to Pay Income Tax Online? ePayment of Income Tax | Easy Steps! How to File Income Tax Return Online for A.Y. 2019-20? How to File Income Tax Return Without Form 16? Due Dates to File Income Tax Return for A.Y.2019-20 Never Forget to Consider Interest Income in Income Tax Return How to Reset Password … Read more

How to File Income Tax Return Online for A.Y. 2019-20?

Assessee who are required to file income tax return online must e-file their return. Otherwise it is your choice to file income tax return online or offline. In previous article we have given detail guidelines about how to file income tax return online, offline or TRP schemes. You can file income tax return online for … Read more

6 Most Common Questions on Tax Audit – All Clarified

Q.1) What is tax audit? The dictionary meaning of the term “audit” is check, review, inspection, etc. There are various types of audits prescribed under different laws like company law requires a company audit, cost accounting law requires a cost audit, etc. The Income-tax Law requires the taxpayer to get the audit of the accounts … Read more

Never Forget to Consider Interest Income in Income Tax Return

Generally people forget to include interest income while filing for an income tax return. The interest income which an individual earns is to be added under the head other sources i.e. the residual head. Interest income is over and above from your income under the head salary, business, profession and house property etc. Interest is … Read more

Filing Income Tax Return with Digital Signature?

The use of digital signature is a significant contribution towards filing your income tax return. However, most of the people do not possess one as a result of which they need to furnish ITR-V in physical form to the Headquarter of Income Tax Department. Here will discuss how to file income tax return using digital … Read more

How to Secure Income Tax Return e-Filing Account? Step by Step

The e-Filing account of the income tax contains very confidential and important information. So, it is very important to secure the e-Filing account. In order to secure your income tax account, income tax department has introduced E-Filing Vault, which will restrict fraudulent logins. Putting restriction on the options for Login and locking the ways of … Read more

Income Tax Computation Format – Step by Step [A.Y.2019-20 & 2020-21]

Income Tax Computation [A.Y.] Pariculars Download Link Income Tax Computation Format (Excel Format) Download Income Tax Computation Format (PDF Format) Download (1) Income from Salaries Amount (Rs.) a) Basic Salary ₹……. b) Taxable Allowances ₹……. c) Taxable value of perquisites ₹……. Gross Salary ₹……. Less: Standard Deduction ₹……. Less: Entertainment Allowance ₹……. Less: Professional Tax … Read more

How to File Revised Income Tax Return?

Revised returns are nothing less than a second chance to live for people when it comes to filing online income tax returns. People can use this mechanism to rectify their existing filed return and thus, save penalties and other losses. What is revised income tax return? Taking a reference from Indian Tax Law, the facility … Read more