Every person wants to save on tax. So, some of people try to evade tax, which is wrong on behalf of a responsible citizen of a country. For saving tax the most common and best way is the use of section 80C of the income tax act,1962. Section 80C is the section which provides every … Read more
Form 26AS is a consolidated tax statement which has all tax-related information such as TDS, TCS Refund etc associated with a PAN. It is also called an annual statement. It shows how much of your tax is collected by the government. It is a consolidated statement from multiple sources like your salary/ pension/ interest income … Read more
Stamp Duty and Registration Charges are the expenses which have to be paid while buying a house and get it transferred in your name. It is the tax that is paid on the market value of the house. The Stamp duty and registration charge is mandatory and is levied by the Government of India. The … Read more
Most people file Income Tax Returns through Chartered Accountants or Financial planners but if anyone wants to file their own they need to understand two commonly used terms while filling return i.e. Financial Year & Assessment Year. Financial Year It simply means the year in which the income is earned. The financial year starts on … Read more
The Government of India has been constantly working hard to ensure that online transactions can become more secured and private. One of the recent addition to the list is the e–Filing Vault system, a modern day mechanism which allows a tax payer to link his/ her e-filing account with other private accounts and convert the … Read more
Know Your Customer (KYC) has become an essential phase of every online savings. With the latest notification, people can now update their KYC for EPF online through UAN EPFO. All that a user needs to have is his or her Universal Account Number (UAN) account information. By following the given 4 steps, one can easily … Read more
Calculation of HRA – How to Calculate HRA Tax Exemption: HRA or House rent allowance is a term commonly used. The employee receives the House Rent Allowance from the employer in relation to rented residential accommodation occupied by the employee. Generally speaking, an HRA is actually a payment made by an employer to an employee … Read more
Deduction 24 From House Property Income: You can get tax exemptions on specific investments and expenditures under several sections of the Income Tax Act. The Act constantly stresses the importance of residential property and property as an investment. A lot of investments towards your first home can get lots of income tax deductions (Section 24, … Read more
With the Budget 2022 implemented in the country, who doesn’t want to reduce their payment of tax? “No one” is the straightforward answer to this question. In the present economy where inflation rules the country, everyone wants to have more money in their pockets and safe custody so that they can use it in future. … Read more
Check Income Tax Refund Status Online: As you all know to get an income tax refund, we have to file an income tax return by showing the excess tax paid or excess TDS deposited or excess advance tax payment as the case may be. The income Tax department on the basis of the return file … Read more
Deduction 80CCD – Deduction for NPS (National Pension Scheme) A.Y. 2022-23: The Income Tax Department of India offers a deduction of 80CCD to taxpayers for making contributions towards the National Pension Scheme (NPS) or the Atal Pension Yojana (APY). The deduction is availed under Section 80CCD and is available only to individuals. This section also … Read more
Deduction u/s 80DD: Individuals or HUFs are permitted to deduct expenses for dependants who are differently abled and who are entirely dependent on them for support and maintenance under Section 80DD. A deduction is available to families of disabled persons under Section 80DD in order to support a disabled dependent. The families of disabled dependents … Read more
The best way to prevent diseases and complications is to have regular Preventive Health Checkups. Therefore, the purpose of a Preventive Health Checkup is to identify and minimize such risks as early as possible. By detecting potential health issues early, preventive checkups can reduce the financial burden of healthcare by reducing the cost of healthcare … Read more
Sometimes getting back your Income Tax Refund can be a little difficult for taxpayers. This is mainly because taxpayers do insist on paying taxes, but they often miss out on filing the right type of return/ filing return on time. Here are 8 certain ways which will help you to get your Income Tax Refund … Read more
Tax Liability of Sr Citizens A.Y.2022-23 & A.Y.2023-24: The persons who find it difficult to calculate income tax for their parents or senior citizens themselves must read this article for everything you need to know about the taxation of senior citizens. You will find here the meaning, definition, tax liability, income tax rates, income tax … Read more
As you know, PAN numbers are mandatory for all assessees. There are many benefits to having a PAN. We have provided very simple instructions here on how to apply for a new PAN. In order to make it easy for every layman to understand and apply PAN himself without any assistance from a professional. You … Read more
See the latest income Tax rates or income tax slab for partnership firms for A.Y.2022-23, A.Y.2021-22, A.Y.2020-21, A.Y.2019-20, A.Y. 2018-19, A.Y. 2017-18 A.Y.2016-17, A.Y. 2015-16 & A.Y. 2014-15“. Income Tax Rates on Partnership Firms A.Y.2022-23 Long-term capital gain from equity shares, etc. u/s 112A 10% Long-term Capital Gain u/s 112 20% Short-term Capital Gain u/s … Read more
The procedure for e-filing of income tax returns is completed when you verify your return. So, to verify the return you have two ways as follows; Sending a physical copy of ITR-V to CPC, Bangalore; or e-verify your income tax return Updates: In accordance with the CBDT notification, the 120-day time limit continues for ITRs … Read more
How to View All Filed Income Tax Returns Online: Sometimes, you might forget whether you filed or e-Verified your income tax return for previous years. If you want to know how many income tax returns you have filed online, it is very easy to do so. In addition, you can find out what dates your income tax … Read more
The Income Tax Department of India has maintained a provision of the deduction for taxpayers who invest in health insurance policies. As per the current scenario, the IT Department allows a deduction of ₹25, 000 for common citizens and ₹50, 000 for senior citizens in every assessment year. However, there are certain prescribed guidelines that … Read more