Personal Income Tax: A personal income tax is paid by an individual based on their income tax slab. To put it another way, you can say the taxes paid by people with salaries, pensioners, individuals with capital gains, house property income and Propertership businesses. You can check the personal income tax slab for A.Y.2022-23 and … Read more
Income Tax Slab (AY 2022-23): This income tax slab for A.Y. 2022-23 includes all amendments up to date (includes all amendments made in Finance Bill 2021). NO change in basic exemption limit or slab rates in finance bill 2021. Income Tax Slab (Old Tax Regime) ✔ (Individual/HUF/A.O.P/B.O.I) ✔ (A.Y. 2018-19, A.Y. 2019-20, A.Y. 2020-21, A.Y. … 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
Income Tax Calendar (Obligations from 1-04-2022 to 31-03-2023): The income tax act lays down a number of obligations that need to be adhered to. There are several obligations that the taxpayer must follow in order to avoid penalties in the event that these obligations are not followed. Therefore, here is the table where you can … Read more
How to e-Verify ITR with DSC 2022: In this article, we will discuss how to e-verify income tax return through digital signature certificate (DSC) 2022. We will cover all the guide which is applicable on new income tax portal i.e. incometax.gov.in. It is very simple procedure to e-verify income tax return (ITR) through DSC. The … Read more
In this article, we will discuss how to e-verify income tax returns (ITR) with a bank ATM. As you all know that income tax return verification is mandatory after e-filing. There are two ways to verify income tax returns (ITR) i.e. online or offline. There are total of five ways to verify income tax returns … Read more
What is House Property Income Any building or land attached to it that is owned by the assessee is considered to be house property. House properties could be your own home, office, a shop, or even a building that is attached to the building like a parking lot. This could also include the land that … Read more
Tax planning has always been the test of efficiency for people along with being a test of their cunningness such that they can save their taxes in a lawful manner. Here are some of the tips that can help you to plan your taxes for F.Y.2021-22 & F.Y.2022-23. Here are 11 simple tax planning tips … Read more
Male and female taxpayers were previously granted separate tax exemption limits in India. Income earned by women was exempt from taxation to a greater extent. Since 2012-13, however, this difference in basic exemption limit has been eliminated, and a common tax slab has been introduced for men and women, regardless of their ages and incomes, in … Read more
Taxpayers are always required to keep a track of the latest amendments introduced by the Department of Income Tax. May it be a salaried individual or a businessman, it is necessary for everyone to abide by the latest guideline and compute their tax li ability accordingly. For the financial year 2021-22 and assessment year 2022-23, … Read more
Tax Planning for Senior Citizens F.Y.2022-23 A.Y.2023-24: The category of senior citizens has been under the purview of income tax for a very long time. However, there have been certain relief that has been provided to them when it comes to imposing taxes on their income. A person is regarded as a senior citizen if … Read more
Depreciation Rates Chart under Companies Act 2013: Check here the depreciation rates table chart as per the companies act and provisions. You are subject to depreciation if you buy any property or asset after April 1, 2014. The document specifies the useful life of various assets but does not recommend depreciation amounts. A depreciation calculation and … Read more
Today everyone in the economy wants to save himself from paying taxes or decrease their tax liabilities. Now to save on tax paying in the Indian economy the Income Tax Act grants many deductions which a person can claim at the time when he/she is filing Income Tax Return. These deductions are for all types … Read more
It is a well-known fact that every country has a right to charge its citizens with taxes. However, there are certain situations when even a non-Resident person is eligible to pay taxes in a country. Under the Indian Income Tax Law, here are those 8 concrete situations. Who is NRI – Check Residential Status Situation … Read more
The term doubles taxation relief is an initiative launched by the Government of India, which allows a person to escape the clutches of being taxed twice for the same income. This incident mainly takes place for non-resident Indians, who first pay taxes on income generated in India and then are once again required to pay … Read more
Reset IncomeTax.gov.in Password Latest 2022: You can get help resetting your password on the e-Filing portal by clicking the Forgot Password link. You can reset your e-Filing portal by the following option. We have provided the complete detail about these options step by step. The most used option to reset incometax.gov.in login password is Aadhaar … Read more
Filing online income tax return has placed the assessee in a very comfortable zone where he can take care of his legal obligations through electronic form. However, there are certain additional credentials that should be fulfilled physically along with electronic filing. Updates: Central Board of Direct Taxes (CBDT) has reduced the time limit for confirming … Read more