Who is Required to File Income Tax Return?

Persons Required to File Income Tax Return (A.Y. 2022-23 & A.Y. 2023-24): According to the Income Tax Laws, if a resident individual has earned a total income exceeding the basic exemption limit during the financial year, he or she must file an ITR on a mandatory basis. If you opt for the old income tax … Read more

Do’s & Don’t for Printing & Submitting ITR-V to ITD CPC

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?

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

7 Situations to Avoid Losing Health Insurance 80D Tax Benefits

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)

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 (Updated)

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

How to e-Verify ITR through ATM (Updated)

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

House Property Income Calculation and Deduction 2022

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

Business Finance Needs – Fixed & Working Capital Requirements

Business finance is a term that consists of a wide range of activities and works which revolve around the proper utilization of money and other various valuable assets. It also refers to money and credit which is employed in the business for earning profit to run a business in a better way, there are many … Read more

11 Simple Tax Planning Tips for A.Y.2022-23 & A.Y.2023-24

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

Income Tax Slab & Deductions for Women A.Y.2022-23 & A.Y.2023-24

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

Major Changes to Focus When Filing IT Return for A.Y.2023-24

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

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

Kisan Vikas Patra 2022 – All You Wanted to Know About KVP Scheme

Kisan Vikas Patra (KVPs): The Indian Postal Service offers a certificate programme called Kisan Vikas Patra. You could assert that it will enable you to double your investment in 10 years, and 4 months (124 months). However, it all depends on the timing of your Kisan Vikas Patra investment. In this article, we shall go … Read more

Depreciation Rates Chart under Companies Act 2013

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

7 Most Effective Ways to save Tax

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

File GSTR-1 Nil Return in Single Click (New Facility) 2022

The GST department has enabled a new feature for taxpayers that will make their lives easier. It is now possible for them to file their GSTR-1 NIL return with just a single click of the mouse. This is a new facility that has been added to the GST portal. In order to file your GSTR-1 … Read more

Income Tax for NRI A.Y.2022-23 & A.Y.2023-24

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

DTAA: How NRIs Can Claim Benefits of DTAA 2022

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

ITR Intimation Notice 143(1) for Refund or Demand – What to Do?

ITR Intimation 143(1) for Refund or Demand: To facilitate online analysis of income tax returns, the Income Tax Department has set up a Centralised Processing Center (CPC). After your e-Filing, CPC processes all income tax returns that you have submitted. It is the main task of the Centralized Processing Center to send an intimation to … Read more