Tax Liability of Sr Citizens A.Y.2022-23 & A.Y.2023-24

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

Ready 7 Documents for A.Y.2023-24 & A.Y.2022-23 Income Tax Return

No doubt, there is no need to enclose any documents with income tax return now. But it is advisable that you should prepare all supporting documents on the behalf of you filed income tax return. As Assessing Officer may demand these documents at any time after the filing of the income tax return. Documents in … Read more

Penalty for Late & Non Filing of TDS Returns (A.Y.2023-24)

Penalty for Failure/Delay in Filing TDS/TCS Returns (A.Y.2023-24): In accordance with Income Tax Act, every deductor (who deducts TDS on behalf of a payee) must deposit TDS within the prescribed limit to the account of the Income Tax department. Persons who fail to deduct or pay tax are liable for penalties under the Income Tax … Read more

Instructions to Apply New PAN – Filling Fresh PAN Application Form

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

Company Income Tax Rates AY 2022-23 & A.Y. 2023-24

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

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

Income Tax Rates on Partnership Firms [A.Y. 2022-23] & [A.Y. 2021-22]

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

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. 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