What is income tax?
Income tax is a direct tax people and businesses have to pay in a financial year. The income tax is calculated based on the tax slab an individual falls. Here are some other interesting … READ FULL STORY
Taxation
Tag: income tax return
Taxation
What is partial agricultural income in India? How it is taxed?
Partial agricultural income, as the name implies, refers to income that extends beyond cultivation activities. As it isn’t solely reliant on cultivation, it diverges from the taxation norms applied to pure agricultural income. In … READ FULL STORY
Taxation
Form 26AS: How to view and download it on the TRACES portal?
Form 26AS and pre-filling of tax returns have made filing of tax returns simpler and easier, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said while presenting the Interim Budget 2024-25 in Parliament … READ FULL STORY
Taxation
How to download ITR acknowledgement in 2024?
Filing your income tax return is a methodical process that extends beyond merely determining your annual tax liability and submitting the ITR-V form. This article guides you to download ITR acknowledgement. After diligently calculating … READ FULL STORY
Taxation
What is Section 234F of ITA? What is late fee penalty under this act?
The introduction of Section 234F of the Income Tax Act (ITA) on April 1, 2018, marked a significant shift in the taxation landscape, emphasising the importance of timely tax filing. This section underscores the … READ FULL STORY
Taxation
How to register for income tax e-filing?
Income tax e-filing login is key to filing income tax in India. This guide will explain how to use income tax return login to pay income tax. Details needed for ITR login registration Valid … READ FULL STORY
Citizen Services
Over 88% verified ITRs processed till September 5: Income tax dept
September 6, 2023 The Income Tax Department has verified 6.84 crore income tax return forms (ITRs) as on September 5, 2023. A total of 6.98 crore ITRs were filed for the assessment year (AY) … READ FULL STORY
Taxation
Income tax for senior citizens and pensioners
There are numerous ways for senior citizens to make a living. It may come in the form of a pension, savings account interest, rental income, fixed deposit, reverse mortgage or another type of income. … READ FULL STORY
Taxation
How to file income tax return online for salaried employee?
Filing income tax returns is an important financial responsibility for salaried employees. As per the Income Tax Act, 1961, ITR filing is mandatory wherein a taxpayer reports his total income in a financial year and … READ FULL STORY
Taxation
Who should file ITR-2 for AY 2023-24?
Come July, citizens are required to file their Income Tax Return (ITR) for the income earned in the last financial year. The due date of the ITR depends on what form the tax payer … READ FULL STORY
Current News
ITR filing for FY2022-23: Common mistakes taxpayers should avoid
As the deadline to file income tax returns (ITR) for FY 2022-23, which is July 31, 2023, is nearing, most individual taxpayers are busy filing their tax returns online. The ITR filing process has … READ FULL STORY
Taxation
How to raise a request for an income tax refund reissue?
If a taxpayer has paid more tax than the amount, he is liable to pay, he can claim an income tax refund from the Income Tax (I-T) Department. However, there may be a possibility … READ FULL STORY
Taxation
Income Tax Act in India: Bare facts
Taxes are monetary fees that the government levies on income, goods, services, activities, or transactions. Taxes, the government’s primary funding source, are utilised to advance national laws, legislation, and practises that benefit the populace. … READ FULL STORY
