A vital component of an employee’s salary is the House Rent Allowance (HRA). According to rule 2A of the Income Tax Rules (ITR) 1962, this CTC component is not entirely taxable. In this guide, … READ FULL STORY
March 5, 2024: The Income Tax (I-T) Department is in the process of sending notices to some taxpayers for income tax returns (ITRs) filed for assessment year (AY) 2021-22 (FY2020-21). Notices will be sent … READ FULL STORY
January 3, 2024: The income tax (I-T) department has recorded a surge in filing of income-tax returns (ITRs). This has resulted in a new record of 8.18 crore ITRs being filed for the assessment year … READ FULL STORY
The Income Tax Department has notified forms for filing income tax returns for FY 2022-23. The Central Board of Direct Taxes (CBDT), through a notification dated February 10, 2023, has notified Income Tax Returns … READ FULL STORY
There are several upsides to filing your income tax returns on time. Those who fail to file their tax returns or pay taxes on time face several fines and even legal action, as outlined … READ FULL STORY
The income tax division examines each ITR submitted and determines the total amount of taxes paid. The department gives the assesses a refund if they overpaid the tax. All taxpayers who have paid their … READ FULL STORY
If your income tax returns (ITR) have already been submitted, you must confirm them. Your ITR will not be processed by the tax department until it has been verified. Additionally, you can only receive … READ FULL STORY
In addition to your basic KYC documents (like your proof of address and identity) and property documents (like chain of documents and title deeds of the land), the home loan lender asks you to … READ FULL STORY
Suppose you live with a family member and receive HRA as part of your salary package. Did you know that there is a way to save taxes, in case you pay rent to the … READ FULL STORY
With rapid computerisation, an individual’s PAN (Permanent Account Number) has become an important document, for many financial and non-financial transactions. It is equally important for buying or selling properties or leasing it out. For … READ FULL STORY
Presently, less than 4% of the entire population of India files its income tax return (ITR). Consequently, successive governments have been introducing various measures, to enhance the tax payers’ base. Finance minister Nirmala Sitharaman, … READ FULL STORY
With the increasing aspirations of the young generation, along with astronomical prices of houses, most home buyers today, seek to avail of home loans to fund their property purchase. However, there are various factors, … READ FULL STORY
