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
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
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
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
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
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
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
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
August 2, 2023: The total number of income tax returns (ITRs) for assessment year (AY) 2023-24 filed till July, 31, 2023 was more than 6.77 crore, the finance ministry said on August 1. This … READ FULL STORY
Income Tax (I-T) is levied by the government of India on the income of every person in India. The provisions governing the I-T are covered under the Income-tax Act, 1961. The last date to … READ FULL STORY
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
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
