Filing an income tax return can be a simple process, and sometimes mistakes happen. Whether it’s a typo, missed deduction, or incorrect income details, you can correct these errors by revise your income tax return. This guide will explain how to revise your Income Tax Return. What is a Revised Income Tax Return? A revised […]
How to revise your Income Tax Return: Section 139(5) Read More »
In India, taxes on income, wealth, and property are essential for the country’s economic growth. Paying income tax on time is a legal obligation for individuals earning above a certain threshold. However, the Income Tax Act of 1961, provides various avenues through which one can legally reduce their tax liability. In this blog, we will
How to reduce Income Tax in India? Income Tax saving tips Read More »
Fixed deposits (FDs) are a popular investment choice in India due to their safety and guaranteed returns. However, the interest earned on FDs is subject to income tax. Understanding the tax implications can help you manage your investments more effectively and avoid any surprises during tax season. This guide will provide detailed information on how
How to pay Income Tax on Fixed Deposit Interest: FD interest Read More »
Worried about the late fees for filing taxes? Before the deadline, file your Income tax return with 24eFiling. Filing your income tax return (ITR) on time is crucial to avoid legal issues as well as penalties. However, if you miss the deadline, you could face several consequences. But you can pay a penalty for late
Penalty for late filing of Income Tax Return for FY 2023-24 Read More »
In the previous article, we discussed the TDS on Salary. Today, we look into a new concept i.e., What is TDS on Rent? When you rent out a property or take a property on rent, you might come across the term Tax Deducted at Source (TDS) on rent. Understanding what TDS on rent is, how it
What is TDS on Rent: Section194I in Income Tax Act Read More »
Filing an Income Tax Return (ITR) is a crucial responsibility for taxpayers. But who is required to file ITR? Understanding the criteria and the process can help you stay compliant with tax laws and avoid penalties. In this guide, we will explain who is required to file ITR in India! What is Income Tax Return?
Who is required to file ITR in India (FY2023-24)? Read More »
Tax Deducted at Source is a fundamental aspect of the tax system in many countries, including India. Understanding what TDS on salary is crucial for both employers and employees. Let’s break down what is TDS on salary and cover all the essential details. What is TDS on Salary? TDS on Salary full form is Tax
What is TDS on salary: TDS on Salary calculations Read More »
In the digital age, online transactions security and authenticity should be ensured. One such security measure employed by various organizations, including tax authorities, is the Electronic Verification Code (EVC). This system provides a secure and efficient way to verify identity and authenticate documents. Let’s delve into how Electronic Verification Code works and why it’s important. What
How Electronic Verification Code works: EVC Benefits Read More »
The ITR-5 form is an Income Tax Return form used by certain entities in India to file their income tax returns. This blog will walk you through all the essential details about what is ITR-5 form, its applicability, how to file it, and the important deadlines you need to keep in mind. This form is
What is ITR-5 form: Structure and how to file ITR-5 Read More »
Income tax assessment is a crucial process where the tax department evaluates and verifies the taxpayer’s income and tax liabilities. There are various types of assessments in Income Tax conducted under the Income Tax Act, each serving specific purposes. Let’s go through the various types of assessments in income tax. What is Income Tax? Income
Various types of assessments in Income Tax Read More »
