Filing your income tax return is a crucial financial responsibility, but the process doesn’t conclude with the submission of your Income Tax Return (ITR) form. One of the crucial steps that often is overlooked is ITR verification. In this blog post, we’ll dive into the significance of Income Tax Return Verification, the methods available, and […]
Verify ITR for FY 2022-23: Income Tax Return Verification Read More »
Everyone must submit their taxes using the appropriate Income Tax Return (ITR) form. If you have capital gains, you should use ITR-2 form. However, if your income involves business or profession, use ITR-3. For those with salary, foreign asset or property income, ITR-2 form is the right choice. Learn how to file your capital gain
What is ITR-2 form: How to file ITR-2 FY 2022-23 (AY 2023-24) Read More »
An individual is required to file an Income Tax Return form to the Income Tax Department of India. It includes details on the individual’s income and the taxes that must be paid on it during the year. Information submitted with an ITR must be related to a certain fiscal year, i.e.; beginning on April 1
What is Income Tax Return Form: Also Know About Form 16 Read More »
As the calendar flips over to a new year, it brings with it the certain arrival of tax season. For many, the thought of filing income tax return (ITR) can be daunting, and confusing. However, it doesn’t have to be this way. Filing your income tax returns is an important responsibility that ensures you’re compliant
What is filing Income Tax Return: Just follow 11 easy steps Read More »
Filing taxes might seem like a daunting task! If you are an individual with a steady income from salaries, pensions, or other sources (except winning the lottery or horse racing), and your agricultural earnings are less than INR 5,000, then ITR-1 form, also known as Sahaj, is your go-to form for a smooth tax filing
ITR-1 Form: Income Tax Return for Salaried Individuals Read More »
An Income Tax Return is a document that every taxpayer should file with the Bureau of Internal Revenue (BIR) to declare, profits, expenses, losses, and other information related to the last financial year. The taxpayer should submit those details every quarter of every year. To complete a successful ITR filing, the taxpayer should meet certain
Which ITR should I file: 7 Types of Income Tax Return Forms Read More »
Filing an Income Tax Return (ITR) is not just about crunching numbers, it is about gathering the important documents that provide a clear picture of your financial expenses. From income statements to investment proofs for deductions and exemptions, the documents required for ITR filing serves as the base for an easy and accurate tax filing
10 Crucial documents required for ITR Filing in India Read More »
Based on latest studies, India is setting new records in generating direct tax revenue. As of January 10, 2024, the tax collection increased 19.41% year over year to INR 14.70 lakh. The sum has exceeded the total budget forecasts for FY 2023–2024’s 80% tax collection target. Income taxation is important to a nation’s development. It
Top 5 Benefits of Income Tax Return (ITR) filing on time Read More »
It is necessary to understand what is Income Tax Return (ITR). ITR is a mandatory filing process in India, where individuals, and businesses, declare their taxable income, claim deductions, and report their tax liability. Filing an ITR is crucial for various reasons like claiming tax refunds, applying for loans, and complying with legal requirements, especially
What is Income Tax Return: How to file ITR (FY 2022-23) Read More »
Basically, the main motive of updated Income Tax Return is to update the ITR by correcting or rectifying errors or any kind of omissions for up to 2 years from the end of the particular assessment year. It is very useful for one who has forgotten to report or mention their income in the ITR
How to file updated Income Tax Return: What is ITR-U Read More »
