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 »
Income Tax Rules are getting updated day to day. One among the latest addition is the Tax on Blogging Income. As Technology is getting advanced in every aspect, social media is reaching its peak and being helpful for many professionals. There is an increasing need for bloggers and content producers. The popularity of blogging has
Tax on Blogging Income under the Income Tax Act in India Read More »
TDS or Tax Deducted at Source which means an authorized deduct or deducts tax while making certain payments. Example: Rent, Commission, Salary, Interest, etc. In this blog, we will explain the details of 27 sections under TDS with different provisions of deduction and a threshold limit of exemption. What is Tax Deducted at Source in
What is Tax Deducted at Source: TDS Meaning in Income Tax Read More »
The need for Income Tax Return Filing also increases as there is exponential growth in the economy and the number of people filing. Most people refrain from doing it because of the hectic procedures, but it is mandatory and also your right as it is the confirmation of your income? Lets look on what is Income
What is Income Tax Return Filing: Process of ITR Filing Read More »
The government aimed to simplify the tax structure and attract taxpayers towards the new system by offering lower tax rates and fewer exemptions. However, this has led to confusion among taxpayers regarding the choice between the old and new tax regimes. This article comprehensively compares the Old Vs New Tax Regime in India, considering the
Old Vs New Tax Regime: Income Tax Slabs FY 2023-24 Read More »
