Income Tax

• Budget 2023: No Tax on Income up to Rs 7 lakhs in New Tax Regime

  Income Tax Returns Reduced from 93 Days to 16 Days: FM Sitharaman…

• Income Tax 2023-24: Easy Steps to Calculate Your Personal Income Tax for Next Financial Year

  We are providing you with some easy steps to check your personal income tax. Scroll down for the direct link and steps to calculate Income Tax.…

• Step-By-Step Guide on How to Pay Income Tax Through E-Pay Tax Option

  Over the past few years, the Income Tax Department has taken a number of measures to simplify the Income Tax Return (ITR) filing procedure. Follow this article to know more.…

• New Income Tax Rule Decriminalizes Punishable Offenses

  Central Board of Direct Taxes released updated rules for compounding several Income Tax Act of 1961 offenses.…

• Income Tax Returns: Not Getting Your Refund? Know Why and How to Fix the Issue

  Generally speaking, tax refunds are credited to the assessment bank account a few weeks after the ITR is filed, although there may be delays in some circumstances. Here's how you can get your income tax returns.…

• ITR Filing FY 2021-22: Here’s What You Can Do If You Receive Notice From Income Tax On Claiming Refund

  A notification may be issued if multiple claims are submitted simultaneously under different aspects of the Income Tax Act. The taxpayer in this situation must check or make changes to the ITR.…

• Now You Can Track Income Tax Return Status Online; Read How

  Through the Income Tax Department's official website, incometaxindiaefiling.gov.in, taxpayers can check the status of their refund online. To learn the whole process, check this step by step guide.…

• Income Tax Return Updates: Deadline, Eligibility to File ITR & Other Latest Details

  A taxpayer can amend their income tax return in accordance with the revised income tax rules under Section 139(5) of the Income Tax Act of 1961. Continue reading to learn more.…

• Tax Payers Alert! ITR e-verification Time Limit Reduced to 30 Days; Details Inside

  Starting on August 1, the I-T department has cut the time frame for e-verification or hard copy submission of the ITR-V, after the filing of returns by taxpayers, from the previous 120 days to 30 days.…

• File Your ITR Before 31st July to Avoid These Penalties, Fines and Legal Action

  Due to COVID, the government has delayed the deadline for the past two years. However, the center has emphasized the significance of submitting your tax return by the deadline.…

• What is the Income Tax Intimation Letter? Know Details Here

  The notice describes whether the Department's calculation and the taxpayer's income tax calculation in the ITR agree or disagree with each other.…

• How to File Income Tax Return: A Step-by-Step Guide

  As per the rules and regulations of the government of India, every citizen has to pay taxes imposed on them. According to income tax laws, whether you are an individual, organization, or a local authority, your income is taxed every financial year.…

• Why You Should Double-Check Pre-Filled Information While Filing Income Tax Return

  In her budget address, Finance Minister Nirmala Sitharaman stated that we would soon have pre-filled data in income-tax return (ITR) forms. It should be noted that for the 2019-20 fiscal year, the ITR-1 and ITR-4 forms already feature pre-filled information about the assessee.…

• Here's How to e-Verify Income Tax Return via Aadhaar OTP

  If the e-verification is not completed within the allotted 120 days, the ITR will become invalid.…

• Income Tax: 3 Main Changes in Income Tax Laws to Start from Today, Details Inside

  A 1% Tax Deduction at Source (TDS) will also be applied to all bitcoin transactions starting in Q2FY23, or right now. In the meantime, starting today, 10% TDS is also applicable to financial benefits obtained from sales promotion on medical professionals and social media influencers.…

• ITR Filing: Check List of Important Documents Required to File Income Tax Return

  Certain papers must be produced and maintained as proof in accordance with the Income Tax Act of 1961 and the Income Tax Rules of 1962.…

• ITR Latest Update: Important Income Tax Return Filing Deadlines for 2021-22

  It is critical that all taxpayers remember the deadline for filing income tax returns. The due date varies according to the taxpayer's category.…

• Income Tax: 5 Reasons Why You Shouldn’t Miss NSP During Tax Planning

  Experts say that tax and investment planning should be done jointly because a penny saved is a penny earned. People spend extensively on tax-saving choices under Section 80C, according to them, when developing an investment plan. There are, however, alternative options to consider.…

• EPFO New Guidelines: How Taxation Will Change For Govt & Non-Govt Employees on PF Contributions Above ₹ 2.50 Lakh

  According to the circular, TDS would be deducted when interest is paid to an EPF account.…

• Rich Farmers To Face Stricter Scrutiny By Income Tax Authorities: Centre

  Super-rich farmers will confront stricter scrutiny from tax authorities, who will brush through specifics of agricultural income, which is tax-free under the law, in jurisdictions in which the income of farmers surpasses a threshold of 10 lakh per year, according to the finance ministry.…

• From Income Tax to Crypto: What are the New Rules Being Implemented in 2022-23? Check Here

  Gains from virtual digital assets (VDAs) such as bitcoin, dogecoin, and other VDAs will be taxed at a fixed rate of 30%. Find other changed rules in this article.…

• Big Alert! Do These 5 Tasks Before March 31, Else Pay Heavy Fines

• ITR Last Date: What Happens If You Do Not File Income Tax Return by March 31? Know Here

  For taxpayers who fail to file their Income Tax Return (ITR) within the due date, which was 31 December 2021 for the current fiscal, the income tax law allows a three-month window to file belated ITR. For the current assessment year (AY 2021-22), 31 March…

• EPFO Update! PF Accounts To Be Split Into Two From April 1; Key Points to Note Down

  Existing provident fund (PF) accounts will most likely be split into two halves on April 1.…

• MP Government Will Soon Impose Surcharge on Alcohol for Conservation of Cows

  A senior finance department official said on Friday that the Madhya Pradesh government is planning to impose a surcharge on products such as liquor and services provided by local bodies to generate 100 crores to cover the costs of running cow shelters in the state,…

• ITR Filing Due Date Extended; Know if Agriculture Income is Taxable?

  The Central board of Direct Taxation has extended the Income Tax Return Filing date of FY 2021-22 for Individuals till 31 December, 2021. If you have Agricultural Income, you can still file for ITR, however as per section 10(1), agriculture income earned by the taxpayer…

• ITR Filling 2019-20: Check Important Update regarding Income Tax Returns for FY 2020

  The usual date for filing ITR for the financial year of 2019-20 would have been July 31, 2020. However, the government has taken note and given some major concessions when it comes to filing your ITR due to the worldwide pandemic.…

• Good News Taxpayers! Relaxations in Income Tax Returns Filing; Check New Rule for Verification of Old ITRs

  The income tax department has given a one-time relaxation to taxpayers who have not yet verified their e-filed tax returns. So, if you have not yet verified your income tax returns (ITR) for assessment years 2015-16 to 2019-20, then you still have time till 30th…

• New Income Tax Regime: These 5 Incomes are Exempted from Paying Income Tax in FY 2020-21

  The new tax regime applicable from 1st April 2020 is optional. A person opting for the new tax regime will have to forego many of the deductions available under the income tax law like Section 80C, 80D, 80TTA for deduction on savings account interest earned…