Filing Income Tax Return is not an easy task, there are times when you think that you have filled all the correctly and then pops up a Notice from Income Tax Department. There can be multiple reasons due to which a taxpayer can receive a notice from the Income Tax Department. There are special section under which a taxpayer can receive… Continue reading Tax Notices and Responses to them
What is TDS on Salary – All India ITR TDS on Salary is the income tax on salary. It is also termed as withholding tax. Salary or the payment made by an employer to an employee can be bifurcated into two parts – Salary and Perquisite/Perks. Salary is purely the amount paid to the employee… Continue reading What is TDS on Salary – All India ITR
The Direct Tax Code will be implemented by 2018 July, this code will extend 25% of corporate tax on various firms over the period of time and will provide tax relief to the individual taxpayers. All About New Direct Tax Code It is the common belief that, this Direct Tax Code will bring the ray of hope for businesses… Continue reading All About New Direct Tax Code – All India ITR
A taxpayer can increase his/her tax saving and lower his/her income tax liability by using the benefit of provisions relating to deductions/exemptions from taxable income under various sections of Income Tax Act. Let’s find out how a taxpayer can do maximum tax saving 1. A taxpayer can save taxes by buying a Home in Joint Name: … Continue reading How to Save Taxes for the Financial Year 2017-18?
TDS or Tax Deducted at Source is deducted by the employer from the salary of the employee and is hen deposited to the Government of India. In case the employer has deducted more TDS than he/she was supposed to, here is how you can claim refund for the extra that has been deducted. Eligibility for TDS… Continue reading How to Check your TDS refund status?
The new Income Tax Return Forms came into being for the financial year 2017-18 and they have made the mention more details of their income than they usually used to do. All in all, there are 25 major changes that a taxpayer can notice in the ITR Forms. These changes require taxpayers to provide the break-up of the… Continue reading Impact of New ITR Forms
Ever individual who earns income is supposed to pay Income Tax to the Government of India. With Income Tax season around the corner, you must be gearing up to file your Income Tax Returns. Before you file your returns, you must know about the common mistakes that people make while filing their Income Tax Returns.… Continue reading Common Mistakes You must avoid while filing ITR