Every Citizen of India has a right to get interest on their income tax refund under Section 244 of the Income Tax Act in the event that they have made excess payment of advance tax or excess of TDS has been deducted on their sources of income. The Central Board of Direct Taxes (CBDT) in… Continue reading Didn’t get your income tax refund? yet? Here is how much interest will you get in return?
The deadline to file Income Tax Return for the Assessment Year 2019-20 is fast approaching and there are times when taxpayers make mistakes while filing Income Tax Return. In case you have filed faulty Income Tax Return, here are the steps about how you can correct the blunders that you made and file revised ITR for… Continue reading How To File Revised ITR For AY 2019-20?
As we cross into March, another financial year is drawing to a close. If you are a salaried individual you will have noticed the bustle around the office accounts department as they prepare to close their books. Your financial obligations to the government are due as long as you do not learn how to e-file… Continue reading Learn How to E-file your Income Tax Return in 2018
Do you think the union budget just flew past you? Let’s find out the key highlights that you missed in this year’s budget. Tax-related proposals which made the headline are as follows: One good news for salaried individuals and HUFs is the reintroduction of standard deduction which covers a tax deduction of Rs 40,000. The… Continue reading Union Budget 2018-19: Taxation Proposals
The Income Tax Department has notified that, “Every person who has been allotted PAN as on July 1, 2017, and who in accordance with the provisions of sub-section (2) of section 139AA is required to intimate his Aadhaar number, shall intimate his Aadhaar number to the principal director general of income tax (systems) or DGIT… Continue reading Method for Verifying if your Aadhar is linked with PAN Back
Income tax act in India allows citizens to declare only one house property to be self-occupied which will be exempted from the house tax liability. All the other property will be declared as rented property which will be taxable. The let out properties will be considered with the concept of deemed annual value. To calculate… Continue reading Calculate Income Tax Liability on Income from House Property