ITR filing

Why should Form 26AS be checked before Filing ITR

Why should Form 26AS be checked before Filing ITR

Form 26AS be checked before Filing ITR is an essential concept for every taxpayer. As we know, Form 26AS records all the taxes paid on your behalf by your employer or clients. Furthermore, people popularly call it a Tax Credit Statement and is a vital document for ITR filing. Therefore, In this article, we will … Read more

Income Tax due date extended amid COVID-19

Income Tax due date extended amid COVID-19

Income tax due date extended amid covid is a much-awaited and needed relief. The Taxpayers are facing many difficulties in ITR filing and other tax obligations due to the impact of the Covid-19 pandemic. Furthermore, taxpayers are in confusion, especially in responding to different notifications by the government. Therefore, the government has now released two … Read more

Tax exemption given for Treatment and Ex gratia received due to Covid

Tax exemption given for Treatment and Ex gratia received due to Covid

Tax exemption given for Treatment and Ex gratia received due to Covid is a huge relief for families suffering from the consequences of pandemics. As we all know, The COVID-19 pandemic in India is part of the global 2019 coronavirus infection pandemic (COVID-19) resulting from severe acute coronavirus syndrome 2 (SARS-CoV-2). On 30 January 2020, … Read more

Higher TDS deduction if Income Tax Return not filed for 2 Years

Higher TDS deduction if Income Tax Return not filed for 2 Years

To ensure the taxpayer’s income tax return filing compliance is fulfilled, the government has implemented a new provision in the Income-tax Act, 1961. Furthermore, there have been thousands of cases where TDS on interest income have been deducted, but the individual does not file ITR. Thus, to ensure the correct income gets reported, the government … Read more

Essentials point to keep in mind before filing ITR this year

Essentials point to keep in mind before filing ITR this year

The government provided relief to taxpayers by extending the deadline as the nation is suffering from a frightful coronavirus pandemic. Filing ITR ( Income Tax Return) this year is extended to 30th September 2021 for Financial Year 20-21. Therefore it is essential to keep in mind some points before you do ITR Filing. In this … Read more

How to file form 10BA of Income Tax

How to file form 10BA of Income Tax

Form 10BA is the report to be filed by the taxpayer who is required to keep tax deduction under section 80GG for rent paid on rental land. This article gives information about How to file form 10BA under section 80GG. Requirements to claim a deduction There are the following two requirements to claim deduction under section … Read more

Taxpayers facing issues on filing form- 15CA & 15CB

Taxpayers facing issues on filing form- 15CA & 15CB

Recently The Department of Income Tax announced the launch of a new income tax website on 7th June 2021 for better taxpayer’s experience and functioning. Consequently, the income tax department announced that the income tax website was on halt for a short period of six days. Users were not able to access the Department’s existing portal … Read more

Taxpayers have to re-register DSC for Income Tax Return Filing

Taxpayers have to re-register DSC for Income Tax Return filing

Taxpayers have to re-register DSC for Income Tax Return Filing is a piece of important news for everyone. Anyone who wants to file an income tax return must get DSC as soon as possible. The tax department has launched a new platform ( e-filing portal) to facilitate taxpayers. The updated portal is now more customer-friendly. … Read more

Income Tax collections exceed Corporate Tax after 21 years

Income Tax collections exceeds Corporate Tax after 21 years

Due to the pandemic and subsequent nationwide lockdown, India’s economy had gone through many changes. The significant population was stuck inside their homes. Consequently, people tried to find other sources of income. For example, people who lost their job due to lockdown started Freelancing. Moreover, Housemakers and Students also started working in various fields of freelancing … Read more

All you need to know about ITR 7 Form- ITR Return Filing

All you need to know about ITR 7 Form- ITR Return Filing

ITR (Income Tax Return) is the form in which evaluate files information about a person’s tax and Income thereon to the Income Tax Department. There are several forms of ITR that taxpayers must file. The applicability of Income Tax Return forms depends on the income earned, returns sources of the taxpayers, and the grouping of … Read more