Income Tax
TDS on Salary
TDS on Salary under Section 192 Section 192 of the Income Tax Act, 1961 deals with tax deducted at source (TDS) on salary. Your employer will deduct TDS from the salary payable to you. The salary you receive from your employer is categorised in ...
Steps to Pay Income Tax Online
Pay Income Tax Online The Process of tax payment has become easier as it can be made online now. Visit the official website in order to make your income tax payment online. First, choose Challan 280, then enter your personal information, review the ...
How To Pay Income Tax Online
Pay Income Tax Online The Process of tax payment has become easier as it can be made online now. Visit the official website in order to make your income tax payment online. First, choose Challan 280, then enter your personal information, review the ...
ITR Login - How to File Income Tax Return
ITR Login - How to File Income Tax Return The Process to file Income Tax Returns (ITR) by using the internet is called E-filing. The process to e-file ITR is quick, easy, and can be completed from the comfort of an individual's home or office. ...
Income Tax Refund Status
The Income Tax Department offers an online facility for tracking your Income Tax Refund and its status. Taxpayers can view the status of refund 10 days after their refund has been sent. It is important to know the PAN and assessment year in order to ...
Online Income Tax Return Filing India
An income tax return is a form that enables a taxpayer to declare his income, expenses, tax deductions, investments, taxes, etc. The Income Tax Act, of 1961 makes it mandatory under various scenarios for a taxpayer to file an income tax return. An ...
How to check income tax refund status
You require to ensure that you filed the right details of the bank account during filing your return of income tax. A person can check the status of the refund of income tax online through two methods. On the official website of Income Tax India ...
TDS or Withholding Tax on Youtube Income
Google May Withhold Taxes From Non-US YouTube Creator Google will soon be required to withhold taxes on YouTube earnings generated from viewers in the United States. This change is going into effect as early as June. How much tax is withheld from ...
How To File Your Partnership Firm Income Tax Return
How To File Your Partnership Firm Income Tax Return What is the tax rate for a partnership firm? A partnership firm is required to file a partnership firm income tax return under the Income Tax Act,1961. Partnership firms are liable to pay income tax ...
Income Tax Filing for Proprietorship Firms
How to File Income Tax Return for Proprietorship Firms Any individual who has business income is said to be operating a proprietorship firm. Proprietorships operating in India are required to file income tax return each year. Since proprietorships ...
Income Tax Filing for Companies
Income Tax Filing for Companies: How to File Taxes Online All businesses operating in India are required to file income tax return each year. In addition to filing income tax return, a business may also be required to file TDS return and pay advance ...
Directorate & Authorities Of Income Tax India
Directorates Directorates are meant to take responsibility for specialized functions. There are 10 specialized directorates within the Income Tax Department (ITD), the most extensive and famous among these being Directorate of Investigation. List of ...
File Income Tax Return Online India
File Income Tax Return Online India An income tax return is a form that enables a taxpayer to declare his income, expenses, tax deductions, investments, taxes, etc. The Income Tax Act, of 1961 makes it mandatory under various scenarios for a taxpayer ...
Income Tax Law & Compliances in India
Income tax is a direct tax that you are supposed to pay to the Indian Government if you earn an income in India. Whether you are an Indian citizen or an NRI, any income generated in India is taxable as per the Indian Income Tax Act passed in 1961. ...
What is the Full Form of PAN Card?
PAN full form is a permanent account number and is a unique code allocated to taxpayers in India. The Central Board of Direct Taxes supervises PAN. PAN is considered a national identity proof and is mandatory for all professionals or salaried people. ...
Income Tax Slabs For AY 2021 22
The financial world keeps changing to adapt to the evolution in the world, this also means that something new is always happening without individuals being aware of it. The idea behind income tax is something that is well understood by those parts of ...
Income Tax Refund Not Received Yet - Status Check
You require to ensure that you filed the right details of the bank account during filing your return of income tax. A person can check the status of the refund of income tax online through two methods. On the official website of Income Tax India ...
How to Pay Income Tax Online Steps?
Step-1 To pay taxes online, log in to http://www.tin-nsdl.com > Services > e-payment: Pay Taxes Online or click the tab "e-pay taxes" provided on the said website. Provide a proper link of e-payment Step-2 Select the relevant challan i.e. ITNS 280, ...
Income Tax Payment Online Steps for TaxPayers
Pay Tax Online Step-1 To pay taxes online, log in to http://www.tin-nsdl.com > Services > e-payment: Pay Taxes Online or click the tab "e-pay taxes" provided on the said website. Provide a proper link of e-payment Step-2 Select the relevant challan ...
How To File Income Tax Return on Income Tax Portal?
Nothing proves your financial wisdom and ethics like tax compliance – timely filing of ITR. Filing your income tax return is not as difficult as it sounds. Here is a step-by-step guide to e-file your income tax return using ClearTax. It is simple, ...
Income Tax Due Date Extension Notification
After extending the due date of filing an Income Tax Return (ITR) by months in the last two assessment years – mainly due to the COVID-19 pandemic – the Income Tax Department this time is trying to put things in place by sticking to the original due ...
What is the Last Date to File Income Tax Return?
What are the due dates of Income Tax Return Filing for AY 2022-23? For Individuals and HUFs - the due date for filing their income tax returns for financial year 2021-22 (AY 2022-23) are as follows: Category of Taxpayer Due Date for Tax Filing- AY ...
Income Certificate Online Apply - Application, Procedure & Format
Income Certificate Online Application- Application, Procedure & Format Income certificate is an official document issued by the State Government which certifies an annual income of a family. Income certificate includes details about the income of an ...
How To Pay Advance Tax Payment Online?
As per the nature of taxes, you earn your income first and then pay taxes. However, in case of advance taxes, you pay your estimated tax liability before the end of a financial year. That said, you are eligible to pay advance tax only if you receive ...
File Income Tax Return Online in Few Easy Steps
Enter the relevant data directly online at the e-filing portal and submit it. A taxpayer can file ITR 1 and ITR 4 online. Step 1. Go to the Income Tax e-Filing portal, Step 2 Login to the e-Filing portal by entering your user ID (PAN), Password, and ...
Income Tax Return Filing Last Date
The deadline to file an income tax return (ITR) for the assessment year 2022-23 for individual taxpayers was July 31. Those who plan to file the ITR after the due date will have to pay a penalty of ₹ 5,000. However, there are certain cases when this ...
Income Tax Return Filing Online Steps
Online: Enter the relevant data directly online at the e-filing portal and submit it. A taxpayer can file ITR 1 and ITR 4 online. Step 1. Go to the Income Tax e-Filing portal, Step 2 Login to the e-Filing portal by entering your user ID (PAN), ...
Received Income Tax Notice For Mismatch In Income With Form 26AS
What is form 26AS? It is a consolidated Annual Information Statement for a particular Financial Year (FY). It contains the details of the following: Tax Deducted at Source (TDS) Tax Collected at Source (TCS) Advance Tax / Self-Assessment Tax / ...
Income Tax Return for Section 8 Company
According to the Companies Act 2013, Section 8 is a company that has the sole objective of promoting education, Art, Sports, Commerce, Social Welfare, Charity, Research, Religion, Environment, Science, and many other similar objects. The income and ...
Input Tax Credit Reversal under GST
ITC Reversal under GST While paying taxes to the Government, businesses can use the credit of GST paid on the purchases like raw materials/services used for manufacturing or selling products. It is known as an Input tax credit (ITC). If the input tax ...
Section 44 ADA Presumptive Taxation Scheme
Introduction To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA, and ...
Income Tax Notice Reply Procedure & Guideline
Income Tax Notice The Income Tax Department sends the notices for various reasons like not filing the income tax returns, any defect while filing the returns, or other instances where the tax department is requiring any additional documents or ...
Filing of Updated Income Tax Return: ITR U
A new form for filing updated IT returns has been announced by the Income Tax Department. In this form, taxpayers should provide the reason for filing and the portion of income to be allowed for taxation purposes. ITR-U is the new form and taxpayers ...
15CA-15CB: Purpose Codes for Forex transactions
Purpose code is a code issued by the Reserve Bank of India (RBI) to classify each transaction with the nature of foreign currency transactions. In other words, the Purpose code helps regulators identify the exact nature of a cross-border transaction. ...
Section 115BAA – New Tax Rate for Domestic Companies
Section 115BAA – New Tax Rate for Domestic Companies The section 115BAA was introduced by the Government of India through the Taxation (Amendment) Ordinance 2019 on the 20th of September 2019. Several amendments are made to the Income Tax Act,1961 ...
Partnership Firm Income Tax Rate India
Although Partnership Firms don’t have a separate legal entity, for the purpose of Income Tax, they are treated as different from their partners. Therefore, partnership firms, whether registered or unregistered, are required to register with the ...
Change in Foreign Dividends Taxability
Currently, Section 115BBD of the Income Tax Act, 1961 provides a concessional tax rate on foreign dividends where the recipient Indian company holds a minimum of 26 per cent equity shares of a foreign company. The tax rate prescribed on the foreign ...
Partnership firm income tax calculation
A partnership firm is a body of more than one person conducting business under one entity. There are two types of partnership firms – Registered partnership firm Unregistered partnership firm A registered partnership firm is a partnership firm that ...
Budget 2022: Capping of LTCG surcharge at 15%
Though the Financial Services Sector was looking at significant tax incentives and deductions to be announced in the Budget 2022, the Finance Minister has managed to strike a balance and refrained from making significant changes or announcements ...
Budget 2022: Key Amendments in Taxation
The Finance Minister presented the Budget 2022 speech today. There were no changes in the individual taxpayer’s tax slab rates, but the finance minister provided new taxation rules for the income generated from virtual digital assets. Let’s look at ...
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