Income Tax
How can we Invest for Income Tax Savings?
The famous saying goes, ‘ A penny saved is a penny earned ‘. Tax planning is one of the ways which can help you save on taxes and increase your income. The income tax act provides deductions for various investments, savings and expenditures incurred ...
LLP Income Tax Return Filing Process & Due Date
Due Dates for LLP – MCA and Tax Return Limited Liability Partnerships (LLP) is a relatively new type of corporate entity that is a hybrid between a company and a partnership firm. LLPs registered in India must file their income tax return and MCA ...
Who has to file Income Tax Return
Who should file Income Tax Return? IAs per the Income Tax Department the entities required to file IT returns annually are: Every company, be it Private limited, LLP or partnership irrespective of the income or loss must file IT returns Individuals ...
How to File Individual Tax Return
Income Tax Filing: How to File Individual Tax Return Online? Income Tax Return is a form which is used to file the income tax with the Income Tax Department. Income tax is a tax imposed by the Central Government on income of a person. Filing income ...
What is Tax Return Preparers (TRP) Scheme, 2006?
Filing Returns with Tax Return Preparers (TRP) Scheme, 2006 For first time tax payers, there is an interest scheme called the TRP scheme which was launched in 2006 with a view to incentivizing of employment generation in the service sector. The TRP ...
CA for Income Tax Filing Near Me
Filing the income tax return is quite a simple job. There are different ways to do it. Broadly, there are 3 ways you can do the return filing in India. Firstly, you can hand over all the papers to your chartered accountant with the Form 16 and the ...
Who Should File Income Tax Return?
Income Tax Return Filing by Individuals: Who should file and how to file ITR An individual is obligated to File an ITR if his gross taxable income during a particular FY exceeds the maximum amount not chargeable to tax. For individuals [not subject ...
How File Income Tax Return Online
Here is how you can log in to the Income Tax E-Portal using the website to file your Income Tax Return: 1. Go to the income tax e-portal using the link https://www.incometax.gov.in/ 2. Select the Login Here option on the homepage 3. In the Enter Your ...
Income Tax Filing Return Last Date
ITR Due Date FY 2020-21 (AY 2021-22) – ITR Deadline Extended to Dec 31, 2021 – Last Date for Income Tax Filing The due date for filing income tax returns is the date by which the returns can be filed without any late fee or penalty. The taxpayers ...
How to Fill Return of Income Tax
How to Fill Income Tax Return Filing income tax returns is no longer the hassle it used to be. Gone are the long queues and endless anxiety of making the tax-filing deadline With online filing, also called e-filing, it is convenient to file returns ...
Which ITR - Income Tax Return to File?
A tax return is defined as a form or different types of forms filed with a taxing authority which reports income, expenses, and other pertinent tax information. Tax returns make it simple for taxpayers to calculate their tax liability, schedule tax ...
Income Tax on Stock Trading in India
Questions with no easy answer Some tax-related questions cannot be answered with a straightforward ‘Yes/No’. We will deal with one such question in this article: whether income from trading in shares should be classified as business income or ...
What is the Short term & Long term Tax on Stock Trading?
5.5 What is Tax-Loss Harvesting? Towards the end of a financial year, you might have realized profits and unrealized losses. If you let it be, you will end up paying taxes on realized profits and carrying forward your unrealized losses to next year. ...
Taxation on Stock Trading Income in India
You can classify yourself as an Investor if you hold equity investments for more than 1 year and show income as long term capital gain (LTCG). You can also consider yourself an investor and gains as short term capital gains (STCG) if your holding ...
Income Tax Return For Salary And Capital Gains
Income tax return filing is one of the most crucial financial tasks in a year. One needs to file the return using the correct ITR form in order to for the return to be processed. The income tax return forms that a taxpayer has to use depend on the ...
How to file Income Tax Return of Non- Resident
A Non-Resident Indian (NRI) is a citizen of India or a person of Indian origin who is not a resident in India. In this article, we review the requirements governing income tax return filing by NRIs. The question of whether NRIs should file a return ...
How to File an Income Tax Return online for Salaried Employees
Now that you are familiar with filing income tax returns, let us elaborate on filing ITR online for a salaried person. Follow these steps: Step 1: Navigate to the e-filing portal of the Income Tax Department. Step 2: Log in to the portal by ...
How to file income tax return online for salaried person
The first step in filing one's Income-tax Return (ITR) is selecting the right tax return form. The applicable tax return form depends on the residential status of an individual and total income earned from various sources during the Financial Year ...
How To File ITR For Salaried Person
Filing income tax returns promptly is an all-important financial exercise for salaried individuals in India. However, the procedure for filing returns remains fenced by several misconceptions and a general lack of information. So today, we shed light ...
how to file itr for salaried person
Filing income tax returns promptly is an all-important financial exercise for salaried individuals in India. However, the procedure for filing returns remains fenced by several misconceptions and a general lack of information. So today, we shed light ...
How to Save Tax for Salary Above 50 Lakhs?
All of us want to save money as much as we can, provided it is legally correct. How to save Income Tax is probably one of the most searched phrases when it comes to saving money for taxpayers. All of us should always pay our income tax as it goes in ...
How to File Income Tax Return for Salaried Employee
Follow the steps mentioned below to e-file your income tax returns using the Income tax e filing portal: Step 1: Visit the official Income Tax e-filing website and Click on the ‘Login’ button. Step 2: Next, Enter Username then Click continue and ...
How to File ITR on Income Tax Portal
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, 1961 makes it mandatory under various scenarios for a taxpayer to file an income tax return. An income ...
How to Save income tax on capital gain
The land is a Capital Asset, and as an appreciated asset, a landowner can make substantial capital gains on its sale. However, agricultural land in a rural area in India is not considered a Capital Asset. So, no capital gains are applicable on its ...
Income Tax on Short Term Capital Gains
Short-term Capital Gain Short-term capital gains can be explained as the profits that have been generated through the sale of capital assets that were held for less than 36 months. If the gains generated by shares is a short-term capital gain or not ...
Income Tax On Capital Gains in India
Defining Capital Assets Land, building, house property, vehicles, patents, trademarks, leasehold rights, machinery, and jewellery are a few examples of capital assets. This includes having rights in or in relation to an Indian company. It also ...
How to do Income Tax Capital Gain Index?
Prices of goods increase over time, resulting in a fall in the purchasing power (quantity of goods that one unit of money can buy) of money. If two units of goods could be bought for Rs 100 today, tomorrow only one unit might be available for Rs 100 ...
How to file income tax return online step by step
Step 1 Go to the Income Tax e-Filing portal, https://www.incometax.gov.in/iec/foportal/ Step 2 log in to the e-Filing portal by entering user ID (PAN), Password, Captcha code, and clicking 'Login'. Step 3 Click on the 'e-File' menu and click the ...
How to Check Income Tax Return Filing Status?
An income tax refund is due to a taxpayer if he has paid taxes higher when compared to his actual tax liability. When a taxpayer claims a refund in his return of income, the tax department processes such a return and the taxpayer would receive an ...
Income Tax Return Filing for Companies in India
Setting up a business and understanding the complexities involved in filing returns is an important aspect of running a business. Latest Update: CBDT has issued a circular on 9th Sep 21 extending the timelines for certain direct tax compliances for ...
Income tax return for company due date
The due date for filing income tax returns is the date by which the returns can be filed without any late fee or penalty. The taxpayers filing their return beyond such due date will have to pay interest under section 234A and penalty under ...
Guide to Check Income Tax Return Status
1. Overview The ITR Status service is available (pre-login) to the following registered users: All taxpayers for ITRs filed against their PAN Authorized Signatory, ERI, and Representative Assessee for ITRs filed by them in such a role This service ...
Income Tax on Car sold after personal use for 6 year
Whether a car in personal use for 6 years sold at a profit ,will the gain taxable under provisions of the Income Tax Act, 1961; PROBLEM 1:- Mr. X, a resident individual is maintaining a car for his personal use. He has sold the care after a period of ...
Post Office Monthly Income Scheme
Like any nationalised bank, the Post Office has been a trusted place for depositing and transacting with money. This is especially true for the elder generation. A number of saving schemes are offered by branches of the Post Office across the ...
How to register DSC on new income tax portal
The e-filing users require a Digital Signature Certificate (DSC) to sign the income tax returns, forms and other places where authentication of the user on the electronic document is required. Hence, DSC serves as a proof of identity for an ...
Taxation for a Freelancer or Professional in India
A 9 to 5 job is not something that appeals to everyone. Some people like a bit of flexibility so that they can pursue other interests, have more time for their loved ones, or simply avoid a tedious routine. That is why people freelance at the comfort ...
DTAA (Tax Treaty) between India and South Korea
The new income tax treaty between India and South Korea entered into force on 12 September 2016. The treaty, signed 18 May 2015, replaces the 1985 tax treaty between the two countries. Taxes Covered The treaty covers Indian income tax, including any ...
What are the Deductions u/s 36 of Income Tax Act?
Section 36 of the Income Tax Act illustrates various expenses that are allowed as a deduction from the income earned from business and profession. Let us look at what expenses are covered under this section. Expenses allowable as deduction Insurance– ...
Schedule 112A of Capital Gains from Listed Equity Shares
Section 112A provides for long-term capital gains tax on the sale of listed equity shares, equity-oriented mutual funds and business trust. The rate of long-term capital gains tax on these listed securities is 10% for gains exceeding the threshold of ...
Tax Residency Certificate & Process to apply
A Tax Residency Certificate is a certificate issued by the Income Tax Department to the Indian Residents who earn Income from Countries with which India has a Double Taxable Treaty Agreement. To avoid tax payment on the same income again, one can ...
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