Income Tax
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 ...
Income Tax Deductions under Section 80RRB
Section 80RRB was introduced to ensure that someone who has done exceptional work gets their reward. In order to encourage individuals to keep producing good work, this section allows them to claim deductions in their income tax against payments ...
Faceless Assessment Scheme in Income Tax
The Central Government introduced the Faceless Assessment Scheme to provide greater transparency, efficiency and accountability in Income Tax assessments. All provisions introduced under Faceless Assessment, under the Income Tax Act, 1961, are ...
File your income-tax returns smoothly with these easy steps
The CBDT has again extended the timeline to file FY 2020-21 income tax returns (ITRs) to December 31, 2021, from the earlier extended timeline of September 30, 2021, for individual taxpayers and assessees other than those whose accounts are liable ...
Notices Issued Under the Income Tax Act
You may be surprised to receive an intimation/notice from the income tax department even if you have filed your income tax returns within the due date. You would not be sure about what it is and how to respond to it. Don’t worry; we will break it ...
How to file ITR-1 with Rental Income?
Budget 2021 update :It has been proposed to exempt the senior citizens from filing income tax returns if pension income and interest income are their only annual income source. Section 194P has been newly inserted to enforce the banks to deduct tax ...
All about SFT codes in Annual Information Statement (AIS)
List of SFT Codes SFT- 001: Purchase of bank drafts or pay orders in cash SFT- 002: Purchase of pre-paid instruments in cash SFT- 003: Cash deposit in the current account SFT- 004: Cash deposit in account other than current account SFT- 005: Time ...
Respond to Notice Under Section 143(2)
Getting a notice from the income tax department can leave you in panic mode. You may not be sure if you have to accept the notice in the first place. Even if you do, you may be unsure how to respond to it. You must know that different notices would ...
Section 40(A) 2: Disallowances of Expenses to Specified Person
If you are running a business or a profession you are allowed to claim its expenses from your income. However, these expenses may not be allowed if you make payments to specified persons who are listed in the Income Tax Act. Where payment made to ...
19 Most Important Financial Ratios for Investors
List of most important Financial ratios for investors: Reading the financial reports of a company can be a very tedious job. The annual reports of many of the companies are over hundreds of pages which consist of a number of financial jargon. ...
Guide to Sections 269SS and 269T of Income Tax
Sections 269SS and 269T have been discussed in this article and this deals with cash payment and repayment of loans and deposits. Both the sections were introduced to curb the black money. Tax evasion is one of the serious problems in India causing ...
Complete analysis of Perquisites: Meaning, Types & Taxability
Perquisites are fringe benefits that are received over and above an employee’s salary. These fringe benefits or perquisites can be taxable or non-taxable depending upon their nature. There are a number of benefits that come in addition to an ...
Listing of PayTm Shares at Varied Prices
International brokerage firm Macquarie has initiated coverage on Paytm stock with ‘underperform’ rating, and a target price of Rs 1,200 per share. Macquarie’s target price on Paytm shares is 44% lower than the IPO price of Rs 2,150. Earlier today, ...
Medical Insurance under Section 80D
Medical emergencies always take us by surprise. It is always better to be safe than sorry, and it is no different when it comes to medical insurance. The majority of the population in India are not covered under health insurance and depend on their ...
Process to Update Income Tax Profile Details
Developed by Infosys, this new user-friendly portal is now used to file income tax online and do all the related tasks. The design of the new portal makes the process of filing returns easy and convenient, and it has reduced the ITR processing time ...
Income Tax Rebate Under Section 87A
A rebate under section 87A is one of the income tax provisions that help taxpayers reduce their income tax liability. You can claim an income tax rebate under section 87A if your total income does not exceed Rs 5 lakh in a financial year. Your income ...
How to Pay Property Tax Online in Delhi?
Property tax is the amount that is paid by the landowner to the municipal corporation or the local government for his/her area. The tax must be paid every year. Property, office buildings, and residential homes that are rented out to third parties ...
Section 80TTB Deduction for Senior Citizens
Old age is often associated with health concerns, both physical and mental for senior citizens, which in turn takes a heavy toll on their finances. Therefore, it is necessary to provide them with adequate relaxations in the form of tax deductions. ...
How is Gift Tax Charged & Taxed in India?
The Parliament of India introduced the Gift Tax Act in 1958, and gift tax is essentially the tax charged on the receipt of gifts. The Income Tax Act states that gifts whose value exceeds Rs.50,000 are subject to gift tax in the hands of the ...
What is Fundamental Analysis in Business?
What Are Fundamentals? Fundamentals include the basic qualitative and quantitative information that contributes to the financial or economic well-being of a company, security, or currency, and their subsequent financial valuation. Where qualitative ...
Easy Process to Verify Bulk PAN & TAN on New Tax Portal
What is the Method to Manual Check Bulk PAN/TAN Service? The validation of the Bulk PAN or TAN service is available to external firms. The external firms consist of the Union and State Govt Departments or undertakings, RBI-approved Banks, recognized ...
Section 115BAC – Features of the new tax regime and its benefits
Individuals and HUF taxpayers are eligible to choose a new tax regime from FY 2020-21. From FY 2020-21, you can choose to pay income tax under an optional new tax regime. The new tax regime is available for individuals and HUFs with lower tax rates ...
Why it is always beneficial in Value Investing?
What Is Value Investing? Value investing is an investment strategy that involves picking stocks that appear to be trading for less than their intrinsic or book value. Value investors actively ferret out stocks they think the stock market is ...
Foreign Subsidiary Company Compliances in India
All companies established in India must follow the rules and regulations set up by the government. This is in effect, regardless of whether Indian or Foreign entities or citizens own the companies. The only difference between the two is that ...
How to Be the Perfect Copycat Investor
Copycat investing, as the name implies, refers to the strategy of replicating the investment ideas of famous investors or investment managers. The strategy is also known as coattail investing since the investor rides on the coattails of those who ...
What is National Pension Scheme (NPS)
National Pension Scheme (NPS) India is a voluntary and long-term investment plan for retirement under the purview of the Pension Fund Regulatory and Development Authority(PFRDA) and Central Government. We have covered the following in this article. ...
HRA-House Rent Allowance Exemption Rules & Tax Deductions
Salaried individuals, who live in rented houses, can claim the House Rent Allowance (HRA) to lower their taxes – partially or wholly. The allowance is for expenses related to rented accommodation. If you don’t live in rented accommodation, this ...
How Does Arbitrage Funds Work & its Benefits?
The word arbitrary generally refers to random, whim, or taking a chance. Similarly, an arbitrage fund takes advantage of changing prices of securities to buy and sell in seemingly random, but calculative moves. What is an Arbitrage Fund? Arbitrage ...
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