For most people, paying income tax at the end of a financial year is a cumbersome task. A majority of the hustle revolves around planning the submission of insurances, rent and other receipts in a way that leads to the lowest possible tax liability. Income tax planning need not be a cumbersome task when you… Continue reading Top 7 Unusual Ways to Save Income Tax
Finance Minister Nirmala Sitharaman outlined the budget for 2022. According to a lot of tax experts, the 2022 budget is financially sound. The biggest highlight is definitely the digital currency tax has been proposed with several other changes. In this blog, let’s have a look at the main findings: New updated return Budget 2022 introduces… Continue reading Budget 2022-23 Explained: 7 Major Changes Proposed In The Budget
As the finance minister presented the budget 2022, here are the updates related to direct taxation: – Provision for filing ‘Updated Income Tax returns’ within 2 years from the end of relevant Assessment Year. With this, if any taxpayer forgets to disclose the income in the ITR, he can disclose the income and pay the… Continue reading Budget updates 2022- Direct Tax
As the financial year is about to end, we again have to buckle up for the investments and savings to keep our future secure. But before you buckle up for this year, have you submitted proofs of the investment (investment proof) declared for the FY21-22? To avoid higher taxes and to obtain tax rebates, we… Continue reading Everything About Submission of Investment Proof To Your Employer
The budget session of 2022 is on the horizon. We’re gearing up for a fantastic year in terms of the economy. The Hon’ble Finance Minister Nirmala Sitharaman will announce the Budget 2022 after just a few weeks. And because of the COVID-19 epidemic, people have high expectations from the budget this year. Here are a… Continue reading Budget 2022: What Taxpayers can Expect from the Upcoming Budget
In light of the difficulties reported by taxpayers and other stakeholders as a result of COVID and electronic filing of various audit reports under the provisions of the Income-tax Act of 1961 (Act), the Central Board of Direct Taxes (CBDT), in exercising its powers under Section 119 of the Act, relaxes the following requirements: In… Continue reading Latest Update: For the Assessment Year 2021-22 Due Date for Tax Audit Cases Extended
The deadline for filing the income tax return (ITR) for the financial year 2020-21 was December 31st and the CBDT issued Rs 1,50,407 crores in refunds for those eligible. Did you miss your filing tax returns? Fret not! You still have the opportunity to file your income tax return. Yes, you can take advantage of… Continue reading Belated Return for AY 2020-21: How to File Belated Return and Penalty on Late Filing
For those who are unfamiliar with the process, filing an income tax return (ITR) can be a daunting task. Because this is a complicated and technical procedure, there is a great risk of making mistakes if you provide wrong or incomplete information. Especially if you are filing your income tax return on the last day,… Continue reading Only One Day Left To File ITR: Here Are 6 Things To Keep In Mind
Section 87A of the Income-Tax Act allows you to claim a maximum rebate of up to Rs12,500. The total tax becomes NIL if the income in a financial year is equal to or under 5 Lakhs. However, if there are gains from shares in that FY, the rebate given under this section may not be available. In this blog, we explore more about this section of the income tax act and uncover its nitty-gritty, exceptions, and its applicability when gains are earned from shares or mutual funds.
Will the income tax filing date extend beyond 31st December 2021? Find out here!