Belated Return for AY 2020-21: How to File Belated Return and Penalty on Late Filing

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

Filed ITR But Haven’t Received Refund Yet? Here’s What You Need To Do

If the IT department determines that taxpayers’ taxes paid to the department exceed their actual tax responsibilities, a refund is initiated. An intimation notice under section 143 (1) with the amount of the refund and a refund sequence number is sent to the taxpayer via SMS and an email. However, taxpayers must file an income… Continue reading Filed ITR But Haven’t Received Refund Yet? Here’s What You Need To Do

Dearness Allowance (DA) – Meaning, Types, Calculation etc

  Money has become as important as natural resources to survive in this world. Prices of almost everything are touching the sky and it is making survival of a common man extremely difficult. Food is the most basic commodity for survival and the prices of the same fluctuate the most. It directly affects the economy… Continue reading Dearness Allowance (DA) – Meaning, Types, Calculation etc

Employees’ State Insurance (ESI) Scheme: Registration, Procedure, Benefits

What is ESI? What is the meaning of ESIC? The Employees State Insurance Scheme is social insurance embodied to protect employees from the incidences like maternity, sickness, disablement, and death due to employment injury which results in loss of wages and to provide medical care to insured and their family. The Act also ensures reasonably… Continue reading Employees’ State Insurance (ESI) Scheme: Registration, Procedure, Benefits

e-Filing Vault- Way to Secure Your Income Tax e-Filing Account

What is the e-Filing vault? Is it related to e-filing your Income tax returns? Is the e-Filing system a secure system? These questions might bother you if you come across terms like e-Filing vault and e-Proceedings. Fret not, this blog will explain everything about e-Filing fault and you can check out our other blog for… Continue reading e-Filing Vault- Way to Secure Your Income Tax e-Filing Account

Understanding the Salary Slip – Pay Slip | Format, Download, Components

Every employee is entitled to receive a salary slip from his/her employer. This is a legal document which acts as proof of your employment. It’s an important document which has all important details about your salary like basic salary, medical allowance, conveyance allowance, deductions, and other information like your employee code, date of joining, and… Continue reading Understanding the Salary Slip – Pay Slip | Format, Download, Components

Sale of immovable property – 1% TDS u/s 194IA

From 1st June 2013 through section 194IA of Income Tax Act a provision was rolled out by Mr. P Chidambaram to deduct 1% TDS on sale of the property to a resident Indian. The property here includes every immovable property like House Property Commercial Property Plot or unconstructed land And all such other properties except… Continue reading Sale of immovable property – 1% TDS u/s 194IA

11 Reason for Not receiving your Income Tax Refund

The most awaited step after verifying your Income Tax Return is getting refund. But, many a time our wait is Prolonged!! Who likes to wait for getting some money? No one right!! So, today we would be understanding 11 such possible reasons for a delay in getting Income Tax Refund Online and the actions you must… Continue reading 11 Reason for Not receiving your Income Tax Refund