Income Tax

Life Insurance Policy Bonus received are Taxable Now

A major update for everyone as The Income Tax Department has notified a new income tax liability. As per the latest notification, you have to pay taxes on any sum received under a life insurance policy when the yearly premium exceeds Rs 5 lakh. Let’s learn all about the latest update of Life insurance policy … Read more

How many types of Income Tax Notices

How many types of Income Tax Notices

An income tax notice is a written communication from the Tax Department to a taxpayer indicating an issue with their tax account. It may be sent for various reasons such as unfiled returns, assessment, or requesting specific information. When received, the taxpayer must address it within the specified timeframe. Otherwise, you may have to face … Read more

Difference between ITR -3 & ITR -4 Returns

The ITR-3 applies to individuals and Hindu Undivided Families (HUFs) who earn income from profits and gains derived from business or profession. On the other hand, the ITR-4 is designed for taxpayers who choose the presumptive income scheme under Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act. Nevertheless, if the turnover … Read more

Benefits of Filing ITR before the deadline

Benefits of ITR Filing before the deadline

ITR Filing offers multiple benefits to everyone. In fact, you also get the benefits of filing income tax returns even if it is not mandatory for you to file returns. By doing so, you may unlock potential advantages and safeguard your financial interests. Moreover, filing before the deadline can provide you with peace of mind, … Read more

How to claim House Rent Allowance Exemption in ITR Filing

How to claim House Rent Allowance Exemption in ITR Filing

As you already know, House Rent Allowance (HRA) is a benefit that salaried employees receive as part of their salary. Furthermore, you must also know that it can be used to reduce your Income Tax Liability while ITR Filing. Know all the crucial details to claim house rent allowance exemption in ITR Filing through this … Read more

How do I File 10E in the New Income Tax Portal?

10E in the New Income Tax Portal

The process to file 10E in the New Income Tax Portal is discussed in this article. Along with the steps, you can see the specific photos of each step to file 10E in the new income tax portal. Step 1: Log in to your Account in the New Income Portal Visit the Income Tax Department … Read more

How to check income tax jurisdictions online?

How to check income tax jurisdictions online

In order to do ITR Filing, taxpayers must have knowledge of their Income Tax ward and Income Tax circle. The Income Tax Ward or Circle is also known as Income Tax Jurisdiction. Thus, understanding this jurisdictional information is advantageous as it plays a crucial role in any communication from the Income Tax Department. So, let’s … Read more

How to correct income tax return after original ITR filing?

How to correct income tax return after original itr filing

Mistakes happen, even when it comes to filing your Income Tax Returns online. But don’t fret! You can easily correct any Income Tax Return after ITR Filing without paying any additional fees. Here is the process to correct Income Tax Return after ITR Filing. Stepwise Process to Correct Income Tax Return after ITR Filing Visit … Read more

Rights of a Daughter to Ancestral Property

Rights of a Daughter to Ancestral Property

Over the years, there is significant progress in India regarding women’s rights to inherit and own property. As a result, Indian women are now more confident and vocal about their involvement in wealth planning and management. This shift in attitude is because of  advancements made in Indian succession laws. Let’s get an overview of the … Read more

Income Tax App launch to view AIS details

Income Tax App launch to view AIS details

The I-T department has recently released a mobile application called “AIS for Taxpayer ”. It allows taxpayers to access their information available in the Annual Information Statement (AIS). Let’s learn all about the Income Tax App Launch to view AIS Details. Income Tax Department Launches ‘AIS for Taxpayer’ Mobile App The Income Tax Department has … Read more