Stay informed about latest changes in ITR Filing for FY 23-24 through this article and avoid potential penalties or errors in their filings, thereby minimising the risk of audits or legal issues. Streamlining Tax Processes for Businesses The income tax department has introduced changes to simplify tax procedures for businesses, particularly in the area of … Read more
Under the guiding principles of ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ and the comprehensive national approach of “Sabka Prayas,” Finance and Corporate Affairs Minister, Smt. Nirmala Sitharaman presented the Interim Union Budget 2024-25 in Parliament. The key highlights of the budget can be summarised as follows: Budget 2024 Highlights: Direct and Indirect Tax No … Read more
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
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
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
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
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
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
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
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