Understanding deductions under Section 80 of the Income Tax Act is crucial so you can benefit completely from ITR Filing. In this article, you will know all about deduction under section 80 from ITR Filing perspective which will help you get tax benefits. Section 80C Maximum Deduction: You can claim a maximum deduction of ₹1.5 … Read more
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
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
There are times when you need to remit money abroad. Whether it be your child’s college fees abroad or a medical expense etc., With the use of various payment modes, you can make international transactions. However, there is a limit that is up to USD $2,50,000 per financial year for you in India for any … 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
Usually, ITR filing forms for a particular financial year are notified by the end of March or early April. However, considering the amendments in the Income-Tax Act, 1961, the Central Board of Direct Taxes (CBDT) has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2023-24 vide Notifications No. 04 & 05 of 2023. … Read more
The Central Board of Direct Taxes (DBDT) has suggested a standardized income tax return (ITR) form in an effort to streamline the tax filing process for individuals and businesses alike. Except for Form-7, the CBDT has recommended consolidating all ITR forms. Let’s learn about the latest updates regarding a simpler and common ITR Filing form … Read more
In the Union Budget 2022, the government suggested the idea of an updated return for income tax purposes. This article will discuss all about Filing of Form ITR-U. So, what exactly is a revised ITR or Updated ITR or ITR-U? In accordance with section 139(8A) of the Income Tax Act, taxpayers who subsequently learn they … Read more