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Income Tax

Advance Tax Payment: Due Dates and Interest on Late Payment

एडवांस टैक्स, जिसे पे-ए-यू-अर्निंग टैक्स भी कहा जाता है, वह टैक्स है जो कि अग्रिम रूप से, किस्तों में, आयकर विभाग द्वारा तय की गई कुछ तारीखों पर दिया जाता है। यह जानना महत्वपूर्ण है कि ये तिथियां क्या हैं और समय पर अपना अग्रिम कर का भुगतान करें। किसी भी कर-भुगतान वाले व्यवसाय या […]

Income Tax Return filing for A.Y 2020-21: ITR-1, ITR-4 remains ‘Sahaj, Sugam’ for these taxpayers!

The Finance Ministry just notified the Income-tax Return (ITR) Forms ITR-1 (Sahaj) and ITR-4 (Sugam) for the A.Y 2020-21 to ensure that the e-filing facility for filing of return for assessment year (A.Y) 2020-21 is open as on April 1, 2020. ITR-1, ITR-4 for AY 2020-21: Persons who jointly own a single house property can […]

STANDARD DEDUCTION IN INCOME TAX

Standard Deduction The Finance Minister Jaitley introduced Standard Deduction of Rs. 40,000 in Budget 2018, giving the salaried class something to rejoice about. It replaced the transport allowance Rs. 19200 and medical reimbursement of Rs. 15,000 per anuum interestingly, the provision of Standard Deduction was earlier available. However, it was abolished in the Finance Act […]

SURCHARGE ON INCOME TAX (WITH EXAMPLES)

Surcharge: If the income exceeds Rs.1 crore, a surcharge at the rate of 12% is applicable on the income tax paid for the popular category of taxpayers, subject to marginal relief. Let’s look at the quantum of surcharge percentage applicable for various categories of taxpayers in India. This surcharge will be billed after computation of […]

What is Income Tax?

What is Income Tax? Income tax is a percentage of an individual person’s or Business’ income that is paid to the government to run the nation smoothly, fund infrastructural development, pay salaries of those employed by the state or central governments, etc  All such taxes are levied based on the passing of a law. Income […]

Belated Income Tax Return

Meaning of Belated Return As per section 139(1), it is compulsory for every assesses to file a return of income or loss for every previous year on or before the due date in the prescribed form in the following situations: Your gross total income (before allowing any deductions under section 80C to 80u) exceeds the income tax […]

10 benefits of filing Income Tax Return even if you are below taxable range

If you don’t file ITR, the belated return could lead to extra interest at 1% per month for the remaining tax payable by you. Most millennials think that if their salaries fall below the taxable bracket they shouldn’t be filing ITR (Income Tax Returns). However, that is not true. One wants to file income tax […]

Didn’t file your personal ITR for A.Y. 2016-17 & 2017-18, here is the last chance ?

Hope this post finds you well. Here is a quick reminder regarding deadline approaching for filing ITR for FY 2015-16 & 2016-17 in case you haven’t filed one yet. Income Tax Returns should be filed every year It is mandatory to file a return if you have earned any taxable income Stay away from penalties […]

Notice Under Section 143(1) and How to deal?

As the name states, an Intimation under Section 143(1) is only an Intimation and not a Scrutiny/ Assessment Order. Intimation under Section 143(1) is an auto-generated letter by the computers of the Income Tax Department without any human intrusion. Intimation under Section 143(1) is sent only in the following 3 cases:- Where any tax or […]

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