The ITR-2 form is among the options provided to taxpayers for submitting their Income Tax Returns. To simplify the filing process, the income tax department has classified various forms based on different types of income. Specifically tailored for individuals and Hindu Undivided Families (HUFs) without any involvement in a profession or business, the ITR-2 Form […]
Introduction: The Income Tax Department has categorized taxpayers into several groups based on their sources of income, aiming to simplify tax compliance. As part of this categorization, the Department has introduced various Income-tax Return Forms (ITR 1, 2, 3, 4, 5, 6, and 7) that individuals must utilize to declare their income and fulfill tax […]
Introduction: Section 80G of the Income Tax Act, 1961, facilitates income tax deductions for contributions made to charities and funds, promoting societal welfare through financial support, Section 80G serves as a means through which the Government of India endeavors to inspire individuals to engage in Charitable activities by making charitable donations. According to this Section, […]
Introduction: Education loans serve as highly beneficial financial tools for managing expenses associated with higher studies or foreign education. Additionally, they can lead to substantial income tax savings. If you are repaying an education loan, you are eligible to claim tax deductions under Section 80E of the Income Tax Act. The subsequent sections provide a […]
Introduction: Employee benefits are paid within the salary as additional benefits for various needs. One such allowance is the House Rent Allowance (HRA), which aims to meet the rental costs of accommodation. This benefit is especially useful for employees who have to live away from their home. The following article aims to provide a comprehensive understanding […]
Introduction: In FY 20-21, the government introduced a new tax regime alongside the existing one, making revisions in the Union Budget 2023. The primary aim of the new regime is to offer taxpayers an option to minimize their tax liability by relinquishing a significant portion of available tax exemptions. However, for many individuals, the old […]
Introduction: The Income Tax department in India plays a crucial role in extending benefits and refunds to individuals who consistently file their income tax returns on time and meet the eligibility criteria. Below is the process for securing an income tax refund, making you eligible for the same. According to Section 139(1) of the Income […]
Introduction: Form 16 is issued annually for TDS deducted from salary, while Form 16A is issued every three months for TDS on income from other sources. Form 26AS serves as a government record documenting TDS deductions made by individuals or companies, subsequently deposited with the Income Tax Department. Form 16: Form 16 and 16A are […]
Introduction: The Income Tax Act categorizes a taxpayer’s earnings into five distinct heads. For appropriate tax calculations, you must accurately classify your earnings under these income heads at the end of each financial year. It is essential that you understand which group your earnings belong to. In order to understand the revenue heads clearly Five […]
Introduction: Filing your Income Tax Return, commonly known as ITR filing, may appear Challenging, but it doesn’t have to be. In this article, we will explore key steps to streamline the ITR filing process. Additionally, we’ve included a comprehensive list of ITRs to guide you in determining the most appropriate one for your needs. The […]