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 […]

Introduction: The Income Tax Return (ITR) is a form where taxpayers report their income and corresponding taxes to the tax department. With seven forms, namely ITR 1 to ITR 7, individuals must file their ITR by the specified due date, considering factors like income sources and taxpayer category. Importance of Filing Income Tax Returns: When […]

Introduction: Income tax return (ITR) dates are important, and as a taxpayer, you must understand them. These yearly filing obligations must be fulfilled, and missing the deadlines has penalties similar to not filing taxes. Taxpayers could still unintentionally overlook or neglect to file their taxes even with this awareness.         The Income Tax Act of 1961 […]

Introduction: Failing to file income tax returns can result in fines and penalties; it’s crucial to fulfill tax obligations annually by submitting returns to the income tax department, which employs various tax rates for different income levels. Additionally, the department sends reminders to ensure timely filing. Therefore, it is imperative for individuals to ensure timely […]