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: Business involves the buying and selling of goods with the aim of making a profit. Profession refers to an occupation demanding intellectual skills, such as that of a doctor or lawyer.. For income tax purposes, there is no distinction between business income, professional income Business: A business is just an activity that a person […]
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: According to India’s Income Tax Act of 1961, income from housing property is one of the five categories of income. It is the money that a person makes from their own residential property. Any building or piece of land that is connected to a building , a store, office, factory, or other business establishment […]
Introduction: The Indian economy is still expanding. For it to continue growing, constant money inflows are therefore necessary. Capital Gains Tax is an important tool since it gives investors and realtors a favorable tax treatment when they buy and sell assets, which helps drive India’s economic development. A tax called the capital gains tax is […]
Introduction: The Income Tax Act categorizes an assessee’s income into five heads, including salaries, house property, capital gains, business or profession profits, and income from other sources; this article explores the specifics of income from other sources, addressing taxability, exemptions, and deductions. Any revenue, earnings, or gains that are included in an assessee’s total income […]
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 […]