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: As per the revised norms of the RBI, banks are now able to charge comparatively high interest rates on savings accounts. Currently, banks are expected to charge interest based on the daily balance of the account rather than the minimum level that needs to be kept. Those who own savings accounts can now benefit […]
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: If you’ve ever been in the business of buying and selling assets during the year, you’ve probably come across the concept of short-term capital gains tax. These gains represent gains from the sale of assets held for less than a year and are taxed differently from long-term capital gains from the sale of assets […]
Introduction: There are two types of capital gains tax that exist under the provisions of the Income Tax Act, 1961 Long Term Capital Gains tax (LTCG) and Short Term Capital Gains tax(STCG) and . The LTCG tax is imposed by the government on the profit generated from the sale of capital assets such as shares […]
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 […]