Income Tax Articles

A Guide to Mastering Tax Deductions and Exemptions While Staying Compliant

Rashmi 11 August 2023 at 09:02

When you're filing your income tax return (ITR), it's crucial to be cautious while claiming tax exemptions and deductions. The tax department might ask for proof of the deductions and exemptions you've claimed in your ITR, both for the current year and past years. If you can provide the required evidence, there's no need to worry.

Buy or Rent: Which is the Better Choice?

Mitali 10 August 2023 at 15:53

Here is the detailed analysis regarding whether to buy a house or rent one in India, taking into account various factors, including income tax laws.

Consequences of Late Filing of ITR u/s 139(1)

Savan Patel 08 August 2023 at 08:40

Filing an ITR after the due date can have serious consequences, such as late filing fees, loss of carry-forward benefits, delayed refunds, interest on outstanding tax liability, penalty, and criminal prosecution. It is important to understand these consequences and to take steps to avoid them.

Speed Up Your Income Tax Refund: Simple Steps to Get Your Money Faster

Rashmi 08 August 2023 at 08:40

Receiving an income tax refund is like finding a little treasure in your mailbox, but the wait can be a test of patience. Luckily, there are practical ways to make the process quicker.

All about Advance Tax

Savan Patel 07 August 2023 at 08:45

Advance tax is a type of tax that is paid in installments throughout the financial year rather than as a lump sum at the end of the year. It is intended to help the government collect tax revenue in a more timely manner.

Sugar Manufacturing Co-operatives may now get their old IT demands dropped by filing applications u/s 154 and 155(19)

Vivek Jalan 05 August 2023 at 09:11

The recent amendments in the Income Tax Act have provided much-needed relief to co-operative sugar factories operating in India by allowing deductions for sugarcane purchases made at or below the government-approved price. T

Be Cautious of Fake Income Tax Refund Messages: Protect Yourself from Scammers

Rashmi 05 August 2023 at 09:11

As the Income Tax Return filing deadline for non-audit cases for the assessment year 2023-24 has passed, many taxpayers have begun receiving their refunds after their returns have been processed by the tax department.

Demystifying the Record-Breaking Surge in Income Tax Returns

Rashmi 02 August 2023 at 12:58

Record-Breaking Surge in Income Tax Returns: A Comprehensive Guide to Checking and Understanding Your ITR Status Online

Your Complete Guide to Filing Belated Income Tax Returns: Important Dates, Penalties and Benefits

Rashmi 01 August 2023 at 14:26

When you file a belated income tax return, you need to pay a late filing fee and penal interest on any taxes you owe. Here's what you need to know about filing a belated income tax return in simple English.

TDS Correction: How to revise TDS return

Aisha 31 July 2023 at 17:39

TDS returns are quarterly statements that every deductor is required to submit. These returns contain information about the tax deducted at source, the PAN numbers of the deductees, particulars of the tax collected, and details of the tax paid to the government, along with the TDS challan or receipt numbers.