Form 16 is a document or certificate, issued as per the Section 203 – Income-Tax Act 1961, to salaried professionals in India by their respective employers. Also, referred to as a “salary certificate”, it contains the entire details regarding the salary given by the organization or employer to the employee in a particular financial year and …
After having successfully filed your income tax return, the next step is to verify it. The Income Tax Department starts processing your return, once it is verified. Refunds, if any, are processed for returns that have been submitted and verified. Steps to E-Verify Your Tax Return Step 1: Login to incometaxindiaefiling.gov.in with your credentials Step 2: Select the ‘View Returns/Forms’ option to …
Income tax is a type of tax that the central government charges on the income earned during a financial year by the individuals and businesses. Taxes are sources of revenue for the government. Government utilizes this revenue for developing infrastructure, providing healthcare, education, subsidy to the farmer/agriculture sector and in other government welfare schemes. Taxes …
What is Income Tax? – Income Tax Basics in India Read More »
As per the Income Tax Department notification, income tax returns could be e-filed without linking Aadhaar and PAN till 5 August 2017. However, the deadline to link PAN with Aadhaar, was extended to 31 December 2017 and thereafter the due date was extended for multiple times. Now, the deadline to link PAN with Aadhaar is 31st March, …
Know the esiest way to link-Aadhaar card with PAN card Read More »
The government has initiated the new ITR filing portal dated 7th June 2021 for enhancing the efficiency of the IT portal, the effective user interface, and the more satisfying user services. But since the start of its launch, the portal is seeing issues such as it is not able to furnish the ITR on the …
Major Problems Solved in New ITR E-filing 2.0 Portal Read More »
In this post, you are required to find out the relief when salary, etc. is furnished in arrears or in advance: There are various cases in which an employee might obtain the salary arrears for the present year for any previous year’s left dues to furnish the amendments. The tax payable for the present year …
Tax Deduction on Employee Salary Arrears U/S 89 with Calculation Read More »
The income tax department has asked the assessee to immediately answer online so that their due refunds for the assessment year 2020-21 shall be processed efficiently. Inside the official statement provided on Sunday, it stated that to date 93% of refund claims in Income tax returns furnished for the assessment year (AY) 20-21 have “already” been undergone. …
I-T Dept Urges Taxpayers to Fast Online Response for Pending Refund Read More »
Inside the union budget 2021, the finance minister Nirmala Sitharaman stated that the senior citizens whose age is more than 75 years and their income source is only the pension and interest and will get privileged from furnishing the ITR. In the budget speech, Sitharaman stated, “In the 75th year of Independence of our country, …
Senior Citizen: Analysis Notification No. 99 /2021 Related to Section 194P Read More »
The Finance Ministry of India has recently announced the latest set of rules notified under the income tax act for the provident fund (PF) savings. The 2021-22 budget speech of Finance Minister Nirmala Sitharaman mentioned that the income on contribution towards PF would be taxed for above INR 2.5 lakh but further it was extended …
Latest Income Tax Rules for Employee Provident Fund Savings Read More »
Towards the assessee, the Central Board of Direct Taxes (CBDT) simplified the method of authentication of the electronic records in proceedings of faceless tax assessment. The central government had revised the income tax rules 1962 to furnish the records submitted via the account of the assessee in the income tax departments portal should be considered to authenticate …
Income Tax New Rule for Faceless Tax Assessment Proceedings Read More »
