While filing the income tax return one must ensure that correct information is duly reported. The ITR filing must be done within the due date considering income from all the sources. One must comply with all the income tax provisions while availing tax deductions and computing tax liability. Why defective notice? No matter how much
What is income tax refund? While filing an income tax return, total income from all sources is computed. This total income is termed as Gross Total Income and such income is further reduced by tax saving investments/deductions, if any, and thereafter Net taxable income is derived. Calculation of final tax is done on the Net
ITR filing applicability If your income exceeds the basic exemption limit of Rs 2,50,000 then you must compulsorily file your IT return. Even if no TDS has been deducted on the income and you are benefitted by rebate provisions still ITR filing is compulsory. ITR form selection There are various ITR forms on the income
Are you ready to file your income tax return for the financial year 2022-23. The tax filing season has started. The income tax department has released the JSON schema of ITR-1 and ITR-4 for the financial year 2022-23. Benefits of early filing of income tax return..!! To whom ITR-1 is applicable ? For resident individuals
With the new financial year 2023-2024 on board, soon you will be required to make the tax declarations to the company OR if you are a non-salaried person then you need to plan your money with maximum tax saving investment options possible. In budget 2023, changes in the tax structure were announced. Some of you
Some of you might wonder, why I need to self-calculate the tax payable amount when my company is already deducting TDS on salary income. Self Assessment tax is applicable when a person earns additional income other than salary and such income is not subject to TDS. While filing the income tax returns we are required
We have already entered in the new financial year i.e., 2023-24 and you may start getting emails from the Accounts Department of your office that you are required to submit your Tax declaration and opt for the particular Tax regime for the current year. As we know that we have two options for Tax regimes.