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The Income Tax Department requires a taxpayer to furnish a return of income under Rule 12 of the Income Tax Rules, 1962. Income-tax return (ITR) is the document in which the taxpayer provides information about their income and tax, to the Income Tax (IT) Department. The IT Department has released various ITRs, and each ITR … Read moreITR-5
Banks have to deduct TDS on interest income if such interest is more than INR 40,000 in a year. To calculate this limit, the bank adds all the deposits held in all its branches by the taxpayer. However, if the total income of the taxpayer does not exceed the taxable limit, the taxpayer can submit … Read moreForm 15G and Form 15H
Knowing the difference between Assessment Year (AY) and Financial Year (FY) for a common taxpayer is quite baffling. People often use AY and FY interchangeably and this sometimes leads to errors at the time of filing the ITR (Income Tax Return). In this article, we have put together all the minute details about Assessment Year … Read moreDifference Between Assessment Year (AY) and Financial Year (FY)
It is conceivable that in a specific year you don’t have income surpassing the prescribed threshold limit of taxable income. In such an example, it isn’t required to file an Income tax return. However, it is important to file an income tax return regardless if the income doesn’t surpass the taxable limit. This is on … Read moreResponding to a Notice Issued for Non-Compliance or Non Filing of Returns
The income tax office sends various sorts of notices to taxpayers depending on the reason for the notice. These notices are as per the following – (i) Notice sent under Section 142(1) A notice is served by the assessing officer under section 142(1) in two cases. If the official requires additional data and documents relating … Read moreTypes of Income Tax Notices
In the midst of the total shutdown in nearly the whole nation as a careful step against the COVID-19 (Novel Coronavirus) infection, the Union Finance Minister of India Mrs. Nirmala Sitharaman had declared different measures on 24th March 2020 to battle the economic slowdown in India. Different reliefs in compliance and filing extension set forth … Read moreCOVID-19 Impact on Income Tax Return and GST Return Filing
The Income Tax Department has bifurcated assesses into a different group depending upon the income and its source. This was done to simplify the income tax return filing procedure. So, it is important for an assessee to know in which group they fall in. In this article, we will discuss the criteria’s to file the … Read moreITR-3 Form – File ITR-3 Form Online
A comprehensive guide to file ITR-2 Form online. To make the Income Tax Returns filing procedure more straightforward, the Income Tax Department has distinguished assessees into different groups based on their income, source of income and many other factors. Thus, before filing the returns, it becomes imperative for the taxpayer to know the eligibility criteria … Read moreITR-2 Form – File ITR-2 Online