The Government of India’s Income Tax Department has launched the latest Income Tax Calculator 2024 version. This innovative tool is designed to help taxpayers accurately calculate their taxable income and determine the amount of tax payable. Whether you’re an individual or a business, this user-friendly tool simplifies the tax filing process and ensures compliance with … Read more
Are you depositing more money into your account? Understanding the maximum deposit limit and the potential consequences of exceeding it is crucial. This knowledge will empower you to manage your finances effectively. Did you know that the income tax department may send you notices if you deposit an amount beyond the prescribed limit? Let’s take … Read more
Why do ‘defective return’ notices appear? Most individuals filing their Income Tax Return (ITR) have already received their refunds. However, some are receiving ‘defective return’ notices. But why do these notices come? And what should you do if this happens? Let’s find out now. The tax department issues these notices when discrepancies are noticed between … Read more
Most wealthy, retired, and unemployed adults in the country rely on house rents and real estate income for their livelihood. However, rental income in India is subject to income tax laws. Fortunately, there are ways to reduce the impact of these taxes. Income tax on rental income from immovable property: If an individual’s rental income … Read more
What to Do When You Receive a Tax Notice from the IT Department After Filing ITR and How to Reply to 143(1) Notice? Reply like this. When you file your Income Tax Return (ITR), the process does not end there. The Income Tax Department begins processing the filed ITR; some individuals may receive a notice … Read more
Filing your income tax returns (ITR) is an essential responsibility for every individual who earns. The ITR form records your annual income and must be submitted to the Income Tax Department to ensure compliance with tax laws. Here’s a comprehensive guide on how to file your ITR for the Assessment Year (AY) 2024-25. Important Dates … Read more
The AIS for Taxpayers App is an essential tool for taxpayers who want to manage their tax-related tasks efficiently. This mobile application, launched by the Income Tax Department of India, offers a convenient way to check your income tax refund, TDS details, and more—all from your smartphone. What is the AIS for Taxpayers App? The … Read more
ITR Refund: Many refund claims have been delayed due to lacking a Pan-Aadhaar link. The department is currently verifying these refund claims. When such delays occur, it is natural to wonder what should be done. Let’s find out what steps can be taken in this situation. If you haven’t received your tax refund after filing … Read more
ITR Refund Status Check at incometax.gov.in. If you’ve filed your Income Tax Return and are eagerly awaiting your refund, knowing how to check its status is essential. Understanding the status of your tax refund can provide clarity and peace of mind regarding your financial situation. Income Tax season can be stressful, but there’s a silver … Read more
Avoid common mistakes while filing your ITR. Know how to choose the right ITR form, reconcile Form 26AS, report all income, and more. Get expert tips and tricks ensure a smooth ITR filing experience. File your Income Tax Return accurately and on time to avoid penalties. Filing your income tax return (ITR) can be a … Read more