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
Income Tax season can be droubling, but with careful planning and strategy, you can significantly reduce your Income tax burden. Understanding how to save on taxes not only puts more money in your pocket but also ensures you’re making the most of available opportunities. Tax saving plans As the financial year draws to a close, … Read more
File Your ITR without Form 16? Yes, it’s possible. Know how to file it using payslips, bank statements & Form 26AS. Many people have questions about filing tax returns, especially whether it’s possible without Form 16. Here’s a guide for filing your ITR for FY 2023-24 (Assessment Year 2024-25). What is Form 16 and Why … Read more
Know about Form 12B and Form 12BA in simple terms. Understand the difference between these income tax forms and their importance for accurate tax calculations. Income tax forms can be confusing, especially for those who are new to the workforce or switching jobs. Two essential forms for employees and employers are Form 12B and Form … Read more