House Rent Allowance (HRA) is one of the most commonly received allowances by the salaried class. If you are paying rent for accommodation to a landlord which can mean your parents also, then you are eligible to claim tax exemption…
How to claim HRA in Tax Return?
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How to Handle Income Tax Notices?
An Individual / Assessee (also known as a taxpayer) file their Income-tax return, it is processed by the Income-tax Department. If there is any mistake/error/discrepancy noticed in the Income-tax return filed, then the same is intimated to the Assessee by…
7 Ways to Save Taxes for FY 2020-2021
The Union Budget for the year 2020 made a major change by introducing the optional new tax regime which came into effect from April 1, 2020. This gives an individual taxpayer the option to either continue with the existing tax regime or opt for the new tax. Ideally, opting for the old tax regime will yield you more benefits. Here is some useful tax saving tips for financial year 2020-21 to lower your tax:
10 rules have changed: Income Tax to Driving License
Many rules have changed since October 1, Motor vehicle rules, Ujjwala scheme, health insurance, credit and debit card rules are changing from today. So it is important that you know about them in advance. Let us know what is going…
4 key steps to prepare to file Income Tax Return in 2021
We have little less than three months to complete the income tax return (ITR) filing process for the financial year 2019-20. However, ITR filers can start preparing by collecting TDS certificates, if subject to any TDS, from deductors because the…
Are you really saving your taxes? Know your Tax slabs and review your investment plans now!
It’s that time of the year again, when our investments come again to the forefront. The investment receipts are all out, our inbox is full of mails urging us to claim our tax-saving investments and most of us are once…
How to file ITR-1 with salary, house and other incomes for FY 2019-20
For FY 2019-20, ITR-1 can be filed only by an ordinarily resident individual whose total income is Rs 50 lakh or less. This ITR form can be used to report income from salary, one house property, residuary income (interest, etc.),…
The pitfall to avoid while availing extra time to file Tax Returns
A rider that the government inserted in June while giving extra time for filing income tax returns for FY20 could cost high net worth individuals additional interest outgo if large tax dues were not paid by July end, cautioned tax…
Income tax refund status: Here’s how you
Taxpayers become eligible for refunds if higher taxes — either through advance tax, self-assessment tax or tax deducted at source (TDS) — are paid in comparison with the total tax liability. The refund can be claimed by filing the income tax…
Here’s how to correct mistake in your Income Tax Return
When a tax payer discovers any mistake or omission of important details or making a wrong statement in the original income tax return submitted, she can rectify the same through e-filing portal of income tax department within prescribed time limit….