A taxpayer should regularly check the status of his income tax return to ensure that the ITR has been accepted and processed as it is. If some discrepancies are found or some changes are proposed by the CPC, Bengaluru, the…
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Income Tax basic terms to know
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Interest earned on your PF contribution above Rs 2.5 lakh per year to be taxable – Budget 2021 Announcement
The Budget also proposed to remove the tax exemption available under Section 10(10d) to Ulips with a premium of more than Rs 2.5 lakh per year. Present Provisions Presently, any payment received by an employee from his provident fund account…
Choosing the right Tax Structure – 2021
It’s been several months since the financial year 2020-21 began, but many are still undecided on the big question – whether to continue with the old tax structure or opt for the new one? The new tax structure has lower…
How much Tax do you pay on your Equity Investment?
We all know that Income from salary, rental income and business income is taxable. But what about income from sale or purchase of shares? Income/Loss from sale of equity shares is taxed. Investment in equity is an important part of an…
How to claim HRA in Tax Return?
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 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…