ITR Form AY 2021-22: The Central Board of Direct Taxes (CBDT) has released a new ITR form for the assessment year 2021-22 (AY22). In the wake of the Corona crisis, no significant changes have been made to the format or filling of the new form. Let’s know from where to download the new ITR form and which…
80C Rules: Whenever it comes to saving tax, the 80C rule of the Income Tax Act 1961 is discussed the most. Under this rule, any person can take a discount of up to Rs 1.5 lakh. Only those who choose the old tax system will get the benefit of this rule. Taxpayers adopting the new tax regime cannot…
Five Rules of Income Tax: This is the last month of this financial year. Apart from ITR, EPF, many more rules are going to change in the new financial year from 1 April. Which is going to have a direct impact on taxpayers. There have been many changes in the rules of income tax in this year’s budget (2021-22). Let’s know five changes…
Refund: On the day all the work of the centralized processing center is completed on the income tax return, the tax is refunded within 20 to 45 days. This year, there are a large number of taxpayers who complain that it has been more than 4 months since they have filed their returns, but their tax…
The National Pension System (NPS) is a Government of India sponsored retirement scheme, under which the investor is given the option to invest in preferred classes like stock market, government securities. According to the National Securities Depository Limited (NSDL) website npscra.nsdl.co.in, an investor can know the current price of investment in his NPS account day by…
Faceless e-Assessment- Faceless assessment is a kind of electronic mode, which is used through a software. Under this, you will not have to go in front of any income tax officer or his office. To curb corruption and corruption in the country, the Income Tax Department has started the faceless e-assessment service. Understand in simple terms, it…
The focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws. Prime Minister Narendra Modi has launched the platform for “Transparent Taxation – Honoring the Honest” via video conferencing on the 13th of August 2020. Faceless assessment, faceless appeal, taxpayer charter are the three major pillars of the…
In Budget 2019, Finance Minister announced some changes in income tax rules and some of them came into force from September 1. The new income tax rules relating to TDS or tax deducted at source applicability on payment to contractors, professionals, and brokers; purchase of immovable property, cash withdrawal beyond ₹1 crore and taxable life insurance…
A government-appointed task force earlier this month submitted its report to the Finance Ministry on new Direct Tax Code, which seeks to replace the existing Income Tax Act. Though its details are yet to be made public, news agency IANS, citing sources, has reported that the task force has proposed many changes to the Income…
One is required to file income tax return (ITR) if one’s income during a financial year exceeds the basic exemption limit set by the government. You also have to file an ITR if you have to claim the extra tax deducted at source (TDS), if any, or in case of deposit of excess tax. While…
