Defective Return: The most prevalent and significant government action to redistribute money among people is taxation. It is an effort to use a progressive taxation system to distribute the cost of economic growth. To lessen the burden of taxation, the government has numerous measures whereby credits are given to taxpayers in the form of refunds when […]
Read moreLast date to file ITR (Income Tax Return) under section 139(1) for AY 2020-21, 2021-22 and 2022-23 is gone, however, still one can file Income Tax Return. The Finance Act, of 2022 has introduced a new concept of updated Income Tax Return (ITR-U), which has permitted taxpayers to file their ITRs after two years of […]
Read moreThe income tax laws have certain provisions for clubbing of income with the income of the person other than the person who has earned the income. This article will discuss the provisions applicable to individual taxpayers. Concept of clubbing under the income tax laws When income is included in the hands of someone else instead of it […]
Read moreCentral Board of Direct Taxes (CBDT) Chairman Nitin Gupta has confirmed that over 6.85 crore income tax returns have been filed so far for fiscal 2021-22. Moreover, the CBDT chairman said that the number is expected to go up further by December 31. ITR Filing Last Date The last date for filing income tax returns […]
Read moreOne ITR form for one Nation: The Central Board of Direct Taxes (CBDT) has proposed a single income tax return (ITR) form for all taxpayers. A draft form has been released, to which all stakeholders can provide inputs up to December 15. How many kinds of ITR forms are there now? There are seven kinds of ITR […]
Read moreThe last date to file income tax returns has already passed last month, whereby crores of income taxpayers filed their ITRs. However, verifying income tax returns are as important as filing them, since unverified ITRs are treated as invalid by the income tax department. Once the taxpayer verifies the ITR, the income tax department processes […]
Read moreThe time for the filing of income tax return for the assessment year 2022-23 has arrived. The deadline for ITR filing AY 2022-23 is July 31. Experts suggest taxpayers shouldn’t wait for too long for filing their income tax return. Many of those who file income tax returns get income tax notices. Most of them […]
Read moreAs taxpayers face issues in accessing the e-filing portal, the Income Tax department on Saturday said software provider Infosys is taking “proactive measures” to deal with the ‘irregular traffic’ on the portal. “It has been noticed that taxpayers are facing issues in accessing ITD e-filing portal. As informed by @Infosys, they have observed some irregular […]
Read moreThe Income Tax department has asked taxpayers to file their returns within the due date. The last date to file Income Tax Return (ITR) for FY 2021-22 (AY 2022-23) without late fee is July 31, 2022 (unless extended by the government). In a tweet, the I-T department has urged people to be early filers. “ITR […]
Read moreTaxable components of Salary: Salary is not an one amount. It is the bundle of components like basic pay, gratuity, bonus, perquisites, pension, Advance of Salary, Leave Encashment, Provident Fund, House Rent allowance, city allowance, transport allowances, internet reimbursements etc. Different company has different salary structure. However, there is one drawback to the all the […]
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