Taxable 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 […]
Read moreThe Indian income tax department has issued new ITR forms for the financial year 2022-23, which ask taxpayers for information on income from overseas retirement benefit accounts too. In a recent circular, the Central Board of Direct Taxes (CBDT) announced the new ITR forms from 1 to 6. The CBDT has left the ITR forms […]
Read moreNo one should miss last date to file ITR – Income Tax Return for FY 2020-21. This is the thing once missed, cannot come back. Its just not a legal compliance but also has variety of benefits. Lets read 5 reasons why a person must file Income Tax return on or before 31st march 2022. […]
Read moreMore than 6.2 crore Income Tax Returns (ITR) and about 21 lakh major Tax Audit Reports (TARs) have been filed on the new e-Filing portal of the Income Tax Department as on 10th February 2022. Out of 6.2 crore ITRs filed for AY 2021-22, 48% of these are ITR-1 (2.97 crore), 9% is ITR-2 (56 […]
Read moreAround 6.17 crore Income Tax Returns (ITRs) and about 19 lakh major Tax Audit Reports(TARs) have been filed on the new e-Filing portal of the Income Tax Department as on 6th February, 2022. Out of 6.17 crore ITRs filed for AY 2021-22, 48% of these are ITR-1 (2.97 crore), 9% is ITR-2 (56 lakh), 13% […]
Read moreThe Gujarat high court has ordered the Central Board of Direct Taxes (CBDT) to resolve technical issues that taxpayers have been experiencing while filing their Tax Audit Report (TAR) and income tax returns (ITR), threatening to extend the deadline to March 15 if the job is not completed on time. According to the news reports, […]
Read moreIncome Tax Return: Senior officials of Ministry of Finance headed by Secretary, Revenue had a meeting with the Infosys team headed by Shri Salil Parekh, MD & CEO, Infosys on 16.12.2021, on the preparedness of the e-filing website during the peak filing period. As briefed by Infosys, steps taken in this regard include augmentation of […]
Read moreThere are certain types of exempt income from tax, it is important for a taxpayer to disclose such income on their income tax return (ITR). In future, it may become difficult for a taxpayer to explain the source of a particular income, if exempt income is not disclosed now in ITR. Various types of income are exempt from […]
Read moreIncome Tax Return (ITR) due date is extended to 31st December 2021. Many people without consulting tax experts invest in schemes that are popular among the individuals. Especially those who have income from salary there are very less ways to save tax for them. Lets have a look on the mistakes to avoid while investing […]
Read moreF.No. 225/188/2021/ITA-IIGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct taxes New Delhi, Dated 24th September, 2021 Order u/s 119 (2)(a) of the Income-tax Act, 1961 Subject: Regularisation of returns of income verified through Electronic Verification Code (EVC) which are otherwise required to be verified through Digital Signature (DSC) as per Rule 12 of the […]
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