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Income Tax

Understanding Tax Deduction at Source on Salary: TDS Under Section 192

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Tax Deducted at Source (TDS) is a system by the Income Tax Department of India to collect tax at the source of income. Section 192 of the Income Tax Act, 1961, specifically governs TDS on salary payments.As per section 192 of income tax act 1961, employer is required to deduct tax on salary at the time of payment to employee. Employers have to follow the rules in the tax … [Read more...] about Understanding Tax Deduction at Source on Salary: TDS Under Section 192

10 mistakes to avoid while filing Income Tax Return for FY 2023-24

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With the concept of e-filing, more and more taxpayers are finding it easy in filing their income tax returns instead of visiting the local tax office.Even with this simplified process, a lot of taxpayers do mistakes while filing their annual tax returns.In this article, we have listed the most common mistakes taxpayers make while filing income tax returns.Mistake … [Read more...] about 10 mistakes to avoid while filing Income Tax Return for FY 2023-24

Income tax return form – How to choose the right ITR for tax filing

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Every year, Income tax return (ITR) forms are notified based on certain factors like nature of income, quantum of income, residential status and type of assessee.Old income tax return forms (ITR) notified for earlier financial years can't be used for the recent financial year as new forms incorporate changes brought out in recent amendments to the finance act.While … [Read more...] about Income tax return form – How to choose the right ITR for tax filing

Tax Return filing due date for Individuals – FY 2021-22

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In India, an individual is required to file his income tax return on or before the due date of filing if income for the financial year is over the basic exemption limit.Basic exemption limit has been fixed by the government for each financial year in our annual budget.For the financial year 2020-21 (AY 2021-22) and financial year 2021-22 (AY 2022-23), the basic … [Read more...] about Tax Return filing due date for Individuals – FY 2021-22

A comprehensive guide to revise an income tax return in India

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Many things can go wrong when filing your income tax return, such as incorrectly declaring dividends, bank interest, short/long term capital gains, and other incomes, inputting the incorrect bank account details and general information, or claiming improper exemptions and tax deductions. To correct these types of mistakes, the government has given an option to file a revised … [Read more...] about A comprehensive guide to revise an income tax return in India