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Income Tax

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

House Rent Allowance or HRA exemption calculation

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House rent allowance or HRA is considered to be one of the main component of salary provided by the employer in connection with rent of the accommodation taken by employee at the place of service.Based on the city’s living condition, house rent allowance is fixed before sending offer letters to employees. House rent allowance is taxable under the head "income from salary" … [Read more...] about House Rent Allowance or HRA exemption calculation

Income Tax Return Acknowledgement (ITR-V)-All You Need To Know

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Income Tax Return acknowledgement or Verification form is a one page acknowledgement slip generated when a taxpayer files his annual tax return online.While uploading your income tax return, you will have following options to choose;To e-verify your return by using your net banking account or by validating bank account details or by using Aadhar based OTP; orTo use … [Read more...] about Income Tax Return Acknowledgement (ITR-V)-All You Need To Know

Consequences of Late or Non Filing of the Income Tax Return

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Every individual liable to pay tax in India is required to file Income Tax Return before the due date as specified in the Income tax act, 1961.Due date is different from person to person and is decided by the Government of India.Some people also call it last date of filing income tax return (ITR). But in reality, due date is not the last date.If someone missed the … [Read more...] about Consequences of Late or Non Filing of the Income Tax Return

Late Filing your ITR? Know the Penalties Under Section 234F!

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Taxpayers must file their income tax returns (ITR) by July 31 each year. The Income Tax Department gives a 4-month period to prepare and file your income details correctly.If you miss the deadline, you might have to pay a penalty or late fees, and there can be other problems from the delay. Section 234F of the Income Tax Act deals with these penalties for late filing of tax … [Read more...] about Late Filing your ITR? Know the Penalties Under Section 234F!