In the event any unreported income is discovered by Income Tax Department during assessment, an assessee is liable to pay penalties which may extend upto 300% of the tax sought to be avoided besides Income Tax and the Interest due thereon... Read More
Income Tax
- Your guide to understanding and filing income tax returns.
- Simplify your tax filing process with expert advice.
- Learn about the different types of income tax, including individual income tax, corporate income tax, and more. Understand the income tax slabs, deductions, and exemptions applicable to various income sources.
- Get expert advice on tax planning and saving strategies to minimize your tax liability. Learn how to file your income tax return accurately and on time, avoiding penalties and interest charges.
- Stay up-to-date with the latest income tax news, circulars, and notifications. Access useful tools like income tax calculators, TDS calculators, and form 16 download links.
What are reasons for Income Tax Refund being delayed- Remedies to expedite Income Tax Refund
3 min read
If your income tax refund in India gets delayed, there are several steps you can take to inquire about the delay and seek remedies:... Read More
The digital age is in full force, and we have embraced new technologies to make our lives easier and hassle-free. The Aadhaar Card is one... Read More
An HUF is a legal entity recognized under the Income Tax Act, 1961, and it consists of members who are part of the same Hindu... Read More
Filing an Income Tax Return (ITR) in India can be done online through the Income Tax Department’s e-filing portal. The ITR1 form is applicable to... Read More
Filing tax returns without Form 16 can be challenging. Without it, calculating accurate income becomes difficult, proving TDS deductions becomes problematic, and claiming deductions accurately becomes a challenge. However, you can take several remedies. Start by communicating with your employer and requesting Form 16. If that fails, escalate the matter internally and send written reminders. If all else fails, approach tax authorities for assistance. In the absence of Form 16, use alternative documents like salary slips and bank statements to calculate income. Maintain proper documentation and consult a tax professional for guidance. Remedies include urging your employer, escalating internally, communicating in writing, seeking assistance from tax authorities, using alternative documents, and maintaining proper records.... Read More
Not replying to queries from the Income Tax Department in India can have various consequences, as the department has the authority to enforce compliance with... Read More
After filing an Income Tax return in India, there are several common reasons why an assessee (taxpayer) may receive a query letter from an Income... Read More
All about Choosing between New Tax Regime and Old Tax Regime- Which regime is good for you
7 min read
The New Regime and Old Regime of income tax in India represent two different tax structures that individual taxpayers can choose from. Let’s delve into... Read More
The government announced the new ITR form for the fiscal year on March 31, 2021. The ‘ITR’ is a form used by taxpayers to record... Read More