Income Tax

Should you Switch to the New Income Tax Slabs Created in Budget 2020 2 min read

• Income Tax

Should you Switch to the New Income Tax Slabs Created in Budget 2020

Diksha Garg 5 years ago

Those who are just starting their career, can consider the switch. Furthermore, they are not very likely to have commitments u/s 80C in form of investments or they would not be having home loans.... Read More

Form 15G and 15H – What to Remember When Submitting These Forms? 4 min read

• Income Tax

Form 15G and 15H – What to Remember When Submitting These Forms?

Diksha Garg 5 years ago

Any resident of India, who has completed 60 years of age in the financial year or is above 60 years of age can submit the form 15H provided their tax liability based on their projected income is nil.... Read More

Mismatch in Credit of TDS : Is the Assessee Liable to Pay? 2 min read

• Income Tax

Mismatch in Credit of TDS : Is the Assessee Liable to Pay?

Diksha Garg 5 years ago

Assessee cannot be held responsible for tax Payment that has been deducted by the deductor at the source... Read More

Lowering Your Tax Liability Using Fake Bills 4 min read

• Income Tax

Lowering Your Tax Liability Using Fake Bills

Shobha Vats 5 years ago

Taxpayers sometimes end up in trouble by submitting fake bills to lower the tax liability. However, the reality is different as the Income-tax department have... Read More

Post Budget 2020- Which Income Tax Slabs is Better- Old or New? 4 min read

• Income Tax

Post Budget 2020- Which Income Tax Slabs is Better- Old or New?

Shobha Vats 5 years ago

The budget 2020 has introduced new tax slabs with an option to choose the old tax slabs. It’s important to know which income tax slabs... Read More

Requirements of NRIs to File Income Tax Returns has Changed After Budget 2020 3 min read

• Income Tax

Requirements of NRIs to File Income Tax Returns has Changed After Budget 2020

Shobha Vats 5 years ago

The Hon’ble Finance Minister submitted Budget 2020 on 1 February 2020 that is built around three popular themes namely- “Aspirational India, Economic Development for All... Read More

What are the Consequences of not Filing the Income Tax Return? 3 min read

• Income Tax

What are the Consequences of not Filing the Income Tax Return?

Shobha Vats 5 years ago

The taxpayers usually file income tax returns (ITR) for the previous financial year immediately after the beginning of the next financial year in April. The... Read More

What is Carrying Forward and Setting Off of Losses under Income Tax Act? 4 min read

• Income Tax

What is Carrying Forward and Setting Off of Losses under Income Tax Act?

Shobha Vats 5 years ago

In finance, profit and loss always play a part in an individual’s life. Every time you won’t achieve the profits. Sometimes you may incur losses... Read More

What to do if the Income Tax Refund Delayed? 3 min read

• Income Tax

What to do if the Income Tax Refund Delayed?

Diksha Garg 5 years ago

It is suggested that you should never hamper the deposition of income tax retrievals because the early you residue the returns, the more immediately you... Read More

Relaxation of Prosecution Norms by CBDT for Defaults in Filing IT Returns and Delays in TDS 2 min read

• Income Tax

Relaxation of Prosecution Norms by CBDT for Defaults in Filing IT Returns and Delays in TDS

Diksha Garg 5 years ago

The legal outcome for any lag in depositing TDS, or non-filing of returns of income tax, or under-reporting of income, has been relaxed by the... Read More