ITR Filing is one of the most important dates of the financial calendar and as the final step, it requires you to e-verify your ITR subsequent to submission of your returns for the applicable financial year. The task of ITR verification needs to be completed within 120 days of submission of your income tax returns…
The Income Tax Department has announced the availability of Income Tax Return (ITR) Forms 1 through 4 on the official Income Tax e-filing website. This means that the income tax return filing season has officially begun and as of now 31 st July 2019 is the deadline for AY 2019-20 ITR filing. There are a…
3. Tax Exemption for Senior Citizens: No TDS is applicable on the FD interest of Senior Citizens (individuals aged 60 years or more) if the interest amount does not exceed Rs 50,000 in a financial year. 4. Tax Benefit: Only fixed deposits made for a fixed period of 5 years qualify for a tax deduction…
If you have changed jobs during the financial year, you will receive multiple Form 16 tax statements. Income Tax Form 16 is a key document for filing your Income Tax return as it contains details of your income earned, TDS deductions, tax saving investments data and more. In the following sections, we will provide some…
The Central Board of Direct Taxes (CBDT) has notified certain changes in Form 16, the salary TDS certificate, seeking more details about exempted allowances under section 10 of the Income Tax Act, 1961. The new format as notified by CBDT will come into effect from May 12, 2019. Section 10 of the Income Tax Act…
Salaried individuals, Professionals, as well as self-employed individuals, can start ITR filing for the financial year 2018-19 with the Income Tax Department issuing ITR Form 1 and Form 4 from today. ITR Form 1 (Sahaj) and 4 (Sugam) are available on income tax e-filing portal for online filing or can also be downloaded. Also Read:…
Form 26AS is an important document for filing Income Tax Return (ITR). It records all the details of tax deducted for your PAN at various sources. When filing ITR, the assessee must ensure that the data entries appearing in Form 26AS match the information on the ITR. What is Form 26AS? Form 26AS is an…
Have you ever taken a merry ride, dragon ride or the giant wheel ride? While doing so, you must have noticed that the operators always make sure the riders have the safety belt on. The same principle applies to life insurance. Thus, in order to manage the various risks of life, you need a life…
The financial year 2019 is drawing to a close and you might still be busy in last-minute tax planning to ease your tax burden. When it comes to tax saving, Section 80C is the buzzword allowing you to claim cumulative tax deductions of up to Rs. 1.5 lakh. However, there are multiple investment options available…
