Yes, availing tax benefits in the same financial year can help you save on your taxes considerably. However, this is possible only if the rent agreement is in your name and you service home loan for another property. Both properties can be in the same or different cities.
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…
Under existing income tax rules, an income tax return (ITR) needs to be submitted annually with the tax authorities. ITR is best defined as a statement of income from various sources, details of tax saving investments/donations, applicable income tax liability, tax deducted at source (TDS), advance tax paid, balance tax payable, etc. provided by the…
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…
Nowadays, we have so many things in our wallet other than cash- credit cards, debit cards, retail store cards, loyalty program cards, identity proof, etc. In such times, losing a wallet is no less than a nightmare. You would have to call so many different banks to block the cards and request new cards. Though…
