Permanent Account Number (PAN) Card is a Ten digit Account number that is issued to Indian citizens, minors, or even to NRIs, by Income Tax Department. This document was made compulsory to file returns, and to make sure that individuals or business firms pay timely taxes. PAN is used as valid proof in India, and… Read More »
In the world of the digital era, gone are the days when people used to stand for long hours in government lines to get their work done. It was so much time-consuming and also irritating at the same time. But now Internet has made our lives easy. For instance, today we can digitally link our… Read More »
Relation Between GST & Ecommerce Online Business or popularly remarked as Ecommerce is growing at a fast pace in India. It is assumed the numbers would grow to even a bigger extent in the upcoming years. Due to such an increase in the online shopping business and people’s interest in preferring digital world interaction for… Read More »
Whether you are planning to buy a house, settle up a business, get your favorite car or receive a handsome salary in your account, you will need a permanent account number. Further, if you are looking to work in the stock market or need to convert your Indian rupees currency into some other foreign currencies,… Read More »
The Goods and Services Tax, abbreviated as GST, is a type of tax imposed by the Indian government at the national level. On the internet, there are several GST Calculators that may be used to figure out how much GST would cost. The GST is a nationwide tax imposed by the Indian government on dealers,… Read More »
Introduction: What is the Goods and Services Tax (GST) in India? The Goods and Services Tax (GST) is a tax on goods and services. It is an indirect tax that has mostly superseded many other indirect taxes in India, such as excise duty, VAT, and services tax. The Goods and Service Tax Act was passed… Read More »
What is standard deduction in India income tax The standard deduction is the amount of untaxed income that can be utilised to lower your tax burden. If you do not itemise your deductions and use Schedule A of Form 1040 to determine taxable income, the Internal Revenue Service (IRS) permits you to take the standard… Read More »
A Digital Signature Certificate makes it easier and more secure to file your tax returns. “E-filing is mandatory for all individuals/professionals with an annual gross receipt of INR 25 lakhs and above, and for business houses with an annual turnover of INR 1 crore and above,” according to updated provisions under section 44AB of the… Read More »
Even after you’ve submitted your income tax return (ITR), the IRS allows you to modify or change your bank and personal information. However, you may choose to change these facts in your ITR after it has been filed for whatever reason. According to a 2019 update from the Internal Revenue Service, “If a change in… Read More »
Do you realise that simply filing your income tax return (ITR) is insufficient? You must also verify your ITR, or your tax return will be ruled void. The process of authenticating the uploaded ITR is known as ITR verification. The online/electronic technique is now the best option to verify your ITR. ITR e-verification is not… Read More »
You can make as many changes to your tax return as you wish. It comes in handy if you neglect to claim a deduction or disclose income when filing your taxes earlier. When submitting an income tax return, many people neglect to disclose certain income or claim some deductions that are available to them (ITR). … Read More »
The deadline for filing an income tax return for the fiscal year 2020-21 was December 31, 2021. If an individual was obligated to file a return but failed to do so, he or she has a limited number of choices for filing the return. Everything about filing an Income Tax return for previous years According… Read More »
We recognise that completing IT returns may be time consuming, especially if you are young and have just filed a few. However, the advantages outweigh the time and effort required to file it. It is also the responsibility of all responsible people of the country. According to the income tax legislation, filing IT returns is… Read More »
Introduction to ITR Intimation Password – Intimation Under Section 143 (1) of the Income Tax Act The taxpayers’ income tax returns are first processed online at the Centralised Processing Centre (CPC). Following the processing of the return, the IRS issues an intimation to the taxpayers under section 143(1) alerting them of the results. A tax… Read More »
How Can I Save Tax on My Salary in India? We have a tendency to invest in many products that improve our quality of life but can also put us in financial distress. The government offers substantial assistance in the form of income tax waivers on direct taxes payable on your whole earnings. 1. Take… Read More »
How to Calculate Income Tax on Salary? Income tax can be a little harsh and difficult to understand for many people. With ever-changing tax regulations and a plethora of jargon to interpret – tax exemption, tax rebate, tax deduction, tax saving, and so on – we often don’t realise how much of our income is… Read More »
Steps to File Income Tax Returns for Salaried Employees online To file your income tax returns online, follow these steps: Login to the e-Filing portal for income taxes. To complete the login process, you will need to provide your PAN Card number, password, and captcha code. Go to the ‘e-File’ menu. Select ‘Income Tax Return’… Read More »
Income Tax Refund in India – ITR Refund What is the Process of income tax refund in India? The system is undoubtedly improving with each passing year. Tax refunds are no longer sent in paper cheques in the mail. Income Tax Refunds were paid faster in FY 2019-20 than in FY 2018-19, according to the… Read More »