Category Archives: Income Tax

What is the difference between TDS and Income tax?

The income tax and the TDS (Tax Deducted at source) are 2 different things and these both terms are completely different from one another and because of this many tax payers can get confused between these terms. So one should have complete knowledge about these terms so that they can know what these terms can… Read More »

What Is Section 24 Of The Income Tax Act?

Living in our own house is a dream that each one of us shares but very few can attain. The sole reason is the high property prices. However, with the help of taking financial aids like loans, people can achieve this dream. Some people might think taking a loan is a tough task. However, it… Read More »

What is standard deduction in 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 deduction. Your standard deduction is determined by your… Read More »

How to generate digital signatures for income tax?

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 »

How to change bank details in an income tax return online?

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 »

How to e-verify income tax return?

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 »

How to revise income tax return online

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 »

How to file income tax return for last three years ?

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 »

Why is income tax filing important?

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 »