Are you new at your job and have seen your salary slip for the first time? Don’t get overwhelmed with a lot of terms and numbers in it. Read this article to understand what is covered in your salary slip and why it is important for you to know about it in detail. What is…
In light of the extraordinary situation resulting from the COVID-19 lockdown measures, the Finance Department has released an ordinance on 31st March 2020 providing relaxation in various aspects of the Direct and Indirect Tax regimes. One of these announcements extends tax saving investments for FY 2019-20 till 30th June 2020. This can greatly benefit many…
In case you have to e-file your taxes on the official Income Tax e-Filing portal or access the various services available on the e-filing website, you have to register and log into the portal using your user id (PAN/Aadhaar/Other user ID) and password. Unfortunately, this is not possible in case you have forgotten your e-filing…
The Income Tax Act, 1961 (IT Act, 1961) provides various tax benefits to reduce the tax burden in case expenses are incurred towards medical expenses for self/family or if the tax assessee or his/her dependant is disabled. These tax deduction benefits are specified in Section 80DD, Section 80DDB and Section 80U of the IT Act,…
A new and optional income tax regime was announced in Union Budget 2020. Under this new regime, the income tax slab rates have been significantly reduced. However, the concessional slab rates come at the cost of traditional income tax deductions that can be claimed under the old (existing) tax regime. As things stand right now,…
The Union Budget 2020 presented by Finance Minister Nirmala Sitharaman has proposed a number of changes that directly impact the individual tax payer. These changes which will come into effect from 1st April 2020 are as follows: New Tax Rates Introduced in Union Budget 2020 Union Budget 2020 introduced a new Income Tax Regime, which…
Income Tax Return (ITR) forms provide can be downloaded online from the e-filing website of the Income Tax Department. Alternately, if you are using ITR 1 (Sahaj), you have the option of filling out the form and filing the return online without having to download the form. In case you have to fill out your…
After you have filed and verified your ITR, the next step is to wait for the intimation that the ITR has been processed. ITR processing involves checking the TDS claimed by you with Form 26AS, tax and interest calculation and other arithmetic calculations. Generally, ITR is processed within 30-45 days from the date of ITR…
Forming an HUF or a Hindu Undivided Family is one of the effective and legal ways of tax saving. Let’s understand what is an HUF, how is it formed and how can you save tax by forming an HUF through this article. Table of Contents : What is an HUF? How can you save tax…
When the amount of taxes paid by an assessee exceeds his/her actual tax liability for a particular FY, then the Income Tax Department returns the ‘excess tax’ in the form of Income Tax refund. In case you have filed your return and are eligible for a refund, you can check your income tax refund status…
