How to File ITR for FY 2020-2021 or AY 2021-2022
This year you need to choose Old or New Tax Regime while filing ITR (Income Tax Return) for the financial year FY 2020-21 (AY 2021-22) There is no Excel or Java offline Utility for filing ITR but new...
View ArticleDifference between Assessment Year and Financial Year, Previous Year,Fiscal...
If you pay Income tax and file ITR then you should know the difference between the financial year and the assessment year. To download right ITR, pay Advance Tax/Self Assessment Tax and for Income Tax...
View ArticleBe Aware of Income Tax Workbook: A Practical Approach
If you have income there is a tax and you may be required to file Income Tax Return(ITR). To understand Income Tax we need to understand what is Income, Income Tax slabs, Types of Income, the tax on...
View ArticleYour Money book: Details of your financial Life
Where is all the information related to your financial life? Your policy details, FD, mutual funds, etc Is it stored in your head or hidden in your emails? You’ve kept the documents in the top cabinet...
View ArticleTDS Rates for FY 2020-21 on Income, Fixed Deposit, Mutual Funds etc
TDS stands for tax deducted at source. Prescribed persons(Employers, Seller of Property, one who hires contractor), are required to deduct tax (TDS) on specified transactions as per TDS Rate Chart and...
View ArticleIncome Tax for FY 2019-20 or AY 2020-21
The income tax rules for FY 2019-2020 or AY 2020-21 was based on two budgets. This article covers Income Tax rules for FY 2019-20 or AY 2020-21. You will know about new rules like Tax rebate, housing...
View ArticleEfiling Lite Website of Income Tax:How it compares with Actual
On 1 Aug 2019, The Income Tax department launched a new lighter version of its e-filing website, called eFiling-Lite, focused exclusively on ITR filing. The ‘e-Filing Lite’ portal can be accessed...
View ArticleCBDT FAQ on filling ITR forms for the Assessment Year 2019-20
On 8 Aug 2019, CBDT has issued Circular No. 18/2019 to address various queries that have been raised by many for filling-up of the ITR forms. The following 19 FAQs have been issued by the CBDT in this...
View ArticlePrefilled XML to Fill ITR2, ITR3 in Excel or Java Utility
Income Tax Department from Jul 2019 provides a pre-filled XML file which has many details already filled in from the various sources of data filed against your PAN. You can use this XML file in...
View ArticleDocuments Required to file ITR, For All types of Income
Which documents do you need to file ITR? The documents required to file ITR depends on the kind of Income you have. This article explains in detail what documents are required for Income from Salary,...
View ArticleForm 16 Revised Format: Changes, Why?
Form 16 is a certificate issued by employers, giving details of employees’ TDS (tax deducted at source) usually by mid-June and is used in filing I-T returns. When it comes to ITR filing, Form 16 is...
View ArticleShort Term Capital Gains of Debt Mutual Funds,Tax, ITR
If one sells an asset such as bonds, shares, mutual fund units, property etc, one must pay tax on the profit earned from it. Tax is applicable on this gain or profit in the year in which asset was...
View ArticleLong term Capital Gains of Debt Mutual Funds: Tax and ITR
If one sells an asset such as bonds, shares, mutual fund units, property etc, one must pay tax on the profit earned from it. Tax is applicable on this gain or profit in the year in which asset was...
View ArticleMistakes while Filing ITR and CheckList before submitting ITR
Though filing Income Tax Return or ITR is not difficult every year, we may still make mistakes. Incorrect filing of income tax returns may result in delay in getting refund and further trouble. In...
View ArticleWhich ITR Form to Fill?
Every tax payer is required to declare to the Income tax Department of the Government of India, summary of income, tax paid which he earned during the year(between April to Mar of next year) n a form...
View ArticleHow to report F&O trading in your income tax return
Often the people who trade in derivatives find it difficult to file their ITR. The reason is that either they are unaware or are confused when it comes to the process of reporting the Future and...
View ArticleCapital Gains Account Scheme and Sale of property
If one sells a property which has been held for more than 2 years, one long term capital gains. If one invests the capital gain(not the difference between cost and sale price) within 1 year of sale or...
View ArticleHow to download Form 26AS and password to open Form 26AS
Form 26AS, also called as Annual Statement, is a consolidated tax statement which has all tax related information (TDS, TCS, Refund etc) associated with a PAN. It is highly recommended that you verify...
View ArticleBuying a House,Renting,Home Loan,Tax,Selling,Capital Gain
We all want a place of our own, a place where we can relax in peace with our family.Buying a house is a big investment and an even bigger cumbersome process. But everyone is under pressure to buy a...
View ArticleIncome Tax: How to Link Aadhaar with PAN for filing ITR
The government has decided to make Aadhaar number mandatory for filing of Income Tax returns as well as linking it with Permanent Account Number (PAN) card. This article explains the procedure of how...
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