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The Union Budget 2020 was presented on 1st February 2020 and Finance Minister Nirmala Sitharaman presented taxpayers with two options: Move to the new tax regime – This tax structure contains seven slabs but one cannot avail deductions under various…
People smartly invest a portion of their savings into Equity Linked Saving Scheme (ELSS) to reap the benefits of a tax deduction under Section 80C of the Income Tax Act, 1961. The maximum deduction one can claim under Section 80C…
July is considered to be the return filing season every year. While most of us behave like responsible citizens and file ITR on time, there are still some people who miss out on the deadline to file ITR due to…
A belated return is one which is filed after the deadline for filing the ITR is crossed. When an assessee misses the deadline or due date to file his returns, the return filed after the deadline but within the same…
The income tax return filing season is on and most of us are busy consolidating the taxes. However, even after a huge 4-month window provided by the government, some of us happen to miss the ITR filing deadline which is…
In case you could not or did not file your ITR, you will need to submit a corresponding response on the e-filing portal. This is done so that if ever a need arises regarding your taxation documents, you have…
TDS is Tax-deducted at the source which is a taxation rule as set by the government wherein your applicable taxes are deducted even before you receive the salary. The TDS calculation is done in accordance with the tax slab…
Although most of us see taxes as unwanted, this is the amount which goes into the development of a nation; infrastructurally and fundamentally. As a responsible and law-abiding citizen, paying taxes is one of the most important duties. It not…
Who is eligible for receiving a refund? Any taxpayer is eligible for an income tax refund if he or she has paid taxes excess of the actual tax payable. Paying extra taxes can happen due to various reasons like: 1….
TDS ON SALARY Tax Deduction at Source is a way of collecting tax from the salary or other sources even before transferring the salary to the employee. TDS is ruled under the Income Tax Act, 1961 where the income tax…
