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Simple Meaning of ITR-U Form Has your ITR ever been misinterpreted or you have forgotten to report an income? Within two years, you can update your Income Tax Return (ITR U) under section 139(8A) of the Income Tax Act. It is calculated two years from the date of filing the original return. Taxpayers were instructed […]
July 31, 2024, will be the due date to file the ITR unless it gets postponed through the government’s guidelines. The last date is applied for the person whose accounts are not needed to get audited. According to the norms of the income tax laws, the employers are needed to provide Form 16 to the […]
Beneath the Income Tax Act, a new return is an updated concept, this would draw voluntary compliance instead of following a longer adjudication process. No matter, if an income tax return would be furnished for a specific assessment year, a taxpayer is qualified to furnish a new return for that assessment year within 24 months […]
The Employees’ Provident Fund Organisation (EPFO) had given the guidelines on imposing the tax deducted at source (TDS) on the earned interest via EPF account in which the contribution is more than Rs 2.5 lakh in the financial year. As per the circular issued on April 6, The TDS deduction would start from April 1. […]
Every individual who comes under the income chargeable to tax is needed to furnish the ITR to declare their income along with the tax liabilities. However, the income tax laws in India issue the collection or deduction of the tax at source (TDS/TCS) itself. The same gives the assurity about the regular flow of the […]
Employee Provident fund (EPF) is an ideal investment choice for any salaried person, owing to its E-E-E (exempt-exempt-exempt) nature. It rendered that the investment in EPF, interest through EPF, and withdrawal from EPF post 5 years is privileged. if an organisation employs less than 20 employees the contribution from both employer and employee is limited […]
Throughout this post, we have discussed how you can quickly rectify errors using Gen TDS/TCS software. After furnishing the TDS return with NSDL one may see that there seems an error in the returns. The same error would be due to distinct causes such as wrong deductions and challan information and incorrect PAN details of […]
On the capital gains, the NRIs who are selling the house property located in India need to pay tax. It just relied on the short-term or the long-term capital gains on which tax is to be paid. The tax on the long-term capital gain is when the house property is sold post to the duration […]
The status of the residential person poses an essential role in finding out the method of his or her income that shall come under the tax for that year in India. Moreover, non-resident Indians NRIs and Persons of Indian Origin (PIOs) are very careful in preparing their stay in India for the specific year so […]