Income Tax News and Articles

The income tax department has started issuing notices to the merchant navy personnel, seeking them to pay taxes on behalf of the money earned in the duration of work on Indian or foreign vessels. Till date, the merchant navy personnel didn’t pay their taxes in India and enjoyed all the benefits similar to non-resident Indians. The notice started to circulate when the June judgment of an income tax tribunal in Kolkata suggested that the merchant navy personnel are eligible to pay their taxes in India.

In the current scenario, everyone is taking loans whether they are taking a loan for marriage purposes, for vehicle purchase, for business purposes or any other reason. It can be taken by security or pledge of any assets or if you are a salaried employee then also you can take a personal loan on the basis […]

Individuals with income exceeding more than the basic exemption limit are required to file an Income Tax return within the due date and if the person fails or misses the due date then there are certain provisions of penalty under the Income Tax Act, of 1961. The assessing officer may contact the individual through a […]

Nowadays it is impossible for a common man to purchase a house with his own name and from his own Income due to inflation. So if a person wants a residential house, he can buy the same from easy EMI facilities. EMI facility is beneficial for buying a home with starting limited down payment and rest payment […]

The Income Tax Department allows individuals to claim a refund for depositing extra tax. An individual can claim the same online using the Income Tax Department’s e-filing portal, https://www.incometax.gov.in/iec/foportal Income Tax regulations mandate the Filing of income tax for individuals earning an annual income of Rs.2.5 lakh or more. For Senior citizens (individuals aged between […]

Filling Income Tax returns is our social responsibility. Everyone who is earning a taxable income should contribute some amount by way of taxes for the benefit of the Nation. As per Prime Minister Modi’s “Mann Ki Baat,” it is the responsibility of all assessees to declare Income and deposit tax their own for the benefit of economic growth. […]

As per the Income tax Return guidelines, the deadline for filing IT return for FY 2015-16 was July 31 but due to PSU bank strike, the last date for filing income-tax returns got extended to August 5 by the Government. In view of the day-long strike at public sector banks on behalf of merging the […]