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The Finance Ministry of India has recently announced the latest set of rules notified under the Income Tax Act for provident fund (PF) savings. The 2021-22 budget speech of Finance Minister Nirmala Sitharaman mentioned that the income on contribution towards PF would be taxed for above INR 2.5 lakh but further, it was extended to […]
The government has initiated the new ITR filing portal dated 7th June 2021 to enhance the efficiency of the IT portal, the effective user interface, and the more satisfying user services. But since the start of its launch, the portal is seeing issues such as it is not able to furnish the ITR on the […]
ITR filing is important for all specific people if their taxable income exceeds Rs 250,000 per year. According to the ITR rules, the ITR filing is also important for the person who has furnished more than 1 lac in electricity bills or offered foreign travel exceeding Rs 2 lakh in the financial year. But the […]
This time, due to the lower tax deducted at source (TDS) of many individuals for FY20, Income Tax authorities have sent notices to several taxpayers. The reasons cited in notices is that while some taxpayers have not paid the apt tax on interest that is earned by them others have paid lower tax on credit […]
The online e-filing aids people and provides comfort in furnishing the TDS returns. The income tax department has managed the TDS as it shows in the online tax account of the taxpayer from whom the tax gets deducted. As the taxpayer, you have the right to take the credit for these TDS during furnishing the […]
Furnishing income tax returns is important. The income tax is mandatory for the people who have passed away. According to the Income Tax Department of India, the tax must be furnished for the year in which the individual has died. Various people do not have any idea about this rule. It is now mandatory to […]
In the near future, the income tax officials soon have the gesture which permits all assessments to correct their automatic generated financial statement via e-portal independently. For the filing tax services, the department indeed launches the mobile application like tax credit information, effective demands, IT return verifications Get to know about top 6 quick methods […]
For talented students, the dream of obtaining a foreign degree has become far-fetched, as tax will be collected at source TCS if the remittance amount exceeds Rs 7 lakh. While the TCS rate will be 0.5 percent (Till 31st March 2021: 0.375%), when the amount is received from a financial institution. Whereas if it is […]
Here we will go through all the latest tax collected at source (TCS) provisions as listed by the tax department. The department has made clear all the points in detail. The Finance Act 2020 has launched three new provisions under Tax collected at source The Central Board of Direct Taxes (CBDT) has amended the provision […]
