Search results for: income tax department

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

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 […]

The income tax return filing 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 […]

It is very important to file an income tax return. People are satisfied with the fact that their income tax has been paid by them, and now there is no headache for them in an upcoming way, but that is not the end of the process. To understand the real benefits of paying your income tax, some […]

Some basic points should always be kept in mind while filing an income tax return for the first time. As it is a tedious task and involves governmental procedures, for the sake of the economy and your own liabilities towards the nation, every citizen or taxpayer must thoroughly review the rules and take note of […]

So after paying your income tax on time and arranging all the things in place still doesn’t make sense, this thing always clings to the taxpayers who are new to the system and now the time is getting thinner day by day as the last day to file your income tax is July 31, 2022, […]

A brief introduction to the fat tax, which is particularly liable for food types that are not suitable for large-scale consumption. The Kerala government has introduced the Fat tax for the first time in the state to slow down junk food consumption. The revenue generated from this tax will be used for the development of […]

What is the Income Tax Department Grievance Scheme? The Income Tax department, to promote the paperless environment, launched Grievance, a special electronic system to fast-track taxpayer grievances and ensure early resolution or redressal of their complaints. A separate and dedicated window for grievance redressal in the Income Tax Business Application (ITBA), from now on, this […]