The Cost Inflation Index for FY 2024-25 relevant to AY 2025-26 and subsequent years is 363 The income tax department has notified...
Income Tax Returns: The Annual Information Statement (AIS) in income tax filing is a detailed financial report issued by the Income Tax...
Income Tax Refund: Filed your tax return expecting a refund, but it hasn’t shown up yet. Income tax refunds can encounter delays for...
ITR Filing: The deadline for filing an Income Tax Return (ITR) for the financial year 2023-24 and assessment year 2024-25 is July...
Salaried individuals receiving a house rent allowance as part of their salary can claim HRA exemption if they pay rent for their...
Arrears bring both relief and a headache when it comes to filing taxes. While they signify delayed but deserved earnings like salary,...
As per income tax rules, misreporting income is against the law and bound to attract heavy penalties. Section 270 of the Income...
In a bid to offer lower tax rates with fewer deductions and exemptions, compared to the Old Tax Regime, Finance Minister Nirmala...
Defective income tax return: You may make mistakes when performing tasks that are unfamiliar, such as filing income tax returns (ITR). These errors...
Section 89(1) of the Income Tax Act, 1961 provides for relief from tax on arrears of salary. Income Tax Return Filing: When tax...