income tax

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COVID-19: How government has accounted for NRI residence sta…

The unprecedented lockdown and travel restrictions brought on by Covid-19 forced many NRIs to overstay their visit in 2020. This in turn not only impacted their residential status but also their tax liability. If you’re amongst the people who are in a dilemma, this article can help clear doubts regarding your residential status. It also spells out the vital exemptions offered by the CBDT for FY 2019-20 and various factors to consider so as to take advantage of Double Taxation Avoidance Agreements (DTAAs).

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7 Types of income tax notices issued to taxpayers

The different purposes that various Income Tax notices serve as per the Income Tax Act.

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Tax benefits available if your income is below Rs 5 lakh

Find out how income tax rebate, exemptions, and deductions apply if your taxable income is less than Rs 5 lakh.

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  • Views : 9136

How to save on your taxes in 2021: A quick guide

With two tax regimes to choose from, here’s what you can do to save taxes.

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  • Views : 5037

Offline utility for ITR 1 and 4 launched for smooth filing o…

Offline utility of ITR 1 and ITR 4 will enable income tax assessee to prefill, edit, and upload their ITRs on the e-filing portal.

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  • Views : 9506

Home loan vs HRA: Which offers higher tax savings?

This is how you can avail of tax benefits under HRA and home loan for the purpose of tax saving.

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Different ITR forms you should know about

ITR last date, who should file, disclosure in the forms income tax department specified instructions, amendments to forms

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  • Views : 49787

Income Tax Returns: Who should file them and when?

Filing income tax returns is a must for any responsible citizen earning an income. Here’s what you should know about when to file tax returns and who has to file income tax return.

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  • Views : 49073

Taxpayers to pay penalty and risk losing tax benefits if ITR…

The deadline for ITR filing has been extended to 31 December 2020. Failure to comply will attract penalties as well as forfeiture of some tax benefits.

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Professional Tax: Everything you must know about it

Do you know what Professional Tax is? Your salary slip may be a Professional Tax deduction every month. Here’s why.

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  • Views : 169219