Tax Credit Statement or Form 26AS is an important document for tax filing. Gone are the days when one has to download Form 26AS to file IT returns manually. The scope of the statement has now been expanded to include details of foreign remittances, mutual funds purchases, dividends, refund details, etc.  Form 26AS gives a consolidated […]

Form 16 is a TDS certificate that shows the salary earned and the TDS deducted from your salary. It is issued by the employer before June 15th every year, after the end of the financial year in which the income was earned. Keep in mind that you should receive Form 16 from all the employers

Verifying your income tax return is a crucial step in the tax filing process in India. ITR filing is not considered complete until it has been properly verified. The verification of an income tax return confirms that the information provided in the return is true and accurate to the best of the taxpayer’s knowledge. It

In a circular, the Income Tax Department stated, “The Central Board of Direct Taxes (CBDT) has decided to extend the specified date for filing various audit reports for the Previous Year 2023-24. The original deadline of September 30, 2024, for assessees referred to in clause (a) of Explanation 2 to sub-section (1) of Section 139

The Budget 2023 caused a lot of confusion among taxpayers regarding the choice between the old and new tax regimes. The government introduced various incentives in the 2023 Budget and 2024 Budget to encourage the adoption of the new regime.  These changes show that the government intends to have taxpayers transition to the new regime and eventually phase out

There has been rapid digitization in recent years which has changed the way governments function. The old Income Tax Portal was operational till 6th June 2021 and the new portal was introduced on 7th June 2021. The new income tax portal is easier to use and more convenient and provides a seamless experience to the

The entire Section 80 CCD deals with tax benefits provided on the basis of contributions made to the pension fund schemes notified by the central government. There are various sub-sections to Section 80CCD of the Income Tax Act. Apart from the sections mentioned above, there are a few sections that deal with how the money

Challan 280 is a form that can be used by a person to make an income tax payment of self-assessment tax, tax on distributed income and profit, regular assessment tax, advance tax, and surtax. Another name for the form is “ITNS 280.” Whether you pay your taxes online or offline, you must use Challan 280 for

According to the Income-tax Act, the deduction of expenses is typically based on the accounting method followed by the assessee. However, Section 43B outlines certain expenses that are deductible only on a payment basis, irrespective of the accounting method. The Finance Act of 2023 introduced a new clause (h) to Section 43B, emphasizing timely payments

The process of verifying the data a taxpayer has supplied in the returns they have filed to the income tax department is known as income tax assessment. Following the submission of an assessee’s income tax return, the Income Tax department conducts an assessment. The assessment is being done so that the Income Tax department may