The Income Tax Department is going to launch its new e-filing portal on 7th June 2021 to make the routine ITRs filing process easier and hassle-free. This is another initiative by the Central Board of Direct Taxes (CBDT) towards providing ease of compliance to its taxpayers and other stakeholders. In preparation for this launch and migration activities, […]

Taxpayers use Income Tax Returns (ITR) to provide reports to the IRS about their earnings and tax payments. It is essential for individuals, businesses, and even various different entities to file their Income Tax Returns within the stipulated timelines. Filing on time saves the unnecessary penalty that may incur on failure or delayed payment of

The income tax department has categorised taxpayers based on income, source of income and many other factors to ensure easy compliance. Taxpayers with incomes from different categories, thus, have to download and fill out different income tax return forms. Who should file the Income Tax Return? People having deposits of amount exceeding Rs.1 crore or

To get the consolidated file from TRACES, we need to get the consolidated file. It is relevant to the financial year, quarter, and form type. If you want to download the file or the consolidated file, check that the states of the submitted return are correct. It needs to be “Statement Processed with Default or

Sec 194Q introduced in the finance act 2021 to cover the high volume transaction in the ambit of TDS. Under this section the buyer is liable to deduct tax on the purchase of goods exceeding threshold limit. The primary motive of this section is to increase transparency and be able to track large transactions. What

The deadline to file your income tax returns, there’s no need to panic. You still have the option to file your tax returns after the due date, although with a penalty. This article provides a comprehensive guide on understanding and filing belated returns, ensuring you navigate the process smoothly while avoiding potential financial penalties.  What

The income tax department strives to make it as easy and convenient for citizens to comply with advance tax payments. So, one has the option of paying it in 4 instalments over the financial year.  However, if you still default, there are some consequences in the form of an interest penalty. Basically, Section 234C deals

E-filing users require a Digital Signature Certificate (DSC) to sign income tax returns, forms, and other electronic documents where authentication of the user is required. Hence, DSC serves as proof of identity for an individual or an organisation for online purposes. A Digital Signature Certificate is mandatory for certain taxpayers or to avail some services.

House rent allowance (HRA) is one of the important components of your salary. All employers have to provide HRA as compensation for house rental expenses. However, most of us are not aware of the fact that we can also save tax on it. The HRA amount is decided based on factors like the employee’s salary