According to Section 195 of the Income Tax Act of 1961, an individual living in a house owned by a Non-Resident Indian (NRI) must mandatorily deduct a TDS of 31.2% while paying rent. Upon TDS payment, the tenant needs to submit Form 15CA to the Income Tax Department Are you a Non-Resident Indian (NRI) who […]

A Limited Liability Partnership is a legal entity and a taxable person (assessee) for all income tax purposes. So, it is mandatory to file income tax return for LLP on or before the 31st of March every assessment year. Filing ITR is mandatory even if the LLP existed for a single day in the financial

Once you submit the Income Tax Returns, the next and final step of the e-filing process is verification. The Income Tax Department (IT Department) checks the income declarations and tax paid to see if all these details match.  If the taxes paid are found to be less than what you owe, they will issue you

Income Tax is levied on a person who was in India for 182 days during the previous tax year or the person who was in India for at least 60 days during the previous tax year and for at least 365 days during the preceding 4 years will be taxed.   Note: Please note that no changes

Tax Deducted at Source (TDS) deduction amount should be the same in Form 26AS and Form 16/16A. However, there might be inconsistencies in the TDS amount for various reasons, including clerical mistakes. Form 16 and 16A are tax credit statements confirming tax deductions from the income of an individual or company. Form 16 is issued

The due date to file an ITR return is 31st July 2024 for non-audit cases and for cases requiring an audit, the due date is 31st October 2024. The income tax return filing season is over. Are you waiting for your income tax refund?  paid more taxes than your actual liability, you can request a

An Income Tax Return (ITR) is a form that enables a taxpayer to declare his income, expenses, tax deductions, investments, taxes, etc. The Income-tax Act, 1961 makes it mandatory for a taxpayer to file an income tax return under various scenarios. However, there may be various other reasons to file an income tax return even in the absence of requisite income, like carrying

In India, income tax is calculated using income tax slabs and rates for the applicable financial year (FY) and assessment year (AY). For this year, the financial year will be 2024-25, and the assessment year will be 2025-26. Note – As per the Budget, the New Tax Regime will be considered as the default tax regime

House Rent Allowance or HRA forms a salary component of most of the salaried individuals. For those living in rented accommodation it can help them save tax. Are you wondering how you can save tax through HRA deduction?  House rent allowance (HRA) is one of the important components of your salary. All employers have to

Receiving an intimation or a notice from the income tax department usually makes anyone worried. But, every time you get an intimation from the income tax department, it does not mean that you need to worry about it. Intimation serves to signify the result of processing your return or the conclusion of the assessment, and