Every assessee, who earns income beyond the basic exemption limit in a Financial Year (FY), must file a statement containing details of his income, deductions, and other related information. This is called the Income Tax Return (ITR). Once you as a taxpayer file the income returns, the Income Tax Department will process it. There are […]
What is Income Tax ? Taxes in India can be categorized as direct and indirect taxes. Direct tax is a tax you pay on your income directly to the government. Indirect tax is a tax that somebody else collects on your behalf and pays to the government eg restaurants, theatres and e-commerce websites recover taxes […]
1. What is Form 26AS? Includes info on tax deducted on your income by deductors Details of tax collected by collectors Advance tax paid by the taxpayer Self-assessment tax payments Regular assessment tax deposited by the taxpayers (PAN holders) Details of refund received by you during the financial year Details of the High-value Transactions in […]
Benefits Of Filing ITR Even When Income Is Below The Exemption Limit The last date for filing the ITR (Income Tax Return) for the FY (Financial Year) 2018-19 is July 31, 2019. However, there is a category of people who need not file their returns compulsorily even though they have earned some type of income […]