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Is it necessary to file income tax returns? A large number of Indians are unaware of the importance of filing an ITR. In this article, we discuss the importance of filing an ITR – you will know why ITR filing is so important after reading the article. This article isn’t just about declaring, paying, and … Read More “Why File Income Tax Returns? Benefits of Filing Income Tax Returns” »
How does an ITR work? Taxpayers like you and I declare our tax liabilities, claim tax deductions, and report gross taxable income via an Income Tax Return. Your Income Tax Department handles that as an assessee. In a financial year (1 April through 31 March), if you earn more than a certain amount, you must … Read More “What Are the Reasons for Filing an ITR?” »
As we will see, many individuals dismiss tax filing as unnecessary and burdensome. Perspectives like this are not healthy. All citizens of the country are expected to file tax returns each year as part of their moral and social obligations. The government uses it to determine the amount and means of expenditure of citizens, and … Read More “The 5 Reasons You Should File Income Tax Returns” »
An individual is required to file an income tax return by July 31 of each assessment year. In the case of income that is chargeable under the heading-Income from business or profession, and whose accounts are undergoing an audit, the due date to file the return is September 30th. Modes of filing the return of … Read More “How to File Your Income Tax Return?” »
Section 16 permits the following deductions: Standard deductions Entertainment allowance Professional Tax (Tax on employment) For the sum taxable under the head ‘Salaries’, you have to subtract these amounts from your total salary. Standard deduction [Section 16(i)/(ia)] As a salaried taxpayer, every financial year, you can claim the lower amount between the following as the … Read More “Section 16 of the Income Tax Act (Ita), 1961” »
