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The country has many rules and regulations. Some of these include audits for counting costs, stock audits, company audits, tax audits, etc. An income tax audit, as its name suggests, aims to estimate whether a person or an organization has correctly filed the ITRs (income tax return online) for a taxation year. Income Tax Act … Read More “Tax audits of companies require what information?” »
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” »
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” »
Below you will find a list of the different types of Income Tax Return (ITR) forms and who they are for. Is it possible to file an income tax return electronically? The Department of Income Tax has established an independent portal for electronically filing income tax returns. E-filing is the process of electronically filing income … Read More “How to Choose the Right Form to File Your Taxes Electronically” »
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?” »
Filing your income tax return online Online filing of income tax returns An income tax is a tax imposed by the central government on all eligible taxpayers. Tax deductions, net tax liability, and gross taxable income can all be claimed through Income Tax Returns or ITR filings in India. To avoid unnecessary disputes, individuals must … Read More “What Is the Process for Filing Income Tax Returns Online in India?” »
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” »
