SEARCHED FOR:INCOME TAX RATES
Here's how banks will find out if you have filed last 3 years income tax returns
The Budget 2020, has further expanded the scope of section 1...
Self assessment tax liability for FY19-20 over Rs 1 lakh? Pay by July 31 to avoid penal interest
According to a press release issued by the C...
Can I claim tax benefit on EMI of loan taken for under-construction flat?
The amount of principal repaid can be claimed as tax deduction u/s 80C subject to maximum of Rs 1.5 lakh. But if the house is sold within five years of possession, the amount claimed as deduction will be considered as income in the year in which property is sold.
Tax optimiser: How HRA, NPS can help bring down Rao's high tax to zero tax
Taxspanner estimates that Rao can reduce her tax to nil if her pay structure is rejigged to include some tax-free allowances, her company offers her the NPS benefit and she pays rent to her mother to claim HRA exemption.
Government further extends tax compliance deadlines. Check the new dates here
The extension will reduce hardship of taxpayers on one hand and will also give some more breathing time to tax officers, said experts, amid challenges faced in meeting the statutory and regulatory compliance requirements due to the outbreak of Covid-19.
Form 26AS: 4 new things that your tax passbook will now show
The government via a notification dated May 28, 2020, has made changes to the Form 26AS. These changes have come into effect from June 1, 2020. Here are the four new changes in Form 26AS that will appear from now onwards.
ITR filing: How to pre-validate your bank account
It is important to pre-validate the desired bank account of the taxpayer on the income tax portal to ensure a smooth refund process. The other advantage is that the income tax returns can be e-verified (EVC) using the prevalidated bank account.
ITR-1 e-form for FY 2019-20 now available on income tax department website
The latest ITR-1 has introduced a new schedule 'Schedule DI' to allow an individual to claim the deductions from the gross total income for the tax-saving investments made between April 1, 2020, and June 30, 2020.
Income tax return forms notified: You can claim deductions till June 30
A new schedule (column) has been added in the I-T return forms to report investments made between April 1 up to June 30, 2020, for which deductions can be claimed in financial year 2019-20.
After leaving job, how long will my EPF account earn interest? Will interest stay tax-free?
Despite the tax on the interest, EPF continues to have the highest returns among small saving schemes. So it makes sense to make small periodic withdrawals to ensure that the account does not become inoperative.
Atmanirbhar economic package: ITR deadline extended to Nov 30, 2020 for FY 2019-20
In a major relief for taxpayers amid the coronavirus pandemic, the Centre on Wednesday announced the extension of the due date for filing in...
How to calculate income tax for FY 2020-21
For FY 2020-21, an individual taxpayer has an option to choose between the old and the new tax regime. In order to know which tax regime is beneficial for an individual, it is important to know how much will be the tax liability in both the regimes.
How to calculate income tax online
Use this income tax calculator to know whether you will benefit by opting for the new tax regime or staying with the existing tax regime for the current financial year 2020-21.
Income tax return filing deadline for FY 2019-20 extended to Nov 30, 2020
As per the government announcement via a press conference, "Due date for all income-tax return for FY 2019-20 will be extended from July 31, 2020, and October 31, 2020, to November 30, 2020, and tax audit from September 30, 2020 to 31st October 2020."