Income Tax Filling Guide

TAX DEDUCTION

ITR filing: Claiming Tax Deductions Without Proofs Can Backfire, Warn CAs (2023)

Tax deduction claims: Annual Information Statement (AIS) captures all income details, leaving no room for tax-payers to hide. Yet, chartered accountants say even salaried tax-payers approach them with requests to avail of deductions – at times, not legitimate – at the time of filing returns in order to claim tax refunds. Imagine this scenario: You […]

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E Filing Income Tax: How to Fill ITR Online For First Time

Income Tax Filing For Income Tax Filing, you have to register and create an account on the official portal of the Income Tax Department. As on June 26, 2023, there are 11,14,48,568 Individual Registered Users on this portal. This portal provides single-window access to income-tax-related services for taxpayers. If you are new to  income tax

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INCOME TAX RETURN

ITR filing: How to File Income Tax Returns Without Form 16 in Simple Steps

File Income Tax Returns Without Form 16 in Simple Steps Salaried workers should review their bank statements to identify any extra sources of income apart from their salary, such as interest income or dividends. Form 16 is an essential document for salaried employees when filing their income tax returns (ITRs). It is given by the

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ITR FILING

ITR Filing: Who Can’t File Tax Returns Using ITR This Year

Who Can’t File Tax Returns Using ITR This Year It’s important to understand that not everyone who receives a salary can use the Income Tax Return ( ITR-1 ) form to file  their tax returns. Whether you’re eligible or not depends on certain criteria. Many people who earn a salary use a form called ITR-1,

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Income-Tax Shocker: Data on Advance Tax Payments Missing in Prefilled Return Forms

#IncomeTax Chartered accountants are reporting that taxpayers are shocked and struggling to calculate their income tax returns due to the missing data, which is a major setback for them. As the income tax-filing deadline approaches in just six weeks, tax professionals and individuals are working against the clock to submit their returns before the July

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ITR Filing: Before Filing your Income Tax Return, Know the Difference Between AIS and Form 26AS

 Before filing your income tax return, Know the difference between AIS and Form 26AS Form 26AS vs AIS: Before the introduction of AIS, most of the details were available in the taxpayer’s Form 26AS. AIS shows details of property purchases and TDS/TCS transactions, among others, carried out during the fiscal year. In 2021, the income

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