What is Form no 16? Form 16 is a TDS certificate issued to salaried person by employer which contains a detailed record of the income earned as salary and taxes paid on it in a financial year. It serves as a proof that the employer has deducted TDS from your salary and deposited with the…

Income tax filing date is near so you have to file it with precaution because a small mistake can land you into a big trouble with the income tax department. Department can impose high penalty or even serve a notice. Here are Nine mistake that can be happen while filing Income Tax Return by the…

Content Rule 114B Transaction Where Rule 114B is not applicable Penalty for contravention of Rule 114B   Rule 114B According to rule 114B the transactions for which quoting PAN is mandatory are following: Cash payment of an amount exceeding Rs 50,000 to a hotel or restaurant against a bill at any one time. If individual…

One should always keep some precautions in mind while submitting income tax return (ITR). The points that should be kept in mind while filing ITR are: The most important thing while filing income tax return is that one should always file income tax return before due date otherwise this will attract penalties. Taxpayers should always…

Content Benefits of filing ITR Disadvantages of not filing the ITR Forms under ITR Who is required to file return of income? When required to file Income tax return? Income tax slab rate for A.Y 2020/2021 and 2021-22 Due date for filing Income tax return Why you should file ITR? Income tax return is a…

Content What is tax rebate? What are the types of tax rebates available in India? Who is eligible to claim tax rebate? Person not eligible to claim rebate Frequently Asked Question Meaning of tax rebate Tax rebate is a form of tax incentive provided by the government. In India, the tax rebate is provided under…

The Budget 2020 as introduced by Finance Minister NirmalaSitharamanbrought a new income tax regime for individual taxpayers. The new tax regime 2020 has been proposed with lower income tax slab rates uptoRs. 15 Lakhs but in order to optfor such concessional tax regime requires the taxpayer to forego certain specified deductions which you could claim…

Nirmala Sitharaman, Finance Minister in her press conference on Atmnirbhar Bharat announced various direct tax-related measures and other measures in the amid of COVID-19. As per the press conference announcements, the measures related to direct taxation are as follows: Due Date of Income Tax Return For FY 19-20 Particulars Due Date Extended Due Date Due…

What is Income Tax Refund? We often come across the term ‘tax refund’.  What does it means is described below. Income tax refund or tax rebate is a refund furnished to the taxpayer when the tax liability is less than the taxes paid. Taxpayers can avail a tax refund on their income tax if the tax they…

It is a document showing the details of goods imported. The custom authorities determine the amount of import duty on this basis. It is important to fill up a bill of entry so that the goods can be cleared from the customs office along with other necessary measures. t is essential for the importer to…

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