How to File ITR 2 online FY 2022-23?
The Income Tax Department has issued 7 different types of ITR forms to categorise taxpayers based on their source of income, residential status, and a few other factors. Let us understand the eligibility of filing ITR 2 and how to file it online. Who can file ITR 2? The ITR 2 is a form that can be filed by individuals and HUFs who are Residents (ROR/RNOR) or non-residents earning income...
What are ITR Notices And How To Reply
The more awareness, the lesser the confusion, and the better the situation. As per a study, there has been a significant reduction in the quantity of ITR notices. While the specific number of such cases is not mentioned, experts believe that enhanced data collection and thorough investigation are the two main factors contributing significantly to this positive development. The...
Income Tax Refund: How to check and claim Income Tax Refund
As per Section 237 of the Income Tax Act, of 1961, taxpayers can claim a refund on their ITR for any extra tax paid. However, many people are unaware of their eligibility to claim a refund. So, let’s find out what exactly is an ITR refund, how to check if you can claim it, and how to claim it. What is an Income Tax Refund? Have you ever encountered a situation where you’ve paid...
Common Mistakes to Avoid while filing ITR
As the ITR filing due date is almost nearing, many taxpayers are hurrying to file their ITRs. While it is crucial to get your ITR filed before 31st July 2023, it is also essential to ensure you don’t rush into it. Usually, individual taxpayers prefer handling their tax filing on their own. So, complications in understanding the tax laws and the last-minute filing pressure can cause taxpayers...
NPS Tax Benefits As Per The New Tax Regime And Old Tax Regime
Following the Budget 2023, there has been some confusion regarding the tax benefits of the National Pension System (NPS) under both the new tax regime and the old tax regime. This is largely due to the government’s emphasis on promoting the new tax regime over the old one. To clear up this confusion, let’s take a closer look at the NPS tax benefits in both regimes. Everyone...
How can NRIs avoid double taxation in India?
You work hard to earn money and take every possible step to save for the future. After all the efforts, you probably do not wish to lose a substantial part of your income to taxes. Even though taxes are necessary for the economy, they often come across as a burden, especially for people who are imposed with a heavy tax liability. Now imagine if you had to pay these taxes, twice...
How To Save Tax On Sale Of Residential Property In India?
Selling a property is usually a high-ticket deal, and hence the tax outflow on its profit generated could be heavy. The Indian Government has provided property sellers with many tax exemptions that can help reduce tax liability and, in some cases, even eliminate one’s taxes to be paid on such capital gains. In this blog, we will discuss the ways in which a seller of residential...
Basics Of Income Tax
What Is Income Tax? We live in a country and use the public infrastructure like roads, transport, schools, and hospitals. We are protected through law and order and secured from foreign countries through defense (like the army). Most of our needs are taken care of through provisions of such services by the Government and administration. All these activities need money. And such...
What Are The Types Of Income Tax Notices?
Most of us feel that once we have filed our Income Tax Return then we have complied with all our provisions and become surprised when we get any notice from the Income Tax Department. So we will have to understand what other aspects we need to keep track of to ensure that we are in compliance with the Income-tax Act The first thing which we need to understand is the different types of...