The Income Tax Department strongly advises against waiting until the last minute and stresses the importance of filing your income tax return (ITR) on time. It’s a legal requirement, not just a recommendation. Financial fines and legal repercussions may follow noncompliance. Here are some common pitfalls to avoid and the reasons you should prioritize timely filing. Read More : Five…
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When it comes to financial obligations, the government depends heavily on taxes to fund its many agendas, which range from the construction of infrastructure to the delivery of various services. India has a sophisticated tax collection system in which taxpayers pay according to their income levels. Some people pay their taxes right before the deadline, while others must pay penalties…
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Users of the PhonePe app can now pay their income taxes through the platform’s partnership with PayMate, a major provider of digital B2B payments and services. Taxpayers may now pay self-assessment and advance tax from within the PhonePe app thanks to this new function named “Income Tax Payment,” which is available to both individuals and corporations. By doing away with…
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Income Tax Return: The Income-Tax Department has released new Income-Tax Return (ITR) forms. Income Tax Return: The Income-Tax Department has released new Income-Tax Return (ITR) forms. So, all those who have to do their ITR filing for the financial year 2019-20 (assessment year 2020-21) should note, which ITR form is for them or else it will create problems for them. The Central…
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Filling an ITR form is not really difficult. One can actually take care of it all alone. The procedure is quite straightforward. In any case, you have to keep in mind a couple of things before recording the income tax form. Likewise, this year, the I-T office has informed a few new assessment form frames which are appropriate for the…
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If you are in those tax payers who have not got any notice of tax demand then do not worry because now your refund can not be adjusted with outstanding demand without a prior notice. According to the income tax act, a valid notice has to be given to the taxpayer before making any adjustments against the demand. A notice…
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If you have filled your ITR return form and submitted it, then you must be waiting to check the status of the ITR return file. Well, you can definitely do that but only after the return has been filled and verified thoroughly. It is advisable to check the status of the ITR return to make sure that it has been…
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The Income Tax documenting season for Assessment Year 2018-19 and Financial Year 2017-18 has begun and citizens’ strains have begun rising! Salary charge is an immediate assessment and is paid by a citizen legitimately to the Government of India. It is compulsory to cover pay government obligation for the individuals who have an assessable salary. Your duty obligation fluctuates relying…
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In an offer to execute the administration’s central goal to make India a cashless or less money nation and get rid of debasement, the Income Tax Department has again cautioned individuals to avoid extensive money exchanges, a contradiction of which may result in the collect of punishment or forbiddance of duty derivations. Following are the 5 exchanges that the Income…
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In order to find the deducted tax from your income, its important to know how to compute the taxable income. Once you know what your taxable income is, it will become easier for you to calculate the taxable amount. The income tax amount will be based on these 5 primary things. 1. Income that you earn. 2. Income from any…
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