Individuals/HUFs/Associations/Businesses provide information about their income throughout the financial year and, if applicable, file their Income tax return electronically. Once the assessee’s final income is computed from all sources and subsequent income tax is computed, the process of Online Income tax filing begins. Different ITR Forms are required depending on the sources of income. The […]
Tag: online income tax return filing
6 BENEFITS OF FILING INCOME TAX RETURN
The rules & regulations pertaining to Income tax return filing in India are enumerated in the Income tax act, 1961. These rules are to be followed by every registered taxpayer who possesses a valid PAN card and files ITR in a financial year. ITR must be filed in a prescribed format and should be submitted […]
Basics of Income Tax Return Filing for Beginners
As you all know that the due date for online income tax return filing for FY 2018-19 is approaching soon. The ITR due date is 31st July 2019 for those whose books of accounts are not required to be audited. And, the ITR due date is 31st September 2019 for others. You should file your […]
How Should You Pay Income Tax?
The Government of India levies income tax on all income as per the provisions of the Income Tax Act, 1961. The Government of India has several mechanisms through which it collects income tax from taxpayers like Advance Tax, Self-assessment tax, Tax deducted at source (TDS) and Tax collected at source (TCS). Advance tax: Income tax […]
Understanding the New 2019 Federal Income Tax Brackets/ Slabs and rates?
Income Tax Brackets/Slabs & Rates applicable for FY 2019-20 are: Income Tax Slabs for FY 2019-20 for Individual, Hindu undivided family (HUF), Association of persons (AOP), Body of individuals (BOI), Artificial juridical person*: Income Up to ₹250000- NIL Income from ₹250000-₹500000- 5% Income from ₹500000-₹1000000- 20% Income more than ₹1000000- 30% Income Tax Slabs for […]
How to file Income Tax Return Online for salaried employees for FY 2018-19?
Salaried employees having gross total income exceeding the basic exemption limit during the previous year must file an income tax return in applicable income tax return form on or before the ITR due date. ITR due date is 30th September of the assessment year for taxpayers whose accounts are required to be audited and ITR […]
Plan Income Tax Return: 3 Lesser Known Ways to Save Income Tax
Tax Saving is a continuous process but not everyone plans it well through the year. It often ends up being a last-minute rush whereas online income tax return filing is annual process. This financial year is nearing its end and if you haven’t been planning your taxes all through the year, you must be busy […]