What is Form 12B? Form 12B is a document that contains information about the income and tax deducted from the previous employer. It is mandatory for employees who have changed their jobs…
Category: Income Tax
Form 12B in India – Change of Employment
FAQs on Form 12B in India – Change of Employment What is Form 12B?Form 12B is a document that contains information about the income and tax deducted from the previous employer. It…
Can You Claim Both HRA & Home Loan Interest?
Conditions for Claim Both HRA & Home Loan Interest As per the provisions of Income Tax Act HRA (House Rent Allowance) and deduction on home loan interest in India under certain conditions….
Revision TDS and TCS Limits for FY 2025-26 in Budget 2025
Changes of TDS Limits In Budget 2025 Finance Minister Nirmala Sitharaman’s Budget 2025 brings significant changes to TDS and TCS thresholds to simplify tax compliance and improve cash flow. Rental income TDS…
Top 5 highlights of Income Tax Bill 2025
Introduction Finance Minister Nirmala Sitharaman tabled the Income Tax Bill 2025 in the Lok Sabha on February 13, 2025. The new bill would replace the current Income Tax Act of 1961 and…
Extending the Time Limit to file the Updated Return in Budget 2025
Extending the Time Limit to file the Updated Return in Budget 2025 Sub-section (8A) of section 139 of the Act relates to the furnishing of updated return. As per the present provisions,…
Section 194T: TDS on Payment by Partnership Firm to Partners
Introduction: Budget 2024 inserted a new provision in the Act stating that certain payments made to a partner by a firm shall be liable for TDS deduction in accordance with the provisions…
Section 54EC – Exemptions Under Capital Gain Bonds
What is Section 54EC ? Section 54EC is applicable when an individual sells his/her long-term immovable property and invests in certain specified capital gains bonds Section 54EC of the Income Tax provides…
ITR: 7 common mistakes to avoid for a easy Income Tax Filing
Tax filing can be a difficult one with numerous risks that could lead to expensive errors and frustrations in the future. You must seek knowledgeable guidance to navigate this complicated world with…
Income Tax: Know these 5 key points before filing ITR early
The financial year 2023-24 culminated exactly 45 days ago and the last date to file income tax return (ITR) of July 31, more than 70 days ahead. Although you still have ample…
New AIS feature enhances Income Tax Confirmation Process by Tax Payers
Understanding the Annual Information Statement (AIS) The Annual Information Statement (AIS) now has a useful feature added by the Income Tax Department that lets taxpayers see the confirmation state of their financial…
Income Tax return (ITR) filing 2024: What is Form 16, issue date and Important.
2024 ITR filing: After obtaining Form 16, salaried individuals can begin filing their income tax returns for the fiscal year 2023–2024 in June. PAN, TAN, salary information, deductions, and tax deducted at…
Income tax: Close to 6 lakh IT returns filed within 30 days of portal’s opening
IT returns: The Income Tax (I-T) Department has received as many as 6 lakh returns in the first month of Assessment Year 2024-25 (FY25). Significantly, nearly two-thirds of the verified returns have…
Summary of income tax return forms ITR 1 to ITR 7
Income tax return: An income tax return is a document filed with the tax authorities that outlines an individual’s or entity’s income and tax liabilities. It serves as a record of one’s…
Govt collects Rs 600 crore penalty for delay in PAN-Aadhaar linking
PAN-Aadhaar linking: The government has collected over Rs 600 crore as penalty for delay in linking PAN with Aadhaar, and about 11.48 crore Permanent Account Numbers are still not linked with biometric…
