ITR filing for AY 2024-25 is open!
Get a stress-free filing experience. Contact us today!

Income Tax

Income Tax

What is Income Tax?

Income tax is a direct tax which is imposed by government as a legal charge on income of individuals or firms. It is defined under direct tax as it cannot be shifted from one person to another and is paid only by person on whom it is actually levied, whether he is an individual, company or any other organization.

Read more

Mastering Your Taxes: A Guide to Using Income Tax Calculators in India

Tax season can be a daunting time for individuals and small businesses in India. With ever-changing tax laws and complex calculations, figuring out your tax liability can feel overwhelming. Thankfully, online income tax calculators can be a valuable tool to…

Tax Benefits and Exemptions Available to Registered MSMEs

In the vast landscape of the Indian economy, Micro, Small, and Medium Enterprises (MSMEs) play a crucial role, contributing significantly to socio-economic growth. They not only generate employment opportunities but also foster development in rural and backward areas. Registering as…

Unlocking the Intricacies of Section 43B in the Income Tax Act

Section 43B of the Income Tax Act, 1961, stands as a pivotal pillar in the realm of managing your business’s tax responsibilities. Its significance lies in delineating specific expenses that deviate from conventional accrual accounting principles, necessitating deductions solely in…

New Tax Regime in India – A Comprehensive Guide (Updated for 2024-25)

The Indian tax system offers taxpayers the option to choose between the old and new tax regimes. Introduced in the 2020-21 budget, the new regime offers lower tax rates but comes with limitations on deductions and exemptions. This blog post…

Taxation of NRIs on gifts and inheritances from India

At Tax Return Wala LLP, we understand the joy of giving and receiving gifts. However, for Non-Resident Indians (NRIs), this joy comes with specific tax considerations, particularly when it involves gifts and inheritances from India. In this blog, we explore…

EPF Claim Rejection: Don’t Let Your Hard-Earned Savings Go Poof!

Ever worked hard, dutifully contributed to your EPF, and then faced the sting of a claim rejection? Don’t sweat it! Claim rejections might be a common hurdle, but they’re definitely not insurmountable. With a little know-how and meticulousness, you can…

Tax Benefits: Investing in Foreign Exchange Markets

Diversifying your investment portfolio to foreign shores can be a lucrative venture, offering both opportunities and risks. The foreign exchange markets, with their potential for substantial returns, have become an attractive avenue for investors seeking to broaden their financial horizons….

Navigating the Legal Landscape of Start-up Success in India

Launching a start-up in India is an exciting and transformative journey. However, ensuring your venture’s legal and operational soundness lays the foundation for sustainable growth. Let’s delve into the essential legal steps every aspiring entrepreneur must consider: Why is Legal…

Tax Terrain: A Closer Look at Tax Liabilities for High-Profile Indians

In India, the towering figures of high-profile individuals, encompassing celebrities, sports icons, and business moguls, wield a substantial influence not only in their respective fields but also on the country’s tax landscape. As stewards of significant wealth and assets, these…

You need to be Fine with Income Tax Notices

If you have received an income tax notice, whether automated or with a detailed assessment from the tax officer, it does not mean that you have committed a grave offense. It could be a routine inquiry from the department or…

Taxation of NRIs on gifts and inheritances from India

The income that India provides typically incurs taxes. Non-resident Indians may send presents to their residing Indian family members, close companions, etc. In accordance with the Liberalised Remittance Scheme, Non-resident Indians may get a maximum of USD 250,000 per year…

Multiple Form 16

Form 16 is an annual tax document issued to salaried individuals by employers. This document contains details of income earned by an employee, the tax-saving investments and deductions that were availed as well as any tax deducted at source (TDS)…

Safeguarding Your Information During Tax Season: A Comprehensive Guide to Compliance with Indian Tax Laws

As tax season approaches, protecting your sensitive financial information becomes paramount. In an era of increasing cyber threats and data breaches, it is crucial to take proactive measures to safeguard your personal and financial data. This blog aims to provide…

Assessments under the income tax ACT, of 1961

Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing the return of income. Once the return of income is filed by the taxpayer, the next step is…

Steps to Download ITR-V

New Income tax return forms for AY 2023-24 have been introduced for individuals and businesses. These ITR forms have been notified by the Income Tax Department through a notification dated February 10. ITR-V where V stands for Verification, in simple…

Filing a Nil Income Tax Return

In India, even if an individual or business has not earned any income during the financial year, it is mandatory to file a Nil Income Tax Return. Filing a Nil Income Tax Return helps the government maintain its records and…

One Stop Guide on Capital Assets and the Taxability.

Capital Asset – Capital Assets mean any property that helps you generate income or revenue over a long period of time. The benefits that we derive from such assets are not restricted to one year. This includes buildings, land, stocks,…

Market Linked Investment Options with Tax Exemptions

We all have to forego a part of our income by paying taxes to the government. In fact, the Indian taxation system being progressive in nature charges higher taxes on higher income than lower income. This reduced the tax burden…

Old Or New Regime Of Income Tax?

A new tax regime was introduced by the Government of India in the year 2020 where taxpayers were given an option to either continue with the old tax regime where they can claim tax exemptions or opt for a new…

Income Tax Challan Payment 2023

Several tax payments are annually obliged on the taxpayer to be made to the Income tax department including payment for self-assessment tax, advance tax, TDS deducted by the employer, TCS collected, equalization levy, or even some amount of penalty levied…

Income Tax Department AIS App

It will now be easier for taxpayers to take into account all their financial transactions held with different institutions like Banks, Insurance companies, mutual fund agencies, fund brokers, etc online through the Income tax department AIS App. These entities are…

Anticipatory Income Tax Statement 2023

Payment of advance tax is an obligation as per the Income Tax Act, of 1961. But for some taxpayers especially those receiving salary from an employer it is confused with the term Anticipatory Income tax. The provisions of Advance tax…

Income Tax Scrutiny

Received mail from the Income tax office? The sure thing which nobody likes to receive. This article is all about the reasons or cases in which the income tax department may issue scrutiny notices to the assessee but before proceeding…

Pros and Cons of opting for a flip structure by an Indian Startup

It can be said that more startups in India are moving towards adopting a Flip structure which permits them to raise more capital from foreign investors and enables them to expand their business globally. Earlier, the government to reduce the…

Managing a Nidhi Company becomes more Cumbersome

Nidhi Companies in India provides a decent opportunity for investors and borrowers to create an entity to operate business as a non-banking finance company. It opted to create an entity that could lend its members for their mutual benefit. Being…

Green Financing and the Indian Scenario

Green financing is an emerging concern for the world’s economies to combat environmental losses caused by carbon emissions and address the sudden climate changes. In December 2022, the Reserve Bank of India released a report highlighting the need for sustainable…

New Guidelines to Keep Pace with Digital Economy Tax

The Central Board of Indirect Taxes recently issued its new guidelines for simplifying the way returns are processed and the applicable tax implications of the entities operating in the digital economy. It was difficult to keep pace with the traditional…

TReDS and Its Contribution to Economic Growth

TReDS (Trade Receivables Discounting System) was introduced in 2014 as a joint initiative between the Reserve Bank of India, the Small Industries Development Bank of India (SIDBI), and the National Payments Corporation of India (NPCI) to provide easy access to…

Union Budget Direct and Indirect Tax Proposals

Finance Minister presented her Union Budget 2023 in Parliament for the 5th time in her tenure. Projecting the economic growth to 5 USD trillion economy, the proposed benefits in the Budget got several direct and indirect tax changes highlighting benefits…

Annual Information System

The Income Tax department has a newly introduced Annual Information System (AIS) on the Income tax Portal which provides a comprehensive view of information to taxpayers. This new AIS includes some additional information relating to dividends, Securities or mutual funds…

TDS Compliances and NRI’s

As we all know, in case Non-Residents have any income in India then they have to file an Income tax return here. This means that if Non-Residents earned any income in India while being outside India then they are also…

Rent To NRI

Are you living on a Property owned by Non-Residents? Then this article is helpful for you because you have to comply with some requirements other than just paying rent to NRI Landlord. Before proceeding with Rent to NRI, let’s understand…

Possibility Of Changes In Capital Gain Taxation

To bring parity among the tax rates and holding periods for investments in equity, debt and immovable property Government is planning to bring some changes in Capital Gain Taxation. This is being done as presently asset classes are not taxed…

Old Or New Regime Of Income Tax

After the budget 2023, there comes excitement in the mind of individuals to opt old regime or the new regime. To understand the same, one has to refer to the maximum deduction they can claim in the old tax regime…

Highlights of Industrial Policies and Infrastructure Development Initiatives undertaken in Budget 2023.

Infrastructural Policies and Initiatives Union Budget 2023 Highlights: Finance Minister Nirmala Sitharam on 1st February 2023 presented the Union Budget for the financial year 2023-24 in the Lok Sabha. While the major expectations from the budget were for some bigger…

Co-browsing – Tech Advancement In Income Tax

The Income Tax department has enabled a new feature of Co-browsing which is also known as collaborative browsing. This feature allows Helpdesk agents to collaborate with the taxpayer’s browser in real-time, just at the click of a button. This is…

Hopping Between New and Old Tax Regimes

As a taxpayer, choosing between the old and new regime is based on several factors. We have to figure out the tax liability under both regimes before taking a decision. Opting for New Regimes is voluntary compliance but sometimes, after…

SAVING CAPITAL GAIN TAX ON PROPERTY SALE

Selling a House Property? Worried about a huge tax on Profit? You can still save tax on selling a house property! Let’s understand this through this article. As an owner of the property, we have to pay capital gain tax…

List of Ratios used for Preparing CMA (Credit Monitoring Arrangement Report) – CMA Report Ratios

CMA Report Ratios Analysis – Along with managing a business unit, keeping it financially strong and stable is also among the key responsibilities of an entrepreneur. If seen, now instead of taking a loan or credit from any private source entrepreneurs…

How to File Form 15CA Online?

How to file form 15CA online? Foreign remittances are on a rise and it requires proper accountability from the remitter to notify the bank and the Income tax department, about the reason for remittance and its changeability to tax. Those…

Which ITR Form to fill out for income from Mutual Funds?

For an investor, Mutual funds are an alternate way of investing in the share market for the long term. Other than investing directly in equity, mutual funds diversify the total investment and bring an average return on investment over some…

What is Form 15G

Filing Form 15G There can be a situation when you are asked to submit Form 15G in the bank for non-deduction of TDS (Tax deducted at Source) from your interest income from fixed deposits. Form 15G is a declaration that…

EPF New Rules for Deposits and Withdrawals in India

The Employee provident fund scheme is one of the popular saving schemes for salaried people. It is a long-term investment scheme that requires contributions from employees partially from their salary, from employers, and from the government. For employees, it is…

How To File Form 10E

Form 10E – Relief under Section 89(1) The employee must fill the Form 10E in cases of arrear/advance receipt, as otherwise the income received in arrears or advance shall be treated as the income of such financial year and will…

Consequences of not filing the ITR

All individuals must be aware of filing the Income tax return but during the ITR season, some people intentionally or mistakenly skip filing the Income tax return because they miss the due dates or don’t want to pay appropriate taxes…

Gift To Huf By Member

Taxability of gifts is always a matter of anxiety, every person wants to know about the taxability provisions which would be applicable to him when receiving gifts from his near and dear ones. So let’s first consider what is considered…

Delay in Filing ITR?

Delay in Filing ITR? Get all the latest updates and consequences Till further notice, the taxpayers need to file their tax return within 31st July of their financial year as per Government rule. The Government provides a window of 4…

Know Everything About Income Tax and Minors

There is a ban on child labor under the Child Labor (Prohibition and Regulation) Act, 1986, applicable for every minor under the age of 18 years. But minors can still earn income from other sources. Not only salary from employment…

Different Types of ITR Forms One Needs To Consider

The government uses the tax you pay for different functions and operations of government like building infrastructure, social welfare schemes, government services, etc. It indirectly benefits you. Income tax is levied on your income. You need to submit the form…

Forms of ITR

Everyone in India pays taxes. Everyone needs to pay taxes because the government needs money to perform various functions. So government charges a fee in the form of tax. You have to pay tax on your property, goods and service,…

Effective Ways of Tax Free Salary in India

People constantly seek opportunities to save income tax. Nobody loves missing choices that may save money paid as tax. Different individuals choose different methods. Sometimes people simply stick to the techniques they know and lose out on more effective ways…

An Overview on Section 119 of Income Tax Act

An economy of a nation runs smoothly due to the adequate flow of revenues by the government. One of the sources of revenue for the government is the Revenue from the taxation of the Public incomes. This is also known…

Significant changes in Income Tax Returns applicable from 1st April 2021

India has a well-structured tax system, with two characteristics defining the importance of taxes: progressive tax and proportional tax. It is called progressive in that the tax is extended at higher rates to higher wages and revenue brackets. Meanwhile, it…

Tax Implications on Transacting CryptoCurrency

For an investor, Forex is a big market to invest in. It encompasses a range of currencies like USD, EUR, GBP or JPY, etc. An investor can invest in these currencies for the long term or can trade in them…

Tax Changes Applicable from 1st April: Incorporate Changes and Plan Wisely

Taxpayers are all set to step into the new financial year 2021-2022. Last year, the government announced a new Faceless assessment scheme, where the taxpayer could transparently get his tax assessment done and get his tax files evaluated without physically…

Understanding the Assessments under Section 143 of Income Tax Act 1961

The government of India has made it mandatory for every individual of the country, who is earning an income, above a prescribed limit fixed by the authorities, to file for the Income Tax Return. The income tax return (popularly known…

How to Add Previous Year Losses to Your Income Tax Return?

Tax planning is all about saving money for future contingencies. However, it takes a lot of research on your finance part for investments to grow on different kinds of wealth. Most people are inclined towards building upon assets like investments…

5 tips for the perfect tax planning in 2021

  Tax payments take up a considerable percentage of every person’s savings, which can happen more when one is not aware of tax planning. In the process of tax planning, several steps are taken that involve decreasing one’s liabilities and…

Form 33 Clearance Certificate

A clearance Certificate under FORM 33 is required to ensure that a non-resident has duly paid all the taxes on the taxable income under the first proviso to sub-section (1A) of section 230 of the Income Tax Act, 1961. This…

WORK FROM HOME AND TAX IMPLICATIONS

If not for any other normal financial years, 2020 has been the most unexpected and rigid time in the history of mankind. There has been a drastic fall seen in the economic backdrop and surplus amount of job losses. At…

Tax Implication on Housewives

Filing your taxes might get on your nerves. Well, let’s call that a stereotype, cause this article is going to run through all the details which you will require to file your taxes as a housewife. Now the questions like…

DEDUCTION UNDER SECTION 80 EEB OF INCOME TAX ACT.

What is section 80EEB? If an individual buys an electric vehicle for personal or for business use, the deduction would help an individual having a vehicle for personal use to claim the interest on the vehicle loan. This section was…

Is filing Income Tax Return Mandatory?

Tax Return’ to be quoted simply, in the form wherein the taxpayer mentions their annual statement of income used by the authorities to assess the liability, individuals/corporate/other assesses in applying for loans, showing compliant person, enhances creditworthiness, the better image…

TDS ON CASH WITHDRAWAL FROM BANKS

TDS stands for tax deducted at source. As per the Income Tax Act, 1961( IT Act, 1961) TDS is an indirect way of collecting tax which combines the twin concept of “pay as you earn” and “collect as it is…

Details of Capital Gain on your plot sale: Taxation Aspect

The purchase of a plot of land is often title as one that will lead you towards riches. It is being considered as a commendable investment plan. Acknowledging the fact, the gains through the sale of a plot are huge,…

All you need to know about Form 26AS

Form 26AS is an annual tax statement issued by the Income Tax Department under Section 203AA read with Rule 31AB of the Income Tax Act 1961. The statement is inclined to show details of all tax-related information including TDS deductions, TCS collected from…

A Complete Guide on Form 16

Tax Deduction at Source (TDS) under Section 192of Income Tax Act, 1961 (known as “the Act” in the article) which deals with the TDS on salary income under which itis mandatory that TDS is required to be deducted by the…

ELSS (Equity Linked Saving Schemes) – How it is linked to your tax savings?

Mutual funds are ideal when long term financial goals are concerned. In Mutual funds, Investors are free to choose the investment of their choice and liquidate them whenever they want. The power of money multiplication is the crucial factor in…

Taxability of Cashback

Taxability of Cashback – In today’s time it has become a general practice anytime that you go shopping online or offline you get to receive some offers where other than offering a price discount, the seller offers a Cashback. Cashback…

Why healthtech and telemedicine startups have a bright future ?

There’s been great progress in the Indian Start-up Ecosystem in e-commerce, logistics, and online consumer services since the government asserted structural support to young entrepreneurs through Startup India and other related Initiatives. Technology nearly touched every aspect of lifestyle in…

Taxability of trust in India

Trust in India are formed and registered as  Non-Government Organizations (“NGO”) under the Indian Trust Act, 1882. Built as an association of individuals, altogether members of a trust work for the benefit of the trust or for society at large….

Income Tax Slab Comparison Chart F.Y.2020-21: Old Tax Regime v/s New Tax Regime

It was certain on the part of government to bring some relief measures for taxpayers to curb the effect of economic slowdown which almost back lifted every sector of the economy. It was on expectations of the taxpayers and recommendations…

Start-ups to lead in 2021

How the coronavirus pandemic is affecting the Indian start-up ecosystem? With travel, food, commerce restrictions and people stuck in quarantine, many are questioning how the start-ups are doing these days? The coronavirus (the Wuhan Disease; COVID’19) has now been spread…

COVID-19 Effect: Tax Compliance Extended, Recent Updates from FM

The pandemic COVID-19 has led to an eruption in the Indian economy. With all Schools, hospitals, malls, cinemas shut, it is expected to recline the economic situation to a financial crisis. Addressing the government efforts to eradicate the effect of…

Small Enterprise Network (SENET)

India is a developing country, which recognizes the need to develop in terms of knowledge, skills, and technology.  The small enterprises which have continuous updation are required for the Small Enterprise Information & Resource Network also known as SENET is…

Aspect of Advance Tax – Provisions, Applicability and Computation

It is easier on the part of the Income Tax Department to collect taxes at regular intervals and proceed for processing of refunds only when Income Tax Return is filed by the taxpayer. To reduce the compliance burden on the…

Private Security Agency License

Private Security Agency (Regulation) Act, 2005 (“known as PASARA“), the legislation made for the entities which provide security services including training of security guards and related services. From the date of commencement of this Act, it is mandatory for each…

Filing Income Tax Returns for Minors

The income tax slabs have been provided by the income tax department for individuals on the basis of different age criteria or entities. Underage children, toddlers or students with a source of income are as a mandate to report to…

Receipt without consideration (Gift) from Non-Relatives – A tool for tax planning

Other than the social aspect, gift-giving in India is much more inclined to tax planning, wherewith sharing of gifts whether, in the monetary form or any movable or immovable property form, the recipient of gifts has to go through certain…

About ITDREIN (“Income Tax Department Reporting Entity Identification Number” )

ITDREIN abbreviated for “Income Tax Department Reporting Entity Identification Number  “ is a 16 character identification number issued to reporting entities liable to report under Section 285BA of the Income Tax Act, 1961. ITDREIN is used by reporting entities to…

FREE PAN Allotment in 10 Minutes: Income Tax Department Launches New Utility

FREE PAN Allotment in 10 Minutes: The department final deadline for linking Aadhaar with PAN has now been fixed to 31st March 2020. After this, those who be left unlinked will be blocked by the department. Their PAN will become…

Capital Gain Exempt if invested in specified Bonds under section 54EC

There are many gains which are not exempted from tax. High percentage of Income tax is payable on various Capital assets sold if it is held more than 36 months as Long term capital gain. After going through this section,…

How to Claim HRA in Income Tax Return

House rent allowance (HRA) is a reimbursement benefit provided by an employer to the employee to reimburse the cost of accommodation for the time being the employee is serving the organization. HRA is allowed in addition to the basic salary…

Re-issuance of Income Tax Refund – How to Submit Request Online

Failure to receive a refund on the filing of your Income Tax Return? What are the probable causes? How it can be rectified? What is the time frame?   Taxpayers receiving a ‘ failure to issue refund ‘ mail for…

Income Tax E-Assessment and Artificial Intelligence how realistic it is?

After moving ahead from paper return to paperless return starting from 2012 for specified taxpayers to a more broad list of taxpayers by whom only the return through e-filing portal that is paperless return is mandatory to vide notification issued…

Missed Income tax return for 2017-18 or earlier period? What to do now?

Does lapsing of the due date means attracting a severe penalty from the department or still there’s hope?   For each financial year, the tax department notifies due dates for submission of the Income-tax return by different taxpayers. Also, an…

TDS Penalty and Interest for Late Payment under Income Tax Act, 1961.

In cases of non-filling, delayed filling, non-payment or imprecise deduction of TDS, the tax department charges penal interest from the taxpayer. The penalty shall be notified to the taxpayer, once a faulty return or incorrect tax payment is submitted to the…

New Guidelines for Compoundable Offences In Income Tax

For defaults made in compliance of provisions, the Income-tax Act, 1961 specifies for legal actions and statutory complications for the taxpayer. The Income-tax Act guides in detail the procedures for handling the punishable – non-punishable, cognizable – non-cognizable, compoundable –…

Taxability of Gifts to NRIs from Resident Indians

‘’ Gifts in India from/to a relative or a specified person are not liable to tax (up to a specific limit)’’, the tax department apart from major reliefs in the gift sections added this is in the context of the…

How to Rectify Mistakes Done while Filling ITR?

The last-minute rush increases chances the most frequent possibilities of errors/mistakes while filing an Income tax return. Sometimes, it might happen when you miss out filling of your bank account number, place, incorrect aadhaar details, fill a wrong amount or…

Certain laws that every Indian should know

Laws in our society helps in following ethical norms for best behavior. Ethical standards are different for different people but laws are developed based on ethics and acts which when decided as morally and ethically wrong requires decency. For example,…

What are some important labour laws in India that every employee should know?

The Constitution of India governs the rights and duties of Indian citizens, it specifies a clear distinction between the ethical practices to be followed and unethical practices to be curbed. It also lays stress on matters relating to employment status…

Short Topic On Deduction Under Section 87A

‘Taxes made easy’, was always an ever promoted agenda of the Indian government. With the announcement of the Budget 2019-2020, government briefed for tax goals of the economy and the essential amendments required in the present direct tax laws. Several…

Can a person use 44AD and 44ADA simultaneously if he has income from both businesses, as well as a profession?

To conclude the above statement, it is necessary to understand the applicability of both sections. What does Section 44AD and Section 44ADA of the Income Tax Act comprise? Who shall be covered under this section? Section 44AD: Highlighted under Presumptive…

Which professions are exempt from Income tax ?

The Income-tax Act 1961, provides certain income sources to be partially or fully exempted from Income tax. Below we have summarised all listed professions exempted from Income tax: Section 10 Exemptions – any agriculture income(including rent or revenue received from…

Tax planning objectives

What are the tax planning’s objectives? Tax planning is an integrated course of working with all your tax worries and finding the most effective tax-saving solutions. A tax planner makes use of all possible available deductions, exemptions, allowances and legal…

What is the official website to apply for a PAN Card?

For online tax return preparation, the foremost requisite thing is to apply for a PAN. PAN (Permanent account number) is a 10 digit alphanumeric number allotted by the tax department, used to identify each unique taxpayer and to make interaction…

What are the benefits of filing Income Tax return online?

As per the Income-tax Act, every individual, company or organization as specified under the act having income over and above the prescribed threshold limit is liable to pay Income tax to the tax department of India. While the department provides…

How can I check my ITR status?

The tax department provides a number of options to verify ITR before final submission. On completion of the submission and verification process on part of the taxpayer, the IT department begins the processing work of the details provided in the…

What are some financial tips for middle-class people?

To keep up with all day expenses is a fair share of stress for the middle-class people. Though the cash supply keeps us ever-limited, the credit needs always remain high on demand. Piled up with expenses like EMIs to be…

How do I file a TDS returns online?

What is TDS? TDS (Tax Deducted at Source) is a system of government in which a person as engaged in a transaction specified under the TDS rules, have to deduct a certain amount of tax while making certain payments. The…

Understanding Income Tax Notices

Receiving a Tax Notice from the Income Tax Department is a stressful situation for a taxpayer. But rather than getting afraid of it, one must understand the purpose of the Income Tax Department to issue such a notice. It might…

Income Tax Changes applicable from April 1st, 2017

The tax proposals in the Budget 2017 have now become laws with the completion of budgetary exercise for the year 2017-18 by Lok Sabha. The Finance Bill has come with several amendments including- Limit of Rs. 2 lakh on cash…

How to deal with Income Tax Notice under Section 143(3)

Income Tax Notice Under Section 143 (3) deals with Scrutiny Assessment under the Income Tax Act which is a detailed assessment. The notice under this section is received by the assessee where the income tax department is doubtful about the authentication…

How to Check Income Tax Return Status Online

The Income Tax Department of India has made it an easier and convenient process for users to file Income tax returns online and track the status of returns being processed and verified or the status of Income tax Refund. In order…

Deduction under Section 80EE

Section 80EE – For all the Dreamers who wish to build and own his house – place of dwelling can chase it by getting the relief on interest paid on Home loans. Various banks offering the buyers incentives on rate…

Deductions on House Rent under Section 80GG

Section 80GG – Income tax act, 1961 promotes the policy of good standard of living under which Any person who doesn’t own his house and lives on a rented place can claim deduction of the rent paid to the owner…

Capital Gain Exemption under section 54F

Being an Indian before investing on a capital asset such as House property we evaluate the source of funding and benefits in tax can be claimed. So while sourcing there come times when we require to sell – off our…

Section 80 GGA – Deduction On Donation

Donations can be claimed under section 80 G also but there are some donations made to special institutions working for the development of the society or nation  and the employees who lives can be a donor for such cause and…

Most common Deduction Section 80C of Finance Act

Finance Act provides certain benefits to tax assesses in the form of Deductions. One of the major, widey applicable and effective is deduction under Section 80C of Finance Act Talking about the deductions what comes to mind first is :…

Deduction under section 80 D

Income Tax Act provides for tax benefits on the investments of assessing under Section 80 C and 80 D of the Income Tax Act. After claiming the deduction on the policies and investments under section 80C, next comes the turn…

Deduction under Section 80 E of Income Tax Act,1961

Section 80 E of Income Tax Act,1961 – Being increase in number of students going abroad or foreign countries for their further higher educational qualifications, the financial institution are being approached to give loans for higher education and remit the…

How Many Banks Have Reduced Home Loan Interest Rate After Demonetization

Home Loan Interest Rate After Demonetization – RBI Governor recently circulated his unchanged yardstick for the repurchase rate to be saved at 5.75% and the repo rate at 6.25%(Dated 9.Feb.2016 notification).He detailed this step to be a declining measure for…

Effect of Change in Tax Reform on Indian Businesses

Released Budget FY17: Post to demonetization effect , a relief to tax reform was a necessity for middle class. Also ,GDP index had experienced a major fallback in the last quarter, which calls for some major changes for corporate sector…

List of Allowances when exemption does not depend on expenditure

While calculating Income tax liability, there are certain allowances in which the amount of tax exemption does not depend upon expenditure incurred by the employee. Given below is a list of such allowances which are very useful in determining the…

Capital Gains – When and to what extent they are exempted from Tax

Indian tax structure has orderly defined “How different income sources of an individual are taxed?” Specified under different heads, government has designed a proper hierarchy to know which part of your income is taxable and which is not. One such…

How to Electronically verify your Income Tax Return using Aadhar

The Electronic Verification code EVC is a 10 digit alphanumeric code which is sent to registered mobile number while filing returns online. It verifies the identity of the verifier being an individual to verify his Income Tax Return or that…

How and when should you pay your Advance Taxes?

Advance Tax – Taxes have in present day become a very important concern for all ever since the Modi government has started being stringent towards its fight against the so called black money devil. In present it has become very…

Tax Saving Tip – Save Taxes By Paying Rent To Your Parents – An Awesome Idea.

Pre-Planning of refunds and exemptions is significant to e-filing of IT return. For some effective tax saving, one must ensure to get complied with all guidelines relating to different sections, for which taking an expert advice is always recommended. While…

Have You Submitted Your Income Tax Saving Proofs Till Now? If Not Be Prepared For A Major TDS Deduction

Gaurav Das, an employee in an insurance company realized the importance of sending timely tax-saving documents in February 2015, when he received a fifth of his stated monthly salary. Shockingly he made a call to the accounts department where he…

Income exempted for upto Rs 5 lakh ; How will the new income tax slab be look like

Announced in the Budget 2020, FM Nirmala Sitharaman bought significant changes in the direct tax policies. Issued amendments in the Finance Bill 2020, an optional theme for taxpayers has been placed this time in the tax rules. According to the…

What is ELSS ? Is it a good option to save tax?

“Govt to increase tax payer’s base !” – ELSS Have you read the same headline in your newspaper? Not yet! I hope in a day or two you may be saying this eventually right . After demonetization , Govt. is…

How Can You Save a Huge Amount Of Tax by Taking a Home Loan?

As the word “tax” comes to our mind, we always think about various ways through which we could avoid paying it. But I think paying your fair share should be considered one of the most patriotic activities someone can engage…

How are withdrawals from EPF Taxed?

EPF (Employee Provident fund scheme) For a salaried person, dependence of his family for financial matters is always a major thought of concern. An expected amount which an employee receives as his monthly salary, is not always enough to create…

How to File Tax Returns when you have multiple Form 16?

Multiple Form 16 is a Certificate of deduction of tax at source under Section 203 of the Income Tax Act, 1961. It contains the details regarding- salary earned by the employee tax deducted from it by the employer In simple words…

How to ensure your Gifts are exempted from Gift Tax in India?

Everyone loves to receive presents. Gifts are also a way to express our happiness and affection in India. Every birthday is incomplete without presents from parents, friend, and relatives. Especially in marriages, gift is given both as cash and expensive…

Difference between a LAP and Home Loan

Home Loan is something borrowed for a particular duration of time and that has to be paid back along with the extra ordinary payment of interest. People take different kind of loans as per their requirements. Most common loans are…

FY 2016-17 is about to end. What needs to be done if you haven’t planned your tax savings yet.

Tax Planning is contribution towards tax saving and reserves, 31 March 2017 is closer which talks about closing of financial year and allocation of income in the way possible so as to reduce tax liability abiding the Income Tax Act,…

Taxation of Gold and Gold Products

The major asset in investment category is gold, currently a huge favorite of investors who fear almost all other assets, especially paper money. Taxation has also lent its glitter to this metal either by providing incentives or sometimes taxing it…

Are you aware of Fat Tax in India?

Fat Tax – We are already aware of different kinds of taxes imposed by government on food items . If you check your McDonald or Subway bill you will find that other than base amount, we pay a variety of…

How Safe Is Our Mutual Fund Investments?

Mutual Fund Investments It seems like asking – How safe is to drive a car? That depends on you. It’s great to ride a car but first you need to either learn to drive or hire a driver. If you…

Certain Types of Income you need not to Pay Tax On

Moving to the end of financial year, last 3 months demand a great attention of every business professional to utilize them for planning a good strategy to save some part of their hard earned money.   Most of you may…

Tax Benefit on Life & Health Insurance, Premium Payments & Claims

Are you looking for an investment? What is your main priority “tax saving” or “getting better returns”? Obviously! Both are equally important, but getting such an investment is not an easy task. But wait! Here is an investment tool that…

What rewards Income tax payers can expect from budget 2017 after demonetization?

Demonetization has been a strong move recently taken by the Indian government. We have seen both appreciations as well as criticism of the notion. Now the million dollar question that comes to every citizen’s mind is what next? How will…

How many countries other than India ever had Demonetization of their currency notes?

Indians recently became familiar with the powerful word “Demonetization” and its effect on one and all. Demonetization means cease of any currency unit as a legal tender by a country. On 8 November 2016, the prime minister of India, Narendra…

Exchange of Old Currency notes stopped on Dec. 30. What Next? Is everything going to be smooth? Or the situation will become more complicated?

Everyone is effected by the revolutionary step of Demonetization taken by Narendra Modi on 8th Nov, 2016.As per the announcement old currency notes of Rs 500 and Rs 1000 ceases to be legal tender effective from 9th Nov,2016. Several notices…

Govt. has no more plans to give Opportunity to Declare The Black Money

The heading itself is stringent enough to state that present government after launching surgical strike against black money with plenty of schemes is in no mood to forgive the black money hoarders. This article attempts to highlight schemes of Government…

Everything You Need To Know About Impact of Currency demonetization for Indian Economy

November 8, 2016 the date not any Indian can forget, the announcement of demonetization left citizens on the roll. Demonetization is the financial step in which a currency unit’s status as a legal tender is declared invalid. Such withdrawal of…

Is there a need to panic about the recent change in currency notes? Why or Why not?

At the stroke of the hour on midnight of 9th November, 2016, Prime Minister Narendra Modi announced a key economic decision, the demonetization of Rs. 500 and Rs. 1000 currency notes with immediate effect. Government has attempted to tackle issues…

Positives and Negatives Of Demonetization

The demonetization of Rs. 500 and Rs. 1000 banknotes was a step taken by the Government of India on 8 November 2016, ceasing the usage of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series as a form of…

Short term & long term impact of Currency Demonetization for Indian Economy

The demonetization effort being led by PM Modi in India is appreciable to an extent but follows positive as well as negative aspects. The aim is to wash the stock of “black money” out of the economy and get it…

Black Money – Impact of Recent Change in Currency Notes of Rs. 500 and 1000

8 th November, 2016 shall be marked in the history of Indian Economy. Prime Minister Narendra Modi took a bold step towards wiping out black money from India. The reason specified by him for this drastic step was that black…

Do you really need to worry about Income Tax audit? A simple guide to having a worry-free audit.

Be it a businessman, professional or individual, everyone has a fear of getting his book of accounts reviewed. Income Tax Act of 1961 has mandated the income tax audit process for all individuals as per Section 44AB. First, it is…

Understanding section 44AB of Income Tax Audit in India

Understanding section 44AB of Income Tax Audit in India Individual or business person has to get his book of accounts reviewed as per Section 44AB of Income Tax Act 1961.It sets the general guidelines to assist the assessing officer to…

What to expect if you fail to meet the guidelines set for tax audit

For every legal procedure, government prescribes a specific set of rules to follow. Similar is the case with tax audit process in India. The Income Tax Act of 1961, states all guidelines for maintaining the books of accounts for proper…

Due Date For Tax Audit For AY 2016-17 And Things To Keep In Mind

Tax Audit Due Date For AY 2016-17 As most of us know, a tax audit is a review or inspection of individual or organisation’s tax return. It is a compulsory process as per the Income Tax Act 1961. Tax audit…

Can We Use ATM To E-Verify Income Tax Return Through Electronic Verification Code

Electronic Verification Code To facilitate the tax-payers, Central Board of Direct Taxes (CBDT) through a notification has allowed the verification of Income Tax Returns for Assessment Year 2015-16 electronically through generating EVC (Electronic Verification Code). If the Income Tax Returns…

Before you rush to save more taxes

Before you rush to save more taxes Well, it is the month of Valentine. Though we have surpassed February 14, the fervour is still – as the cliché goes – in the air. If you eavesdrop on conversations, you would…

Your guide to submit investment proofs

Your guide to submit investment proofs Well, it is the month of Valentine. Though we have surpassed February 14, the fervour is still – as the cliché goes – in the air. If you eavesdrop on conversations, you would often…

Now E Verify Returns Using Your Bank or Demat Account Details

E Verify Returns Using Your Bank or Demat Account During the tax-filing period of 2015, the Income Tax Department inched a step closer to taking the entire e-filing procedure paperless and thoroughly online. This was achieved by launching a facility…

Transfer pricing – What should you watch out For

Transfer Pricing (TP) Regulations in India were introduced in 2001 for curbing tax avoidance by laying down norms for computation of income arising from international transactions or specified domestic transactions(“SDTs”) having regard to the “arm’s length price”. Transfer pricing basically…

Everything my clients need to know about Saving Taxes

Tax, this three letter word spells a big headache for people. Many people do not even know how much tax they are paying every year. Being a tax advisor at H&R Block, I get many enquiries from my clients about…

Make your Investments Accessible to Family – TaxReturnWala

Family is the base from which we all evolve and hence it is held closest to our hearts. We make every effort to protect them and make arrangements for their wellbeing. However life is fragile and the unexpected happens. Even…

Investment in Public Provident Fund & its Tax Benefits

One of the most frequent question that client’s usually ask me as a tax adviser is “Which is a good option, for investment for tax saving purpose.” One of the options I suggest is Public Provident Fund Scheme which is…

Now Submit Form 15G/15H Online

Submit Form 15G / Form 15H Online If your income is not taxable and yet your payments are being subject to tax deduction at source (TDS) then you can now generate Form 15G and Form 15H online and request non-deduction….

Five New Year Tax Resolutions You Ought to Make

Five New Year Tax Resolutions You Ought to Make New Year, new goals, a fresh breeze of change blowing through! Well, it is the right time to promptly correct behavior which is causing harm and replacing them with those which…

Is Taking Home Loan A Smart Decision For Saving Taxes?

Given the high Property prices in the country, it is almost impossible to buy a house without availing housing loan. Home Loan Tax Benefit – A housing loan usually comprise of 70-80% of the Property’s value. So, it is probably…

Genesis of the Indian Taxation System

Indian Taxation System People generally think that taxes paid in today’s time are of recent origin but there are lot of proofs and evidences from the past scenario that show taxes on income or other forms were also levied in…

In What Sense does the Filing of Income Tax Return Benefit a Citizen

Either “Ouch, the tax!” or “Yeah, the tax” could be the reaction when one comes to know about their dates to pay income taxes. But the people in “Ouch” category forget about their moral and socially requisite responsibilities that ask…

A quick guide for those who are filing an ITR for the first time

A quick guide for those who are filing an ITR for the first time Income tax assessment year 2015 -2016 has already started. Most of us are looking forward to file our return. Well, the first thing that comes to…

Is It Mandatory To Have Pan Number For The Indian Citizens?

IS IT MANDATORY TO HAVE PAN NUMBER FOR THE INDIAN CITIZENS? & SPECIFIED TRANSACTIONS WHERE PAN IS NEEDS TO BE QUOTED Permanent Account Number, a unique 10 character alpha-numeric identification, today, acts as a proof of identification. But is it…

Points to take note of while filing an income tax return

Filing Income Tax returns: Filing a income tax return is essential for tax payment and claiming refunds of overpaid taxes. Tax filing simply means declaration of your income and taxes to the government. We all know paying our taxes is…

Interest Under Section 234 A, B, C Of Income Tax Act,1961

Ever caught in a situation when you couldn’t file your income tax return on time? Or ever caught in the complexities of default made on payment of Advance Tax? You are not alone. Here is everything you need to know…

Online E Filing Of Income Tax Return Is Better Than Offline

Do you earn more than 5 lac monthly? So, you need to E filing of income tax return. But what method you choose to file your income tax? The old offline method in which you need to go out of…

Tax saving options other than those available as per section 80C of income tax act

Tax Saving Tax saving options available as per section 80C of income tax act. Does it feel good to pay a large amount of tax? The answer is a big NO. Tax is something that revolves around our life. As…

Does the income of a minor call for levy of taxes?

Tax and earning goes hand in hand .According to Income Tax Act of 1961, every individual has to pay tax as per income tax slab. In our previous article- Quick guide for individuals filing ITR for first time, we have…

Income Declaration Scheme 2016

The Finance bill, 2016 introduced a scheme Income Declaration Scheme, provides an opportunity to persons who have failed to pay taxes from beginning to till date and pay tax, surcharge and penalty. Total amount to be paid for disclosing of…

Concequencies of not filing Income Tax Return by due date

Income Tax Return within due date It is Mandatory to file an Income Tax Return for a Company and Firm (Partnership/LLP) irrespective of the fact that it has any income or not. Matter of choice to file Income Tax Return…

What Role Does TDS Deduction Play?

TDS – Tax Deducted At Source Have you ever checked your payslip? You will find a section known as TDS. TDS stands for Tax Deducted at Source. CBDT (Central Board of Direct Taxes) is a body who manages the policies…

Different Types of ITR

Types Of ITR What are the Different Types of ITR Forms? There are up to nine types of income return forms We have divided this article into two part Part-1 is ITR of Individuals Part-2 is ITR for Non-Individuals ITR-1(SAHAJ) ITR-5 ITR-2…

What is tax audit, how does it affect tax department and the tax payers

Are you aware of Tax audit ? If not, this is the best platform to understand it. Literal meaning refers to inspection or review. Be it a businessman or professional, taxpayers in India need to get the tax review done…

At Taxreturnwala we assist in Income Tax Return preparation you just have to register with us, to get started. Upload the basic details. Upload the details regarding your income, saving, deductions etc.Specify if any TDS has been deducted or Advance tax has been paid.You will get a call from our executive for verification.Computation of your income will now be sent to your registered e-mail address.On conformation, we start your tax filing.

We at taxreturnwala.com have always been at your beck and call for letting you earn and save money in a hassle free manner to help in easy Income tax return preparation. Our intense care and agile calculations have served thousands patrons who have procured up their heaps of earnings. We are neither ‘the acme’ nor ‘at the acme’ of those mountains of earnings but undoubtedly we are the broadest and firmest foundation of those erected mountains whose tall and sharp acmes have bifurcated all of the opposite winds.

Our team of qualified experts has been timely catering to the financial/ legal obligations of our patrons with swift and prompt financial solutions of saving legal costs and meeting up with the compliances because we understand how hard it is to earn money.We work with business owners throughout their companies’ life cycles, helping them in legal and regulatory requirements and to overcome the obstacles blocking effective compliance. We provide the kind of leadership and guidance at every stage that will inspire and encourage continued success of entrepreneurs and ensure the business remains continually growing.