The Income Tax Return (ITR) Form 4, also known as Sugam, is a simplified form aimed at small taxpayers who have opted for the presumptive taxation scheme under Sections 44AD, 44ADA, or 44AE of the Income Tax Act. While this form is beneficial for many, certain individuals are not eligible to file ITR-4. Here’s a …
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It is crucial for taxpayers in India to understand the prevailing tax slabs and their implications. The tax slabs determine the rate at which income tax is charged on individual taxpayers based on their income levels. The Indian government periodically revises these slabs to reflect economic conditions and policy goals. For AY 2024-25, the tax …
The Income Tax Return Form 1 (ITR-1), also known as Sahaj, is a simplified form for individual taxpayers. It is designed for residents who have income primarily from salary, one house property, other sources (like interest), and agricultural income up to ₹5,000. However, several categories of taxpayers are ineligible to use this form for the …
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Provided by: An Employee to his Employer(s) Details provided in the form: Evidence or particulars of House Rent Allowance (HRA), Leave Travel Concession (LTC), Deduction of Interest on home loan, Tax Saving Claims/Deductions on eligible payments or investments. This is used for calculating Tax to be Deducted at Source (TDS). Provided by: An Employer(s) to …
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Filing your Income Tax Return (ITR) is an essential annual task for every taxpayer. For individuals with specific types of income and within certain limits, the Income Tax Department of India offers the ITR-1 (Sahaj) form. This simplified form is designed to streamline the filing process. Here’s a comprehensive guide to understanding and filing ITR-1 …
In recent years, a significant oversight has been observed among taxpayers whose total income exceeds Rs 50 lakhs. Many individuals, whether filing their Income Tax Returns (ITR) independently or with professional assistance, have neglected to report their assets and liabilities as required by income tax regulations. It is crucial to understand that this reporting is …
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With the end of the financial year, the tax season kicks in, and it’s crucial to ensure you’re prepared. One of the key documents you need to get started is Form 16. If you’ve received your Form 16, now is the perfect time to start filing your Income Tax Return (ITR). Remember, the due date …
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As the financial year 2023-24 draws to a close, salaried individuals across India are gearing up for the annual ritual of filing their income tax returns (ITR). The Income Tax Department has released the ITR forms, and the countdown to the deadline—31st July 2024—for non-audit cases has begun. However, the process isn’t as straightforward as …
Filing income tax returns (ITR) is an annual obligation for salaried individuals in India. It not only ensures compliance with tax laws but also offers various benefits such as claiming refunds, avoiding penalties, and maintaining financial transparency. It’s crucial for salaried taxpayers to understand key aspects related to filing their income tax returns for assessment …
Filing income tax returns (ITR) is a crucial financial responsibility for individuals and entities earning income in India. The financial year (FY) 2023-24, relevant to assessment year (AY) 2024-25, is no different. Filing an ITR not only fulfills a legal obligation but also brings numerous benefits and safeguards against potential penalties. This article deals into …
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