What is Form 16? Form 16 is a certificate that gives information on the Tax Deducted at Source (TDS) of your annual income under Section 203 of the Income Tax Act, 1961. It is a TDS certificate which reflects TDS deducted on the salary income…
What is CESS? Cess is a tax on tax that is imposed by the central government for the purpose of creating funds that earmarked for a specific purpose. Article 270 of the Constitution describes a cess. Cesses may be levied by…
What is a tax audit? Tax audit refers to the verification of the books of accounts maintained by a taxpayer. The purpose of a tax Audit is to find an audit of the accounts of the taxpayer. The audit is…
What is the ITR 2 Form? ITR-2 form is one the form that must be completed as part of the tax filing procedure. ITR-2 form can be used by an individual or a Hindu Undivided Family (HUF) who is not eligible…
Definition of Allowance Allowances are fixed amount given by the employer to the employee for carrying out the job responsibilities in an efficient manner. Allowances are the financial benefits that are provided to the employees by the employers over their…
The Income Tax Department has categorised taxpayers into many groups based on income and its source. The income tax return (ITR) form used by many, if not most, salaried individuals is ITR-1. This ITR form is also known as Sahaj.…
The Income Tax Department announced a new Form ITR-U for filing of Updated Income Tax Returns in Budget 2022. It allows taxpayers to amend their ITRs within two years from the end of the relevant assessment year. The new Form…
Union Finance Minister Nirmala Sitharaman on Tuesday presented Union Budget 2022-23 in Parliament. Budget 2022-23 aims to boost growth amid continued disruption from Covid-19 and rising inflation. This Union Budget laid a foundation and blueprint of the economy over ‘Amrit Kal’…
Tax filing is not only about the filing and submission of income tax returns (ITR). The last step to successfully accomplish the process in rectifying the ITR under 120 days of presenting it, failing where the ITR is deemed invalid.…
The finance ministry has introduced a ‘New tax regime’ in the Finance Act 2020. Form 10IE is a declaration made by the return filers for choosing the ‘New tax regime’ The Income Tax Department has notified that the option to…
