ITR 2 Form Filing Under Income Tax
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…
Category Income Tax
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What is the difference between allowance and perquisite?
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…
What is the Income Tax Return (ITR) 1 Form?
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.…
What is Income Tax Updated Return (ITR-U)?
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…
Highlights of Union Budget 2022-23
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’…
Process to Verify Your Income Tax Return After Filing
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.…
Mandatory / Optional Filing of Form 10-IE by TaxPayers
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…
Key Direct Tax Highlights of Union Budget 2021
Finance Minister Nirmala Sitharaman presented the Union Budget 2021-22 in Parliament on 1st Feb. 2021. Union Budget 2021 is completely paperless in the view of the ongoing COVID-19 pandemic. This will be the first time in independent India that the…
TDS Refund under Income Tax Act
What is TDS? Tax Deducted at Source, is tax which is deducted from the income at the time of earning the income. As per the Income Tax Act, any company or person making a payment is responsible to deduct TDS…
TDS Calculation on Salary
Introduction: TDS on salary falls under the purview of Section 192 of Income Tax Act. Salary is the compensation that an individual receives for providing services to a company as per the contract between two parties – an employer and an…