Income Tax

TDS on fixed deposit interest: Time to submit Form 15G / 15H to your banker – Here’s why

Eligible individuals can submit Form 15G or Form 15H to their banker for non-deduction of TDS on interest income earned in bank FD.
TDS, senior citizens, fixed deposit interest income, bank, Form 15G, Form 15H

I-T Deptt launches offline utility for ITR 1,4

The Income Tax Department has launched the offline utility for taxpayers filing ITR - 1 and 4 for 2020-21 fiscal year.


Income tax department introduces JSON utility for AY 2021-22 ITRs, discontinues Excel/Java

In place of the Excel and Java version of ITR utilities, the CBDT has introduced JSON utility and released a step-by-step guide for using the new utility.

JSON utility, AY 2021-22, ITR, ITR-1 and ITR-4, CBDT, tax filing, new forms

TDS to be levied at higher rate for non-filers of ITRs – Check details

The new provision will help increase compliance with the income tax return filing by individuals whose income is subject to TDS.

New TDS rule, non-filers ITRs

ITR filing Alert! Income Tax Return Forms 1 to 7 for AY 2021-22 notified – Check what’s new

For the income that one earns from April 1, 2020, to March 31, 2021, the filing of ITR has to happen in the assessment year 2021-2022,

ITR Filing, last date, assessment year 2021-22, ITR 1 Sahaj, income tax returns

No Income Tax on salary income of Non-Residents Indians in Gulf countries! Sitharaman says it is exempt

Finance Minister Nirmala Sitharaman on Thursday said salary income earned by non-resident Indians in Gulf countries would continue to be exempt from tax in India.

Finance Minister Nirmala Sitharaman.

Last minute tax saving options other than Section 80C investments

If you have already exhausted the deduction limit of Rs 1.5 lakh under Section 80C, there are also some opportunities/options available to you apart from 80C investments.

PAN-Aadhaar Linking Last Date: Your last chance to link them online and avoid getting PAN inoperative

Last Date to Link PAN Card with Aadhaar Card: If you still haven't linked your PAN with Aadhaar, now is the last chance to do it and keep your PAN operative.

Link Aadhaar and PAN Card by March 31st, Last Date for PAN-Aadhaar Linking

ITR Filing Last Date: Hurry up! Don’t miss the last chance to file your tax return for AY 2020-21 today

ITR Filing Last Date for AY 2020-21: If you fail to file your belated or revised ITR by March 31, then you may not be able to do it again.

Last Date to File Income Tax Returns, ITR Filing Last Date

TDS Calculation: Rs 1 lakh Tax Deducted At Source on Rs 20 lakh cash payment to non-filers – New rule explained

TDS Payment Rules 2021 (Section '206AB (I) Explained): The Finance Act 2021 recently cleared by the Parliament has introduced a "Special provision for deduction of tax at source for non-filers of inco

New TDS rule 2021 for non filers explained.

Your Queries (Income Tax): Tax audit of income from derivatives trading if turnover above Rs 1 crore

If income from futures & options trading is classified as business income and transacted on a recognised stock exchange, it is taxable as non-speculative business income and is subject to tax audit on


Income Tax Alert! Employees Provident Fund, LTC to ITR Filing rules – 10 big changes to know before April 1

Income Tax Changes: March 31 is an important date for income taxpayers in India as a number of changes are going to kick in from April 1.


Infrastructure Bond: Confusion over Tax-Saving Vs Tax-Free Bonds makes taxpayers pay more tax than benefit availed

Under the non-cumulative option, interest payout is regular and only the capital invested is returned on maturity, while under the cumulative option, enhanced maturity value is paid.

income tax, tax-saving bonds, tax-free bonds, Long-Term Infrastructure Bond, additional tax benefit, 80CCF, 80C benefits, TDS, cumulative option, non-cumulative option, tax on maturity, taxable interest

10 most common mistakes taxpayers can avoid while saving tax

Common Income Tax Mistakes: Completing one's tax planning exercise at the fag end of the financial year comes with its own share of risks.

tax mistakes to avoid and how to fix them, common income tax mistakes, Section 80 tax saving investment options, other than Section 80 tax saving, common tax saving mistakes, new tax regime,

Hurry Up! 5 key tasks that need to be completed by March 31 – Have you missed any?

If you have changed jobs during the FY 2020-21, you should ensure that you have submitted Form 12B to your new employer.

PPF, NPS, FY 2020-21, Form 12B, Form 15G, Investment proofs

5 smart ways to save tax without making any investment

There are some options that can help us reduce our tax outgo without making any investment.

Not filed ITR yet? Here are the consequences that you may face on missing March 31 deadline

The Income tax authority has the power to carry out best judgement assessment u/s 144 of the IT Act, where the taxpayer has failed to furnish his return of income.

income tax, income tax return, ITR, ITR filing, deadline of filing ITR, consequences of not filing ITR, due date of ITR filing, Assessment Year 2020-21

PF Tax Rule Amended! Limit raised to Rs 5 lakh for these employees

As per Budget 2021, it was proposed to tax the interest income accrued on account of the employee’s contribution in excess of Rs 2.5 lakhs in any previous year.

Tax on PF rule, amendment, PF contribution, government employees, private sector employees

With more information than salary, interest income, tax paid, how Form 26AS will affect ITR filing?

The taxpayers were able to take the advantage so far, because the Income Tax Department used to get information related to just income from salary, interest on Bank FD and taxes paid.

income tax, capital gain tax, capital gain, capital loss, equity investment, day trading, income tax return, ITR, ITR-1, Form 26AS, income from salary, interest income, bank FD, mutual fund, MF, dividend income, post office deposits

7 tax tasks to complete before 31 March 2021

There are certain tax tasks which we need to complete by the 31st March 2021. Here we are taking a look at some of them.

New EPF Rules: How EPF contributions will be taxed now – Here is all you need to know

In the Budget 2021, the Finance Minister has proposed to tax the interest accruing on the employee contribution to the provident fund account in excess of Rs 250,000.

How much money can you deposit in a savings account in a year to stay outside the taxman’s radar?

How much money can you put into a savings account and also withdraw from it in a financial year to stay outside the taxman's radar?

Income Tax Deductions for FY 2020-21: Tax-saving in PPF, ELSS, home loan EMI, NPS and more

There are certain specified investments and expenses under Section 80C of the Income Tax Act that helps taxpayer to lower tax liability.

Other than section 80C deductions, Tax benefit, home loan EMI, PPF, comparison of tax payable, old and new tax regime, section 80c tax benefit on home loan principal amount

Not only NPS, here’s why you can’t wait till March 31 to invest in ELSS too

Investors willing to invest in NPS can’t wait till March 31 to make their contributions as it takes some time for the money to get actually credited to the account of NPS fund manager.

income tax, income tax benefits, National Pension System, NPS, Equity Linked Savings Scheme, ELSS, 80C benefits, contribution deadline, NAV applicability, mutual fund, MF
Income Tax Calculator, Budget 2019, How to Calculate Income Tax


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