Income Tax

Income from freelancing has to be reported under the head “Profits and Gains from Business or Profession”.

A taxpayer needs to disclose all the details in the Income Tax Return (ITR) that are relevant for computing one’s…

The Budget for 2020-21 had announced the revised Form 26AS, giving a more comprehensive profile of the taxpayer, going beyond…

The Income Tax Department has announced the roll-out of Annual Information Statement (AIS), which would provide you with almost all…

Have received any unexpected gift during the year for which you missed tax planning? You can make investments specified in…

All taxpayers are required to pay advance tax quarterly at prescribed rates and before the prescribed due dates.

Over 1.68 crore income tax returns (ITRs) have been processed, while refunds have been issued in more than 64 lakh…

While no income tax liability arises on inheriting property upon death of father, the subsequent sale is taxable as ‘capital…

“The derived information in TIS will be used for pre-filling of Return (pre-filling will be enabled in a phased manner),”…

Let us discuss the major mistakes that can be easily avoided while filing income tax returns.