Income Tax deductions under Chapter VIA

As per data released by Income Tax Department the details of returns filed are as under: a) ITR 1 3,03,00,000 b) ITR 2 57,60,000 c) ITR 3 1,...

The writ petition filed by the tax Bar Association before the Gauhati High Court seeking a direction from the respondent authorities to restore the old income tax portal immediately due to non- fun...

Preamble: The object of this write-up is to make Bank customers who are not well informed about Re-KYC, and activating dormant/inoperative bank dmat/account/s and use of C-KYC Many banks ...

Many banks interpret the term ‘total income’ concerning declaration in 15G/H, as any non-professional would and not as expected of them under the IT Act and due to lack of proper unders...

While retirement often comes with financial uncertainty, there are savings products that are safe and ensure guaranteed retirement income. The Senior Citizen Savings Scheme (SCSS), launched in 2004...

1. Pre-filled ITft Forms: The Prefilled ITft Forms will have information of Capital Gains from Listed Securities, Dividend Income, Interest from Banks/Post Office, etc. 2. Tax on Intere...

RBI’s directions on Auto re-designation of banking a/cs into Senior Citizen Account – No clarification offered Please peruse below the text of an important and relevant portion of ...

Higher exemption limit in tax slabs: 1. For FY 2019-20, income tax exemption limit for resident senior citizen (i.e => 60 years , < 80 years) is Rs 3,00,000, whereas the same for normal ...

1. Non submission of Income Tax Return if TDS is deducted Many taxpayers assume that if taxes have been deducted in the form of TDS, then they are not supposed to file an income tax return bec...

As per news item in Financial Express of 10 September 2020 the refund of income tax from 01/04/2020 to 08/09/2020 is given below: • Total Refunds: Rs.1.01 Lakh Crore to 27.54 lakh taxpaye...

Step 1 Go to the Income Tax e-Filing portal, www.incometaxindiaefiling.gov.in Step 2 Login to e-Filing portal by ent...