What is the Annual Income Tax Return or ITR for? The Income Tax Return or ITR that most people refer to is actually the annual tax form that individuals file every April 15th of the following year. This form summarizes all of the income (or loss) you have incurred for the past year. ...
The Income Tax Department has introduces 7 types ofITR forms:ITR1,ITR2,ITR3,ITR4, ITR5,ITR 6, andITR 7. Based on the type of income, people are required to file the ITR form that applies them. The sources of income could be the following: Salary Income from business and profession ...
Filing the tax returns requires you to have complete knowledge of the process. For the convenience of the taxpayers, the Income Tax Department categorizes the ITR forms into seven different types:ITR1,ITR2,ITR3,ITR4,ITR5, ITR6, and ITR7. This article comprises of all the information relate...
However, for businesses with an annual turnover exceeding Rs. 2 Crores,ITR-3should be used. Additionally, depending on individual circumstances,ITR-5may also be required. IndiaFilings offers expert assistance for the ITR 4 income tax filing. Contact our experts today to ensure a smooth and accu...
Come January, it is time to claim your annual reimbursements such as medical and leave travel allowance (LTA). It cannot be claimed while filing Income Tax Return or ITR. This article talks about How to Claim LTA? How is LTA shown in Form 16 and in ITR? It also gives an overview of...
In the case of online ITR, the correction can only be made by the assessing officer of the taxpayer. As per the ITR filing website, “the taxpayer must visit the assessing officer and request him to correct the mistake made by him in ITR. The office of the assessing officer can be eas...
Complete details about how to download and view Form 26AS through the new income tax filing portal so follows steps: Step 1: Open the government official website: https://www.incometax.gov.in/iec/foportal/ Step 2: Logon to the new ITR E-filing Portal 2.0 Step 3: After that go to ...
Interest earned on FDs is tax-free up to a certain limit: ₹40,000 for those under 60 and ₹50,000 for senior citizens. How to know TDS deducted on FD? You can check the TDS deducted from your FD interest by reviewing your bank statements or annual income tax returns, where the ...
Learn how to file Income Tax Returns ( ITR ) for FY 2022-23 (AY 2023-24) and FY 2023-24 (AY 2024-25). We covers tax concepts on Salary, interest, Capital Gains, House Property, Business and Profession and GST.
How to file Revised Income Tax Return ITR Income Tax Annual Information Statement (AIS), TIS, How to use it to File ITR How to file ITR Income Tax Return, Process, Income Tax Notices Check out our course on Income Tax here. Check out the Workbook on Income Tax here. Don’t ignore an...