The internet connectivity empowers you to file the ITR electronically from the comfort of your home. Income Tax Department-approved software allows for easy e-filing. You can file the income tax return in two ways: Offline and Online. OFFLINE PROCESS For this, download the ITR that is applica...
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 ...
Salary ITR-2 When To File ITR-2 Who-can-use-ITR-2 ITR-V ITR-V Acknowledgement Check my ITR-V Status ITR-V E-verification ITR-V-Rejected If ITR V is not submitted ITR-V In Income Tax Submit ITR-V GST ChecK GST Status Advantages-disadvantages GST GST Payment GST Registration India ...
therefore no need to pay interest u/s 234A,but if any tax is due then you have to pay interest under section 234B, 234C. Please pay Self Assessment Tax using Challan 280, Update the tax paid in ITR and then revise the return. As explained...
The Income Tax Department can impose a penalty of up to 200% on you for filling in incomplete information in ITR. Most salary-class people file their income tax returns on their own and this reduces the chances of errors and furnishing false information. Interest from Banks on Savings and ...
Someone might want to start their own business, but not have the funds to do so. Or someone might be a talented artist, but not have the funds for a studio space or the time because of work commitments to pursue a career. A wealthy person may help to fund startups or an artist’s...
After this time, you must file an Income Tax Return if you have not yet recouped the loss. Fortunately, it can carry the loss forward for up to eight years. Loss of Short-Term Capitals It is possible to utilise a short-term capital loss on the sale of stock shares to offset a long...
To showDividends from foreign stocks in ITRyou need to convert the value of dividends received to Indian Rupees. This amount should be the original amount without the tax deduction. For example, in our case, Bharat received 75 $ as a dividend in his account but he has to show the original...
Step 2:At the KRA iTax portal login page enter your KRA Pin number, password and the answer to the security question Step 3:After login in, go to returns tab and click ‘ITR for Employment income Only‘ Step 4:Then in the new window, fill all the fields marked with an asterix (*)...
The person making payment does not know your tax rate and 25% is close to being the average rate of effective tax. When you submit your tax return, depending on the level of your total income for the tax year, you could be entitled to some of this amount back or in...