As discussed earlier, ITR-1 has to be used by those individuals who have income from salary/pension, one house property, and income from other sources and total income does not exceed Rs 50 lakh. Before you start to file your ITR, you should collect the required documents such as Form-16...
Login to File Income Tax Returns (ITR) for FY 2023-24 (AY 2024-25) online with ClearTax. ClearTax is fast, safe and easy for ITR E-Filing. ClearTax handles all cases of Income from Salary, Interest Income, Capital Gains, House Property, Business and Prof
Income tax isa direct tax that a government levies on the income of its citizens. ... Income does not only mean money earned in the form of salary. It also includes income from house property, profits from business, gains from profession (such as bonus), capital gains income, and 'income...
Understand your income sources: Salary, business income, capital gains, rental income, etc. Select the correct ITR form: ITR-1 (Sahaj): For individuals with income from salary, pension, and other sources (with certain limits). ITR-2: For individuals and Hindu Undivided Families (HUFs) not…...
3. Simple Salary Questionnaire from Form-16 4. Comprehensive Salary questionnaire #1 Tax Optimizer Introducing the EZTax.in Tax Optimizer, which can help you save money on taxes and get a better return on your investments while e-filing your income tax return (ITR). According to an independent...
Income from long term capital gains is reduced as per the price index of the years and taxed at a different rate then the usual rate on salary income as per the slab. Rent income from house is reduced by allowable 30% for maintenance. Short term capital gain is taxed at a different ...
It is better to file an ITR than non- filing because: – -> It will be required for claiming refunds of TDS (Tax Deducted at source) as deducted from the salary or any other income source of the taxpayer. -> It will be required for further applying for loans required for the growth...
Taxpayers can not only file ITRs but also raise complaints about refunds and other works with the IT Department. Taxpayers can proactively update their profile to provide details of income including salary, house property, business/profession which will be used in pre-filling their ITR. ...
If you earn income from renting out a property, or even subletting a room in your home, you need to pay tax on it. It doesn’t matter if it’s your only source of income, or supplementing a salary you receive, this rental income must be declared to SARS. It’s also worth knowing...
3. ITR-3 ITR-3 forms are to be filed by the individuals and HUF who fall under the given below categories: Income earned from business or profession Income earned from being a partner in a firm Income earned through salary, pension, capital gains, and other sources. Investments in unlisted...