Define Income Tax Returns. Income Tax Returns synonyms, Income Tax Returns pronunciation, Income Tax Returns translation, English dictionary definition of Income Tax Returns. n. See return. American Heritage® Dictionary of the English Language, Fifth
The article reports that a draft report released by the Indian government to simplify the provisions of the Income-tax Act, 1961. Several recommendations introduced in this new draft including characterisation of income from sale of shares, no disallowance of interest expenditure for earning exempt ...
Income Tax - Check latest Income Tax news articles, updates, Tax filing rules, Income Tax Returns and deduction to save tax from your income.
SEP introduced in the Income-Tax Act, 1961 (‘ITA’) from April 1, 2018 It expands the scope of income of a non-resident which accrues or arises in India that results in a ‘business connection’ in India for that non-resident. The resulting income, attributable to the SE...
June 14, 2024CA VineetaIncome Tax News and Articles, Taxes in India 5 Minutes Read An employer usually refers to your initial base salary when discussing your pay. To form your complete ‘salary package,’ they incorporate different elements on top of this figure. These additions consist of ...
You're a non-resident Indian who accrued more than ₹2.5 lakh in India in a fiscal year. ITR filing is voluntary for individuals whose gross total income is below ₹2.5 lakh and do not meet any of the above criteria. Why should you file an income tax return?
According to the provisions of section 87A of the Act, an assessee, who is a resident individual in India, is given a rebate of 100% of the amount of income tax that is due, meaning that a person with income up to Rs 5 lakh is not obliged to pay any income tax. A person resid...
“How Income Tax is Calculated on Salary?”– Navigating the labyrinth of income tax calculation in India, particularly for salaried individuals, can be akin to solving a complex puzzle. Fear not, for it’s a crucial puzzle to unravel in the realm of personal finance. Income Tax Calculator ...
In India, when cryptocurrency is considered as an income, its tax can be calculated according to the income tax act 1961, in which cryptocurrency will be considered as an asset. When cryptocurrency is considered as an expenditure, its tax can be calculated according to the Goods and S...
Here's a summary of the key Income tax e-filing last dates or due dates for various categories of taxpayers for the Financial Year (FY) 2023-24: ITR Filing for Individuals and Entities Not Liable for Tax Audit: Due by July 31, 2024. ...