Income Tax

You do not have to panic or get tensed if you have made a mistake while filing your ITR. You can now amend your income tax return form if you see that you make mistakes while filing it earlier. According to Section 139(5), you can submit an amended...

If you are getting HRA or house Rent allowance but paying rent, you can apply for a tax deduction on the rent paid by you under Section 80GG of the Income Tax Act, 1961. The maximum deduction allowed under this Section 80GG is Rs. 60,000 per year...

Investment declaration is generally made at the start of the financial year. Individuals are asked to declare their tax-saving investments so employers can deduct tax from their salary. By saying investments, people can get a higher in-hand salary....

Buying a home is one of the key financial investments that most people make in their lifetime. And while the joy of owning a home is undeniable, the cost of a home loan can be a significant burden. Fortunately, the Indian tax system provides...

Making an investment in the stock market can be an exciting way to grow your wealth, and one of the critical benefits of stock ownership is the potential to receive dividends.  A dividend is a payment type made by a firm to its...

Section 194H mentions the provisions framed for TDS on Commission and Brokerage. You are eligible for a tax reduction under Section 194H TDS if you pay any kind of brokerage and commission. Nonetheless, the 194H section exempts the commission...

GSTR 3B is self-declaration returns form to be filed by normal and casual taxpayers to declare GST liabilities and discharge the same. The form summarises the supply details in an organised manner, further facilitating its filing before GSTR 3B due...

Certain businesses reaching the threshold amounts must regularly review or audit their taxes through a chartered accountant for each financial year. The act of Tax Audit is mandated according to the Income Tax Act, 1961, under Section 44AB. It is...

It is the responsibility of every Indian citizen to pay income tax and file income tax returns in India. It is an excellent practice to keep, and it also helps in the TDS payment recovery. Your taxes give the government a significant amount of the...

In order to create a "Digital India," the Indian Government has been working day in and day out over the last few years to reduce cash transactions and promote digital transactions. With the introduction of demonetisation, the Government has...