From HereOnwards, High Networth MF Transactions are To Be Disclosed in Form 26AS

To bring transparency in income tax returns, Central Board of Direct Taxes(CBDT) has increased the volume of the transactions reported in Form 26 AS Tax Payers can access their Form 26AS statement using their Pan Number from the income tax website. From there, they have to verify the TDS/TCS Details, Tax Paid, Specified financial transactionsContinue reading “From HereOnwards, High Networth MF Transactions are To Be Disclosed in Form 26AS”

Not Filing ITR Thinking That Your Salary Doesn’t Fall Under Tax Bracket? “You Can File IT Returns To Claim Deductions and Exemptions”!

Many salaried employees neglects to file Income Tax Returns(ITR) thinking that their salary doesn’t meet the threshold limit of 2.5 Lakh Per annum. But do you know that you can still file ITR to claim TDS Deductions; if any and avail tax exemptions under various investment options?Surprised! Read the full article and you will haveContinue reading “Not Filing ITR Thinking That Your Salary Doesn’t Fall Under Tax Bracket? “You Can File IT Returns To Claim Deductions and Exemptions”!”

Do You Need To Pay Tax on Sale Of Legally Acquired Shares?

Some people tend to stay invested for the long-term and hold some shares for years. But if the share holder expires due to any unforeseen event, then the shares would be transferred to the legal heirs. Do you ever think that transmission of shares legally from your father, grand father attracts any tax? The IndianContinue reading “Do You Need To Pay Tax on Sale Of Legally Acquired Shares?”

Deadline For Aadhar-Pan Linking Has Been Extended Till 2022, March 31st

As you are aware that every resident indian has to link their Pan(Permanent Account Number)with Aadhar. Government of India made it mandatory to link the both as early as possible. CBDT(Central Board of Direct Taxes) has extended the deadline to link Pan with aadhar to March 31st,2022 which was earlier September 30th,2021. CBDT has revisedContinue reading “Deadline For Aadhar-Pan Linking Has Been Extended Till 2022, March 31st”

All about ITR Filing Forms

Now it’s time to file IT returns! If you are a tax payer and want to file IT returns, but unaware of which ITR Forms applicable to you? Here’s a detailed story on ITR Forms- ITR 1– This ITR form is applicable for salaried class with income less than 50 lakhs per annum. This ITRContinue reading “All about ITR Filing Forms”

Know The Hidden Facts Behind Your Pan Number

Now-a-days it is mandatory to have a pan card to open bank a/c, filing Income Tax Returns etc. Almost every bank a/c holder who are doing high network transactions should comply with Pan Card! Do you know that your Pan Number tells the status of your tax liability? Surprised! But it is fact that yourContinue reading “Know The Hidden Facts Behind Your Pan Number”

Here’s a Good News For Tax Payers! Government has Extended Last Date To File IT Returns!

Haven’y you filed your IT Returns for the assessment year 2021-22 till now and are in hurry to file returns sooner; Here’s a Good News for you! Taking the pandemic situation into consideration and Flaws in the new IT Portal launched by Infosys; Government has taken this stance to extend the last date further toContinue reading “Here’s a Good News For Tax Payers! Government has Extended Last Date To File IT Returns!”

How To Avail Capital Gains Tax Exemption on Sale of a House Property

Buying and selling capital assets(Real Estate, House, shares, mutual fund units) attracts capital gains tax. This may vary according to the nature of the asset and the holding period. Meaning of Capital Gain– Capital Gain arises out of the profit you derive from the sale of the capital asset. Only the profit you gained againstContinue reading “How To Avail Capital Gains Tax Exemption on Sale of a House Property”

Process To Check Your IT Refund Status Online

Have you filed your Income tax(IT) Returns and waiting for the refund;if any from the Central Board of Direct Taxes(CBDT)? Generally CBDT refunds within 10 days of ITR Filing by the subscribers, but in some cases, it may take much longer too! From several days, there is an issue with IT Portal where many tax-payersContinue reading “Process To Check Your IT Refund Status Online”