You Can Claim Income Tax Deduction Up To 5 Lakh On Opting Housing Loan

Having a own house is a “Dream” to many Indians. While the older generation works hard their lifetime and fulfill their dream during their retirement, the younger generation are fulfilling their dreams in their late 20’s-30’s. This is possible due to higher earning capacity of the youngsters in their initial career. As youngsters earning 4Continue reading “You Can Claim Income Tax Deduction Up To 5 Lakh On Opting Housing Loan”

Government Gives One More Chance To Tax Payers By Extending E-Filing Date Further

Haven’t you filed your income tax return till now? Here’s a good news to you! Central Government has extended last date to e-file your return! To know more read the rest story- Due to spike in covid cases and technical issues in the income tax portal Modi Government has extended the last date to MarchContinue reading “Government Gives One More Chance To Tax Payers By Extending E-Filing Date Further”

Pan Card Holders Hurry! Link Your Pan With Aadhar To Avoid Penality

It is well known that every Indian Citizen has to link their Pan(Permanent Account Number)with Aadhar. Though Indian Government extends the deadline several times due to covid, as per the trusted sources CBDT(Central Board of Direct Taxes)is not keen to extend the deadline anymore. Thatmeans every Indian Citizen has to link their Pan with AadharContinue reading “Pan Card Holders Hurry! Link Your Pan With Aadhar To Avoid Penality”

Financial Transactions Which May Attract Income Tax Notice

In this digital world do remember all your financial transactions may be supervised and monitored by the Income Tax Department. Infact Financial institutions should report “High Value Transactions” to the I.T Department mandatory. To know which transactions may levy income tax notice on you, read the full story- Savings a/c Deposits– In any case ifContinue reading “Financial Transactions Which May Attract Income Tax Notice”

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”