Income Tax

ITR 1 FY 2019-20 (AY 2020-21) Eligibility & key changes

The government of India has finally released the first Income Tax return form for FY 2019-20 (AY 2020-21) and the released form is ITR 1.

What if I have paid tax in the wrong assessment year?

While the payment of tax most important thing os the selection of Correct Assessment year. Many tax filers get confused with the Previous Year and Assessment year and proceed with payment of tax I wrong year.

COVID 19 & TAX RELIEF

Keeping in view the immense impact of COVID 19 outbreak all over the world, the Ministry of Finance has taken some steps to provide relief to taxpayers of our country. The government is aware of the fact that during this lockdown period it is almost impossible to fulfill the entire compliance requirement on time and in order to provide relief to taxpayers, the Finance Ministry has made some announcements to ease the pressure of compliance.

New Tax Regime Vs Old Tax Regime

Budget 2020 has come up with an offer for the taxpayer, offer to pay tax at a lower rate. In our country,...

Budget 2020 and Direct Taxes

Budget 2020 has introduced reduced tax rates for Individuals and HUF but on the condition leaving the option of claiming various exemptions or deductions provided otherwise under the Act. This means you can enjoy reduced tax rates only if you will not claim various exemption and deductions provided under the act.

Tax Implications of Gratuity

Sec.10(10) deals with the exemptions from gratuity income. Such exemption can be claimed by a salaried assessee. Gratuity received by an assessee other than employee shall not be eligible for exemption u/s 10(10). E.g. Gratuity received by an agent of LIC of India is not eligible for exemption u/s 10(10) as agents are not employees of LIC of India.

Tax Saving Scheme 2020

As we have entered into the new year 2020, everyone must have thought of resolutions for the new year but very few of us have promised ourselves to save more. Savings in today’s world is very much important to cope up with inconsistencies of life.

Latest news

ITR 1 FY 2019-20 (AY 2020-21) Eligibility & key changes

The government of India has finally released the first Income Tax return form for FY 2019-20 (AY 2020-21) and the released form is ITR 1.

What if I have paid tax in the wrong assessment year?

While the payment of tax most important thing os the selection of Correct Assessment year. Many tax filers get confused with the Previous Year and Assessment year and proceed with payment of tax I wrong year.

COVID 19 & TAX RELIEF

Keeping in view the immense impact of COVID 19 outbreak all over the world, the Ministry of Finance has taken some steps to provide relief to taxpayers of our country. The government is aware of the fact that during this lockdown period it is almost impossible to fulfill the entire compliance requirement on time and in order to provide relief to taxpayers, the Finance Ministry has made some announcements to ease the pressure of compliance.

Must read

ITR 1 FY 2019-20 (AY 2020-21) Eligibility & key changes

The government of India has finally released the first Income Tax return form for FY 2019-20 (AY 2020-21) and the released form is ITR 1.

COVID 19 & TAX RELIEF

Keeping in view the immense impact of COVID 19 outbreak all over the world, the Ministry of Finance has taken some steps to provide relief to taxpayers of our country. The government is aware of the fact that during this lockdown period it is almost impossible to fulfill the entire compliance requirement on time and in order to provide relief to taxpayers, the Finance Ministry has made some announcements to ease the pressure of compliance.

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New Tax Regime Vs Old Tax Regime

Budget 2020 has come up with an...

ITR 1 FY 2019-20 (AY 2020-21) Eligibility & key changes

The government of India has finally released the first Income Tax return form for FY 2019-20 (AY 2020-21) and the released form is ITR 1.

Tax Saving Scheme 2020

As we have entered into the new year 2020, everyone must have thought of resolutions for the new year but very few of us have promised ourselves to save more. Savings in today’s world is very much important to cope up with inconsistencies of life.
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