Filing income tax returns can get confusing, but the Income Tax portal offers two key tools to simplify the process: Annual Information Statement (AIS) and Taxpayer Information Summary (TIS). Let’s break down the difference: 🔍 AIS – Your Financial Transactions at a Glance: Provides a comprehensive view of your financial …
What is Form 10IEA? Form 10IEA is a declaration form used under the Indian Income Tax Act to switch between the old and new tax regimes. Taxpayers can use this form to declare their preference for a particular tax regime, especially when they have business income. This declaration helps in …
1. Income from Salaries Income from salary xxxx Add: Taxable allowances xxxx Add: Taxable perquisites xxxx Gross Salary xxxx Less: Deductions u/s 16 – Standard deduction – Entertainment allowance xxxx – Professional tax xxxx Taxable Income under the head ‘Salaries’ xxxx 2. Income from House Property Net Annual Value xxxx …
For getting the better understanding about the Applicability of Income tax first we need to understand the Basics of Income: Income Includes : Profits and gains; Dividend; Voluntary contributions received by a trust which is created wholly or partly for charitable or religious purposes; or by educational institutions, hospitals or …
As a residential property is the prime asset of most individuals living in India, taxes paid on its capital gains can be heavy and discouraging to sell it. However, the government has granted some incentives, including exemptions from capital gains tax on the sale of residential property. It has incentivised new-home …
PY 2023-24 (AY 2024-25), NEW TAX REGIME IS DEFAULT TAX REGIME. DUE DATE OF ITR FILLING WILL BE 31ST JULY, 2024. IF YOU WANT TO OPT FOR OLD TAX REGIME THAN BEFORE FILLING ITR YOU HAVE TO FILE ONE MORE FORM 10-IEA MANDATORY. FOR SALARIED EMPLOYEE NO NEED TO FILE …
Ever wondered where all the tax information goes from your salary slip? Enter Form 16, your one-stop certificate that bridges the gap between your income and the taxes deducted. What is Form 16? Think of it as a report card for your salary and taxes. It serves as a Proof …
Documents Required for filing the Return : 26AS – Is similar to your bank passbook. It contains all details with respect to the tax you paid. Form 16 – It is a TDS certificate which is issued by your employer. It states that tax has been deducted from the salary …
What is Form 16B? Form 16B is a vital document in the Indian income tax system. It serves as a certificate that a deductor issue to the deductee as proof of tax deducted at source (TDS) on the sale of immovable property, such as land, house, or commercial property. This …
This Article will cover all the important aspects which should be kept in our mind while drafting Reply for any Notice under GST. Coverage of issues: The reply should be prepared by responding to each and every paragraph of show cause notice. The drafting should cover response to all the …