90% Salary Employee commit a mistake while filing their Income Tax Return, by not disclosing it. Are you one of them? Then read till the end. Salary Employees usually take into consideration only the income from Salary & House Property while filing their income tax return (ITR). If I say bluntly, 90% Salary Employees ITR …
Filing ITR? Have you factor in “Income from Other Sources”? Read More »
Hello Investor friends, Hope you making money from the stock market. Great! Do you know? Anyone who actively trading in the stock market has to file income tax returns mentioning details of Trading as a business activity income using the ITR-3 form. You must be thinking what if there is a loss? Still, you have …
Do you know, the requirement of Tax Audit in the case of Retail Equity Traders? Read More »
It has been always a point of discontent between Tax paper and Tax official, up to which period return can be revised by the taxpayer. As per Section 139(5), “If any person, having furnished a return under sub-section (1) or sub-section (4), discovers any omission or any wrong statement therein, he may furnish a revised …
Revised Income Tax Return can be filed even after Income Tax Notice- Rules ITAT Read More »
Yes, Tax deduction can be reversed. It’s possible. Very few Taxpayers are aware of this fact. Normally Taxpayers are aware of deduction they can claim from their income. Like 80C, 80D, 80G etc & Home loan Interest and principal repayment. In Actual, if you go through Income Tax Act provisions closely, there are some terms …
Do you know 3 Tax deductions that can be reversed? Read More »
Individual and Hindu Undivided Families Constitutes major almost 97% of e-filers. It’s also true that this category prone to make mistakes while filling their ITR (Income Tax Return). Reasons Could Be Any Less Knowledge of Income Tax Act 1961, its rules and procedures. Dependent on Cheap Income Tax Return Preparers, who file their Income Tax …
How To Avoid 8 Common Deadly Mistakes During ITR Filing? Read More »
Presumptive Tax Scheme For – Doctors / Engineers Presumptive Tax Scheme for Professionals introduced under Section 44ADA from the FY 2019-20. This scheme provides a simple method of Taxation for small Professionals. The benefit of this section can be taken only by specified professionals whose annual gross receipts are under Rs 50lacs. Specified Professionals here means- …