The filing of income tax returns is compulsory for salaried employees in India regardless of whether they owe taxes. It provides you with access to a range of financial products, including loans. Those who fail to file their income tax returns by the 31 July 2022 deadline will be subject to penalties or late fees based on the date the returns were filed. The salaried person is employed by a public or private company and receives a monthly salary as compensation. If you are new to filing income tax returns online, you need to know that it is an extremely […]
A Step-By-Step Guide to E-filing Your Income Tax Return Online
Every year, income tax returns are a mandatory exercise for salaried employees, business owners, freelancers, and start-ups alike. Until recently, the process of filing an Income Tax Return was a tedious one. But with the introduction of the online option, things were much easier. It is now possible to file an ITR from your home or office without standing in long lines. With this useful income tax app, you can even file returns while you are on the go. We provide complete instructions on e-filing income tax returns here. Check your eligibility before you begin: What Are the Requirements for […]
How Do I Claim a Deduction Under Section 80C to 80U of Income Tax?
In some cases, taxpayers are not required to file an ITR. There are a number of variables that affect whether or not an ITR must be filed. These variables include the following: Individuals whose income exceeds the exemption limit of 2.5 lakhs/ 3 lakhs/ 5 lakhs as per applicable taxable limits. The ITR must be filed by individuals who own assets outside of India and receive income from them. Tax returns are required for individuals who pay more than Rs. 1 lakh in electricity bills each year. It is mandatory for assesses who deposit more than one crore in a […]