Top Income Tax Deductions for year by 2023

Top Income Tax TOP INCOME TAX DEDUCTIONS FOR YEAR BY 2023  Section 80C Deduction Income tax deduction of upto Rs.1.5 lakhs can be claimed on amount paid or deposited in PF, PPF, LIC premium paid, National Savings Certificate, ULIP, principal part of repayment of housing loan, tuition fees paid for children, term deposit in bank, […]

Income Tax Filing

(ITR eFiling) Income Tax Filing ITR Form Type Applicability ITR-1 ITR-1 form can be used by Individuals who have less than Rs.50 Lakhs of annual income earned by way of salary or pension and have one house property only. ITR-2 ITR-2 form must be filed by individuals who are NRIs, Directors of Companies, shareholders of private […]

Checklist for Income Tax Notice

                 Checklist for Income Tax Notice step:1 After the intimation notice under Section 143 (1) is received of the Income Tax Act,1961 the taxpayer has to make a reply within 30 days from the date when the notice is served. step:2 If the taxpayer fails to respond within the time […]

Documents required to reply to an Income Tax Notice

                   Documents required to reply to an Income Tax Notice What documents are required to reply to an Income Tax Notice? The Documents are required to vary with the type of Income Tax notice that is served to the taxpayer. The basic documents needed to reply to […]

Service of Income Tax Notice

                             Service of Income Tax Notice Introduction The Income Tax Act,1961 has laid down the law for the service of a notice, summons, order, or any other communication by delivering or transmitting a copy to the person in any method that is […]

Types of Income Tax Notice

                           Types of Income Tax Notice Type of Notice Description Notice u/s 143(1) – Intimation This is one of the most commonly received income tax notices. The income tax department sends this notice seeking a response to the errors/ incorrect claims/ inconsistencies in […]

Form 16 Issuance to Employees

                          Form 16 Issuance to Employees  Introduction Form 16 is a certificate that employers issue to their employees. It is a validation that the TDS has been deducted and deposited with the government authorities on behalf of the employee of the organization. Form 16 […]

ITR FORM 4

                                      ITR 4 Form Filing  Introduction Form ITR 4 is filed by the taxpayers who have opted for the Presumptive Taxation Scheme under Section 44D, 44DA, 44AE of the Income Tax Act,1961. But this is subject to the […]

ITR FORM 3

                                      ITR 3 Form Filing   Introduction ITR 3 Form is applicable for the individuals and Hindu Undivided Families that earn profit and gains from business or profession. If the individual or the Hindu undivided family is having […]

ITR FORM 2

                                     Who can file ITR 2 ?  Introduction ITR form 2 can be filed by individuals and the HUF who are not eligible to file form ITR-1 receiving income from the “profits and gains from business or profession”. […]