The Income Tax Notice to Salaried Employees serves as a means of correspondence with the taxpayer, addressing aspects such as tax liability, discrepancies in the Income Tax Return (ITR), and related matters. Each notice conveys a specific issue or concern that has attracted the attention of tax authorities, potentially necessitating the recipient to furnish additional …
Income Tax Notice to Salaried Employees for AY 2023-24 Read More »
To File Revised Return can be challenging for many taxpayers. Even if they are careful, mistakes may happen, like forgetting to report an income or missing the filing deadline. Sometimes, in a rush to meet the deadline, people may submit returns with incorrect details. If you have made mistakes in your tax filing, File Revised …
The “Return of Income” is basically a document where taxpayers share details about how much money they made and how much tax they owe. For filing Income Tax returns, the deadline is usually July 31 of the applicable assessment year. But if you miss that deadline, don’t worry—you still get a second chance by filing …
The maximum amount of cash that can be deposited into a savings account in a given time frame without drawing the attention of the tax authorities is referred to as the cash deposit limit and when an individual does file an ITR he may receive an income tax notice for cash deposits. This cap is …
Tax Deducted at Source (TDS) is a common method of income tax collection in India where a portion of a person’s income is withheld at the source. This withholding can happen for various reasons and is determined by the rates specified in the Income Tax Act of 1961. However, in some cases, such as when …
The Income Tax Department may send you Income Tax 245 Notice to let you know that your current year’s refund will be used to any outstanding tax you owe from the previous year. The Income Tax Department has the authority to offset any tax demand from the previous year with a refund from the current year …
Many salaried individuals, businesspeople, housewives, and former service members spend their free time trading shares for profit but are uncertain of how this money is taxed and they earn Capital Gains on Shares Trading. Equity share sale profits and losses are reported under the head “Capital Gains.” Capital Gains on Shares is further divided into …
A nil income tax return is submitted to the Income Tax Department to demonstrate that you have no taxable income and, as a result, paid no taxes for the year. A Nil ITR that has been filed especially to inform the Income Tax authorities that no taxes have been paid for the relevant financial year. …
According to the Income Tax Act, movable property or land is regarded as a capital asset. When a taxpayer sells an immovable object or a piece of land, they must report the profit or loss as capital gain on sale of property in their ITR and pay tax as per calculation. Capital Gain on Sale …
How to calculate Capital Gain on Sale of Property? Read More »
ITR for salaried person must be filed if their salary income exceeds the basic exemption threshold, which is Rs. 250,000 for FY 22–23 and Rs. 300,000 for FY 23–24. As a result, if the employee’s taxable pay exceeds the exemption threshold, they must file an income tax return. Section 17(1) of the Income Tax Act …
