What are the reasons for the delay in your ITR refunds, and what do you do about it?
According to the income tax (I-T) department, up to September 8, 2022, income tax refunds of Rs. 1.19 lakh crore have been given, which is 65.29% more than refunds made during the same time the year prior. Many of you may have already gotten your I-T return. Some people could still be anticipating it, though. […]
How Is Rental Income Taxed?
In India, a home is more than simply a place to live; it is an investment that will last for generations. Everyone wants to own at least one property, regardless of income, because no one wants to be stuck paying rent for years. Home loans and EMIs are becoming more commonplace every day. The truth […]
How to Update Bank and Personal Information in an ITR?
The Tax Department gives you the ability to modify or change your bank and personal information after filing your income tax return (ITR), even after you’ve done so. Even yet, after submitting your ITR, you feel the need to amend these facts. If the taxpayer’s bank account, address, phone number, or email address change after […]
How to Claim Income Tax Refund?
When you have paid the government more in taxes than your actual tax obligation, you are entitled to get an income tax refund. This often occurs when a taxpayer’s advance tax, self-assessment tax payment, and/or TDS deduction are larger than their overall tax due for the financial year. When submitting your income tax return, you […]
4 Situations Where Personal Loan Interest Tax May Be Deducted
Borrowers can obtain money for personal needs through the use of a personal loan as a financial instrument. A personal loan may be utilised for all of these reasons and more, including last-minute vacation needs, unforeseen financial difficulties, and wedding costs. A quick personal loan may be readily applied for online and has much less […]
9 Tips to Make Sure You File IT Returns Timely
The season for submitting returns for the AY 2020–21 has officially begun, as is common knowledge. Everyone is now prepared to file their income tax returns by the deadline. Many taxpayers are wishing for an extension of the deadline as the due day for filing tax returns draws near. It is not advisable to file […]
Time to Prep for Filing Your Tax Return
Taxation is a complicated topic, and the frequently altering rules, procedures, and regulations may make anybody confused. An assesses has four months to have their tax returns ready to file. The field of tax preparation is expanding and offers the community a valuable and appreciated service. What does a Tax Preparer do? Most tax professionals prepare, submit, or offer assistance with standard tax forms. A tax preparer can represent a taxpayer before the IRS in addition to these fundamental services. Audits and problems with […]
GST State Codes and Jurisdiction
The GST jurisdiction is critical for the efficient processing of returns, applications, and assessments, as well as the availability of legal services. To make GST registration easier for enterprises and professionals, the government has classified jurisdictions based on geographical region, PIN numbers of various locales, and unique districts. What is the GST state code? The […]
Income Tax Basics
Income tax is a type of tax that the central government charges on the income earned during a financial year by the individuals and businesses. Taxes are sources of revenue for the government. Government utilizes this revenue for developing infrastructure, providing healthcare, education, subsidy to the farmer/ agriculture sector and in other government welfare schemes. […]
GST Penalties and Appeals in India
All Under GST, the return can be filed both online and offline. Under this new tax reform, there is common e-return for Central Goods & Service Tax (CGST), State Goods & Service Tax (SGST), Integrated Goods & service Tax (IGST) and Additional tax. Under GST, a registered taxpayer shall file GST return at the GST […]