The government has extended the timelines for various income tax compliances, including the filing of belated or revised return for 2019-20 fiscal, till May 31. The Central Board of Direct Taxes (CBDT) has said that the filing of the belated income tax return under sub-section (4) and revised return...

F.No.225/49/2021 -ITA-IIGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, Dated 20th May, 2021 Subject: Extension of time limits of certain compliance to provide relief to taxpayers in view of the severe pandemic The Central Board of Direct Taxes, in ...

A new income tax regime was introduced in Budget 2020 with more tax slabs and lower tax rates. The main motive behind this is to remove the dependency of citizens on tax consultants and simplify the tax structure. The new tax regime has reduced tax slabs for individual and HUF taxpayers with a condi...

Articles Discusses Income Tax Benefits Available to Senior Citizens in India. A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that financial year, gives him some relief. There a...

Tax planning is a part of financial planning Though it is difficult to avoid taxes, you can strategies to reduce the tax outgo efficiently Two Important Steps 1) To choose between the old tax (with deduction) & new regime (without deduction) One has to careful analyze & compar...

Common tax-saving mistakes: ♦ Not exhausting all the tax-saving avenues: -There are various investment schemes notified under section 80C along with certain expenses, do cover all in your checklist. -Apart from 80C, one must look at section 80CCC (included under the section 80C limit) and sect...

If you want to sell your house property there are certain income tax implications that will help you to save your tax and help to build a better decision about selling your house. 1. If a property is sold within three years of buying it, any profit from the transaction is treated as a short-term ca...