Investing is not only a thing that should be done when you are young but senior citizens can also park their money in investment tools that not only offer risk-free returns but also allow tax deductions. It is ideal for an individual to commence their tax-saving at the beginning of a new fiscal year...

As per the provisions of the Income-Tax (I-T) Act, 1961, the accumulated balance in EPF that is payable to an employee is excluded from the computation of the total income, in case certain conditions are met....

It is tax season, and once you have filed your income tax return (ITR), you can check to see if the Income Tax Department has accepted and processed your ITR. In specific cases where differences are detected, you may be required to react to the ITD notification. It is the season to file your income ...

If an individual missed the deadline to file an income tax return (ITR), then a late filing fee of up to Rs 5,000 is levied. However, there are certain individuals who can file their ITR without paying a penalty even after the expiry of the deadline. Let us take a look at who will not […]...

Budget 2021 announced an exemption from the ITR filing process for senior citizens above a certain age. This exemption is available to senior citizens provide they satisfy certain conditions. If the specified conditions are met, he/she is required to submit a declaration during the previous year (i....

In November 2021, the income tax department has launched the AIS. It may happen that you have forgotten to check it before filing ITR. What are the repercussions of not checking AIS before filing ITR?...

1. Loan not available against full depositA PPF account holder is eligible to avail of a loan after the third financial year, although this option is only available until the end of the sixth financial year. However, one cannot avail of a loan for the complete amount. A maximum of 25% of the sum ava...

Updated ITR Filing 2022: The Income Tax Department recently announced a new form for filing of Updated Income Tax Returns. A new concept of updated return was introduced in Budget 2022. It allows taxpayers to amend their ITRs within two years from the end of the relevant assessment year. The new pro...