Income Tax Notice to Salaried Employees: Reasons, Types & How to Respond
Are you a salaried employee who filed your Income Tax Return (ITR) on time but still received a notice from the Income Tax Department? Don’t worry—it’s more common than you…
What is Tax Deducted at Source (TDS)?
Tax Deducted at Source (TDS) is a tax collection mechanism introduced by the Indian government where tax is deducted at the very source of income. It ensures that tax is…
GST on Gold: Updated GST Rates for Gold, Jewellery, Coins, Bars, and Digital Gold
The introduction of Goods and Services Tax (GST) brought notable changes to the taxation structure of gold in India. Currently, a 3% GST is levied on both 24-carat and 22-carat…
How to File ITR Online: A Step-by-Step Guide to E-File Your Income Tax Return for FY 2024-25 (AY 2025-26)
An Income Tax Return (ITR) is a form that allows a taxpayer to report their income, expenses, tax deductions, investments, and taxes. According to the Income-tax Act of 1961, it…
Budget 2025: Date, Time, and How to Watch the Live Broadcast
The Union Budget is presented every year on February 1st by Finance Minister Nirmala Sitharaman. This will be her eighth budget presentation and the second budget of the Modi government’s…
What is House Rent Allowance: HRA Exemption, Tax Deduction, Rules & Regulations
House Rent Allowance (HRA) is an important component of an individual’s salary package. It serves as a valuable benefit offered by employers to help cover a part of an employee’s…
Last Date for ITR Filing for FY 2024-25 (AY 2025-26)
Filing your Income Tax Return (ITR) is an important step in managing your taxes. It’s essential to keep track of the latest deadlines and rules. This guide provides the ITR…
Understanding Notice under Section 142(1) of the Income-tax Act (ITA)
After you file your income tax return online, the Income Tax Department reviews it. If the assessing officer (AO) needs more information about any detail, they may send you a…
Section 80TTA of the Income Tax Act – A Guide to Claiming Deduction on Interest Income
Did you know that the interest you earn from your savings bank account is taxable? Many of us maintain savings accounts but are unaware that the interest received from them…
Summary of Penalties Under the Income Tax Act
Timely and accurate tax payments, along with consistent filing of returns, are essential to ensure the government has sufficient funds for public welfare initiatives. To discourage taxpayers from delaying payments…
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