Category: ITR

Advantages of filing an Income Tax Return

October 25, 2021 By newtaxindia Off

Who should file Income Tax Return and what are the advantages of filing an Income Tax Return?Any person as described under to section 2(31) of Income tax act are required to file Income tax return if their total net income falls under the taxable category.…

Main changes in ITR Forms for AY 2021-22 for ITR 6

October 13, 2021 By newtaxindia Off

Who is eligible to use this Return Form?This Return Form can be used by a company as per section 2(17) of the Income Tax Act, This form is filed by a company other than a company which is required to file return in Form ITR‐7.…

Infosys said over 1.5 crore ITRs Filed

September 24, 2021 By newtaxindia Off

Infosys is committed to making rapid progress in further streamlining end-user experience Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, today shared further updates on the progress it is making on the Income Tax E-Filing Portal. Over the last…

How to Handle Mismatch of Form-16 and Form 26AS?

September 22, 2021 By newtaxindia Off

Taxpayers are ought to submit their respective Income Tax Return within the stipulated time frame to avoid penalties. There are basically two major documents that you need for filing your annual returns namely Form 16 and Form 26AS. These two documents are complementary and should…

Do not make these mistakes when filing an ITR

September 8, 2021 By Damodhar C Off

Filing of income tax returns (ITR filing) is mandatory for those whose annual income exceeds Rs 2.5 lakh. In case of old age, ITR should be filed only if the income exceeds Rs. 3 lakhs. Beyond 75 years .. Those earning only on pension and…

If IT returns are not filed by the deadline

September 2, 2021 By Damodhar C Off

The Central Government has extended the deadline for filing income tax returns. However, if you fail to file your returns even within that time, you will be charged Rs. 5,000 fee is payable. According to information provided by the Ministry of Finance, the deadline for…

Simple and Advance preparation for ITR Filing

September 1, 2021 By Damodhar C Off

Simple and Advance preparation for ITR Filing (FY 2020-21 / AY 2021-22) The ITR filing season has begun. Before you file your ITR, you need to do some groundwork to ensure that the actual process of working out the numbers for your ITR and filing…

Who can file ITR-1 & Who should not File?

August 26, 2021 By Damodhar C Off

Form ITR-1 is also known as Sahaj. Most taxpayers use this form. This is especially true for wage earners and Indian citizens earning less than Rs 50 lakh. Another important thing to remember here is that ITR-1 Form cannot be filed if the income from…