Five High-Value transactions Could Be Investigated by Income Tax department

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There has been a prevailing misconception in recent times concerning the Income Tax Department’s (ITD) ability to track cashless transactions. Contrary to popular assumption, though, the ITD employs sophisticated technologies to closely examine transactions, eliminating any possibility of evasion. Banks and other financial institutions immediately notify the tax offices of any transactions that surpass predetermined thresholds, whether they are made…

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Process to Claim Tax Benefits for Home Loans

One of the most important aspects of a person’s life is purchasing or building his or her own home. Nowadays, some people build houses to meet their own needs, while others purchase flats or houses from builders. In both cases, the majority of people obtain a home loan. In such a situation, you should be aware that having a home…

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Process of filing ITR Online

ITR

Meaning of E-filing The process of filing the ITR (Income Tax Return) electronically is called E-filing.it is a very quick, easy process. it can be completed at an individual’s home or office. It also saves your money as you don’t have to hire anybody to file your ITR. You can do it very easily at your home. Registration on E-filing…

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How to save Income Tax on Income from salary for Individuals

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There is a large group of whole real methods for sparing assessment under the Income Tax Act, 1961. These incorporate assessments sparing common assets, NPS, protection premiums, therapeutic protection and numerous others. In this article, we spread all the real expense derivations under the Income Tax Act: 1. Go through your Rs 1.5 lakh limit under Section 80C The beneath…

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Income Tax standard deduction for FY 2019-20

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New Year and new budget preparation. So what will 2019 bring in new for us? Well, a new budget plan. Budget preparation is already going on in a full swing and it seems everyone is waiting with their eyes wide open to know about the upcoming budget plan which is going to be announced on 1st February 2019 by our…

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Want to know about the deduction from the salary for the upcoming income year 2019-2020?

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The Finance Minister, in Budget 2018, has not gotten the much-expected changes in assessment pieces. Nor has he amended on Section 80C concerning the raising cutoff points for the individual citizens. Nonetheless, the salaried class still have something to celebrate about after the financial plan.   He has proposed to reintroduce the ‘Standard Deduction’ of Rs 40,000. What is a…

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