Filing of nil tax returns is no different for any individual than filing regular income tax returns. You can e-file your returns online in a few simple steps.
This is a common problem when you use the right form but make mistakes in filling up the form or omit important items. However, you don't need to worry as the tax department gives you the option to rectify your error under section 154. The process is quite simple, Just log in to the e-filing portal and under the rectification tab, choose the order/intimation to be rectified and the assessment year.
The Indian Tax structure is complex, which is difficult for a common man to comprehend. Many times in absence of proper information and lack of awareness individuals neglect their tax formalities altogether.
STT is levied on purchase or sale of securities that are listed on the Indian stock exchanges. This would include shares, derivatives, or equity-oriented mutual funds units,
According to the Indian Stamp Act, 1899, the Central Government levies stamp duty on the exchange of instruments, where an instrument is defined as any document by which any right or liability is created, or is purported to be created, transferred, limited, extended, extinguished or recorded.
The Income Tax Act divides the income received by a person into five different heads. One of them is the income from house property that comprises the income earned by a person through the property(s) owned by him/her.
Are you a resident Indian with a gross taxable income exceeding Rs250,00 yearly? Or do you own any movable or non-movable assets in this country? If yes, then you need to file your Income Tax Returns (or ITR) every year.
Filing of income tax provides proof for your income as legal and disclosed. It helps you in many ways such as getting refunds, applying for loans, applying for tenders, startup funding etc.
Income tax paid by citizens constitutes a major chunk of the government’s revenue. It is imperative to pay taxes for the smooth functioning of the economy. Often a tedious expense, taxation also has perks to it.