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.
One of the first documents that we are supposed to check when filing tax returns is the Form 26AS. This is automatically uploaded by the Income Tax department into your secured PAN access area in the e-filing website. Form 26AS is not only an important document but also one of the most authentic records of how much tax has been deposited by your deductor into the government account.
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.
This comprehensive guide explains everything you need to know about ELSS mutual funds, including tax benefits under 80C, lock-in period, risks, and investor suitability.
Learn why tax planning is crucial for long-term investments. This guide explores tax-efficient strategies that can optimize returns and reduce liabilities over time.
Tax planning is the most vital activity you can undertake to ensure a burden-free financial future.
Double taxation occurs when the same income gets taxed twice, either in two different countries or under two different tax regimes in the same country. This places an extra and unfair tax burden on taxpayers. However, India’s tax laws provide certain relief measures that you can avail to reduce the impact of double taxation on your finances. This article will discuss what double taxation relief […]
Learn why tax planning is crucial for long-term investments. This guide explores tax-efficient strategies that can optimize returns and reduce liabilities over time.
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.
Income Tax refers to the amount you pay directly to the government which is a percentage of the total income you earn in a financial year.
Patta Chitta is a land ownership record kept by the Tamil Nadu government. Learn more about Patta Chitta and its importance in this quick guide by India Infoline.
Individuals often earn income from various sources worldwide. However, not all countries tax foreign income earned by their residents. If you’re an Indian resident with income sourced from abroad, you may wonder about India’s taxation policies concerning such earnings. The Indian tax system does indeed impose taxes on foreign income. This article aims to explore all about taxation of foreign source income in India. Determining […]
Finance Bill is presented usually in the last week of February every year and this bill contains amendments in direct as well as indirect taxes. It is usually presented in the Parliament by the Finance Minister.
The tax structure in India is a three-tier which includes the Central Government, State Governments and Local Authorities.
Savings play a crucial role in creating a financial cushion in your life. In the absence of a regular income or uncertainty, it provides the necessary means to live comfortably.
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