Income from other sources includes earnings from freelance work, investments, rental properties, or any additional ventures.
While they serve different purposes, understanding their differences and significance is crucial for accurate tax compliance.
There are less than two weeks for filing your income tax returns. If somebody is working as a consultant or a freelancer, then the process of ITR applied is different
All cryptocurrency purchases, sales, and transactions are subject to a 30% capital gains tax on profits, with no provisions for reduced rates or deductions under Section 115BBH.
A new disclosure has been added for 'Income from retirement benefit accounts'. Disclosure is required to be made about the taxable income on which relief under section 89A was claimed earlier
Collect essential documents like Form-16 / 16A bank statements, investment proofs, and receipts for deductions
The income tax department gives you different options to reset your Income Tax e-filing portal password. Check out the step by step guide below
The form 10F is signed physically by the Non resident taxpayers and furnished along with the tax residency certificate to the resident payers for the purpose of determining withholding tax implication
It is expected that the proposed ITR form will be applicable from FY 2022-23 onwards
Its success, however, will hinge on the quality of online utilities launched along with it
Failure to verify return, incorrect bank address are key reasons for not receiving timely refund
As the deadline for filing ITR approaches, the demand for extending it has also grown
With this, Kotak Mahindra Bank becomes one of the first private banks to be fully integrated with the new Income Tax department portal
The documents you collect for this purpose will prove handy if an assessing officer conducts inquiry
However, you may have to pay a penalty and won't be able to carry forward most types of losses
The due date for ITR filing for the fin ancial year 2020-21 (the assessment year 2021-22) has been extended twice
To avoid any last-minute errors, one must remember to use the correct ITR form, collate all relevant income and expense documents for quick referral
Of the e-verified ITRs, more than 23.8 million ITRs have been processed and over 909.5 million refunds for AY 2021-22 have been issued
The income tax return (ITR) filing deadline for FY 2020-21 for individuals has already been extended, from the normal deadline of July 31, 2021
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