Taxes

Received Income Tax Notice – Here how to Respond to it

Income Tax Notice and What to do about it

Once the ITR is submitted and verified by the tax payer, the department goes through every return in automated/manual fashion to check if everything was correct and matches with the data available with them. In case they find a wrong/doubtful entry or have further questions about any declared or undeclared income or deduction or exemption, […]

Received Income Tax Notice – Here how to Respond to it Read More »

Since the amount disclosed in income chargeable under the head salaries is less than 90% of Salary reported in TDS 1, please ensure to fill details in Others in Exempt Income

Error while filing ITR - amount disclosed in income chargeable under the head salaries

Since the amount disclosed in income chargeable under the head salaries is less than 90% of Salary reported in TDS 1, please ensure to fill details in Others in Exempt Income – an error that many of salaried tax payers are facing while filing their income tax returns. In this post we tell you why

Since the amount disclosed in income chargeable under the head salaries is less than 90% of Salary reported in TDS 1, please ensure to fill details in Others in Exempt Income Read More »

Verification in ITR – I further declare that I am making returns in my capacity as ….

ITR Verification - Capacity as

After you fill up your income tax return forms, the last section asks for Verification. The statement reads as: I, (full name in block letters),                                      son/ daughter of                              solemnly declare that to the best of my knowledge and belief, the information given in the return and the schedules thereto is correct and complete and

Verification in ITR – I further declare that I am making returns in my capacity as …. Read More »

Cost Inflation Index for Capital Gain for FY 2021-22 is 317

cost inflation index for capital gain

The CBDT (Central Board of Direct Taxes) notifies the Cost Inflation Index for Capital Gain every year. The latest Cost inflation index for Financial Year 2021-22 / Assessment Year 2022-23 vide Notification No. 73/2021-Income Tax | Dated: 15th June, 2021 is 317. What is Cost Inflation Index? As the name “Cost Inflation Index” suggests it’s

Cost Inflation Index for Capital Gain for FY 2021-22 is 317 Read More »