Process of ITRFiling The process of ITRfiling an income tax return (ITR) in India typically involves the following steps: 1. Gather Required Documents: Collect all relevant documents such as Form 16 (provided by your employer), salary slips, bank statements, investment proofs, and other supporting documents related to your income and deductions. 2. Determine the… Read More »
Exempt from filing ITR Website link Exempt from filing ITR: As of September 2021, certain individuals are exempt from filing Income Tax Return (ITR) in India if they meet certain criteria. The exemption from filing ITR is available to individuals who satisfy the following conditions: Individuals below the age of 60 years: Total income does… Read More »
Need to File ITR Who no Need to file ITR in India, certain individuals may not need to file an income tax return (ITR) if they meet specific conditions. Here are some categories of individuals who generally do not need to file an Income Tax Return: 1. Individuals below the Exemption Limit: If your… Read More »
ITR with Balance sheet No, it is not mandatory to file the ITR with balance sheet in India. However, certain taxpayers such as companies, firms, and LLPs require to file a copy of their balance sheet along with their income tax return. Individuals and HUFs (Hindu Undivided Families) generally do not require to file their… Read More »
Section 40B Section 40B of the Income Tax Act pertains to the deduction of remuneration paid to partners from the taxable income of a partnership firm. This provision outlines the guidelines and regulations regarding the treatment of partner’s remuneration for tax purposes. As per this section, the payment of interest, salary, bonus, commission, or… Read More »
What is the rate of TDS deduction on dividend income The rate of TDS (Tax Deducted at Source) deduction on dividend income in India depends on the type of recipient and the amount of dividend income received. For resident individuals, Hindu Undivided Families (HUFs), and firms, there is no TDS on dividend income up to… Read More »