Advance Tax Due Date for AY 2022-23 and for AY 2023-24 is listed below for easy reference. We will discuss what is advance tax, its applicability, Calculation of Advance tax instalment, challan details and how to pay online.
Link PAN to Aadhar by 31st March 2022 to continue your financial transactions. In other words, you will be able to buy or withdraw money only if you link PAN to Aadhar before the deadline.
Linking PAN with Aadhaar is a simple process. Yet, if you need help, check out How to link aadhaar with PAN card online step by step given below.
80TTB Deduction is a tax deduction given to senior citizens on the interest earned. The interest may be in the form of interest on a savings account or fixed deposits. The maximum amount of Deduction under section 80TTB is Rs 50,000.
New Form 26 AS released by Income Tax Department is an Annual Information Statement. The Central Board of Direct Taxes amends the Income-tax Rules, 1962. The New Form 26AS will come into effect from 1st June 2020.
CBDT provides one-time relaxation for electronically filed ITR V verification. It is applicable for the IT Returns filed for Assessment Yrs 2015-16 to 2019-20, which are pending due to non-filing of ITR-V form & processing of such returns. CBDT issues Circular No.13/2020 on 13th July 2020 in this regard.
Form 16 is a certificate of tax deduction at source. In simple words, it is proof of the tax deducted from your salary by your employer. As a taxpayer, you need form16 to file your income tax return for the financial year.
Also, it is mandatory for the employer to issue Form 16 under section 203 of the Income Tax Act, 1961. In this article, we will see what is Form 16, Eligibility salary, and how to get Form16 online.
PAN Card is a valid identity proof that is necessary for all financial transactions. Moreover, it is mandatory if you desire to file your income tax return. You can apply for PAN card either online or offline. This article will see in detail the step by step procedure to apply for PAN Card online through NSDL and UTIITSL.
80GG Deduction of the income tax act is one of the tax deductions you can claim for the rent paid by you. In this article, we shall see the eligibility criteria to claim Deduction under section 80GG, the maximum limit allowed and how to claim.
The income tax slab for AY 2021-22 below applies to individuals (resident or non-resident), HUF, Association of Person or Body of Individual, companies, partnership firms and companies. The income tax rate depends on the income slab that your income falls under and whether you opt for New or Old tax regime.
We have provided the tax slabs under the existing tax regime and the new tax regime to help you choose a suitable tax regime. Also, you may use the income tax calculator to find out your total tax liability.
Section 80TTA provides a deduction of Rs 10,000 on interest earned on the Savings account. However, only individuals and HUFs can claim deduction under this section.
So, Senior citizens can claim deduction under section 80TTB, which has a higher deduction limit of Rs 50,000. Furthermore, you cannot claim an 80TTA deduction for interest earned on time deposits such as fixed deposits or recurring deposits.