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Income Tax – Latest Updates, Basics, Tax Slabs, Income Tax Department & Laws – Income Tax Guide 2022-23

Income Tax in India 2022-23 - Basics, Income Tax Department, Rules, ITR Filing, Tax Slabs & Deductions

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What is Income Tax? Income tax is a type of direct tax the central government charges on the income earned during a financial year by the individuals and businesses. It is calculated based on the tax slabs defined by Income Tax Department.
 

What’s New in Income Tax


  . 02 May 2022 – CBDT notifies form for filing the ‘Updated’ income tax returns

 

  • 27 April 2022 – Form 26A, Form 27BA, Form 10BD & Form 10BE are available on the income tax portal.

 

  • 20 April 2022 – Income Tax Portal announced that UDIN update functionality is enabled for Forms filed from June 2021 onwards.

 

Budget 2022 Updates

  • New provision is introduced to allow taxpayers to update the past return and include omitted income by additional tax payment.

  • Income from transfer of digital assets such as crypto to be taxed at 30%.

  • The surcharge on the long-term capital gains (LTCG) has been capped at 15%

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What is Income Tax?

 

 

 

 

 

 

 

 

 

Income tax is a type of tax that the central government charges on the income earned during a financial year by the individuals and businesses. Taxes are sources of revenue for the government. Government utilizes this revenue for developing infrastructure, providing healthcare, education, subsidy to the farmer/agriculture sector and in other government welfare schemes. Taxes are mainly of two types, direct taxes and indirect form of taxes. Tax levied directly on the income earned is called as direct tax, for example Income tax is a direct tax. The tax calculation is based on the income slab rates applicable during that financial year.

Direct Taxes are broadly classified as :

  • Income Tax – This is taxes an individual or a Hindu Undivided Family or any taxpayer other than companies, pay on the income received. The law prescribes the rate at which such income should be taxed

  • Corporate Tax – This is the tax that companies pay on the profits they make from their businesses. Here again, a specific rate of tax for corporates has been prescribed by the income tax laws of India.

Who should pay Income Tax? – Types of Tax Payers

he Income tax Act has classified the types of taxpayers in categories so as to apply different tax rates for different types of taxpayers.
Taxpayers are categorized as below:

  • Individuals

  • Hindu Undivided Family (HUF)

  • Association of Persons(AOP)

  • Body of Individuals (BOI)

  • Firms

  • Companies

Further, Individuals are broadly classified into residents and non-residents.Resident individuals are liable to pay tax on their global income in India i.e. income earned in India and abroad. Whereas, those who qualify as Non-residents need to pay taxes only on income earned or accrued in India. The residential status has to be determined separately for tax purposes for every financial year on the basis of the individual tenor of stay in India.Resident Individuals are further classified into below mentioned categories for tax purposes-

  • Individuals less than 60 years of age

  • Individuals aged more than 60 but less than 80 years

  • Individuals aged more than 80 years

Types of Income – What are the 5 heads of income?

  Everyone who earns or gets an income in India is subject to            income tax.(Yes, be it a resident or a non-resident of India ).For simpler classification, the Income tax department breaks down income into five main heads:

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Head of Income       Nature of Income covered

Income from
Other Sources

Income from
House Property

Income from
Capital Gains

Income from
Business and
Profession

Income from savings bank account interest, fixed deposits, winning in lotteries is taxable under this head.

Income earned from renting a house property is taxable under this head of income.

Surplus Income from sale of a capital asset such as mutual funds, shares, house property etc is taxable under this head of Income.

Profits earned by self employed individuals, businesses , freelancers or contractors & income earned by professionals like life insurance agents, chartered accountants, doctors and lawyers who have their own practice, tuition teachers are taxable under this head.

Income earned from salary and pension is taxable under this head of
income

Income from
Salary

Taxpayers and Tax Slabs

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Each of these taxpayers is taxed differently under the Indian income tax laws. While firms and Indian companies have a fixed rate of tax calculated on their tax profits, the individual,HUF, AOP and BOI taxpayers are taxed based on the income slab they fall under. People’s incomes are grouped into blocks called tax brackets or tax slabs. And each tax slab has a different tax rate.Rate at which income is charged to tax increases with increase in income. Budget 2020 introduced a ‘New tax regime’ for the Individuals and HUF taxpayers :

What is the Existing / Old Income Tax Regime?

The old tax regime provides 3 slab rates for the levy of income tax which are 5%, 20% tax rate and 30% for different brackets of income. The individuals have been given the option to continue with this Old tax regime and they can claim deductions of allowances like Leave Travel Concession (LTC), House Rent Allowance (HRA), and certain other allowances. Additionally, deductions for tax saving investments as per section 80C (LIC, PPF ,NPS etc) to 80U can be claimed. Standard deduction of Rs 50,000, a deduction for interest paid on the home loan.
Tax slab rates applicable for Individual taxpayer below 60 years for the Old tax regime is as below

Income Range

Tax
rate

Tax to be paid

Up to Rs.2,50,000

Between Rs 2.5 lakhs and Rs 5 lakhs

Between Rs 5 lakhs and Rs 10 lakhs

Above 10 lakhs

0

5%

20%

30%

No tax

5% of your taxable income

Rs 12,500+ 20% of income above Rs 5 lakhs

Rs 1,12,500+ 30% of income above Rs 10 lakhs










There are two other tax slabs for two other age groups: those who are 60 and older and those who are above 80.A word of note: People often misunderstand that if they earn let’s say Rs.12 lakhs, they will be paying a 30% tax on Rs.12 lakhs i.e Rs.3,60,000. That’s incorrect. A person earning 12 lakhs in the progressive tax system, will pay Rs.1,12,500+ Rs.60,000 = Rs. 1,72,500. Check out the income tax slabs for previous years and other age brackets.

Income Tax Slabs Under New Tax Regime

From the FY 2020-21, a new tax regime is available for individuals and HUFs with lower tax rates and zero deductions/exemptions. Individuals and HUF have the option to choose the new regime or continue with the old regime.The new tax regime is optional and the choice should be made at the time of filing the ITR. If the old regime is continued than all the deductions/exemptions as available can be availed by the taxpayer. The income tax slabs under the new tax regime are:

Most of the deductions like deductions and exemptions are not allowed if the taxpayers opts for the New Tax regime. However he exemptions and deductions available under the new regime are:

  • Transport allowances in case of a specially-abled person.

  • Conveyance allowance received to meet the conveyance expenditure incurred as part of the employment.

  • Any compensation received to meet the cost of travel on tour or transfer.

  • Daily allowance received to meet the ordinary regular charges or expenditure you incur on account of absence from his regular place of duty.

Exceptions to the Income Tax Slab

One must bear in mind that not all income can be taxed on slab basis. Capital gains income is an exception to this rule. Capital gains are taxed depending on the asset you own and how long you’ve had it. The holding period would determine if an asset is long term or short term. The holding period to determine nature of asset also differs for different assets. A quick glance of holding periods, nature of asset and the rate of tax for each of them is given below.

Financial year

The financial year is a one-year period that the taxpayers use for accounting and financial reporting purposes. It is the year in which the income is earned. According to the Income Tax Act, such a period begins from 1st April of the calendar year to 31st March of the next calendar year. It is abbreviated as “FY”. For example, for the financial year starting from 1st April 2021 and ending on 31st March 2022, it can be written as FY 2021-22.

Assessment year

The one year period from 1st April to 31st March starting immediately after the financial year is termed as assessment year. This period is called the assessment year because all the taxpayers have to evaluate their income earned in the financial year and pay taxes in this year. For example, for incomes earned during the FY 2023-24, the assessment year will be AY 2024-25.

Assessee

The assessee is a person or a group who assesses his/her income and pays tax as per the Income Tax Act. The assessee can be an individual, a partnership firm, a company, an Association of Persons (AOP), trust, etc.

What is PAN?

PAN is an abbreviation for the Permanent Account Number. It is a unique 10-digit alphanumeric digit issued by the Income Tax Department to Indian taxpayers. All the tax-related transactions and information of a person are recorded against their unique permanent account number. When the person has to pay advance tax or self assessment tax, he/she needs to mention the PAN number. Also, where the person submits his PAN to certain entities like banks, mutual fund companies, etc. The financial information from such entities goes to the income tax department via PAN. This allows the taxman to link all tax-related activities with the department. Hence, just by putting a permanent account number the taxman can identify all your financial transactions.

What is TAN?

TAN is an abbreviation for Tax Deduction and Collection Account Number. It is a unique 10 digit alpha numeric digit allotted by the Income Tax Department of India. All persons responsible for deduction (TDS) or collection of tax (TCS) are reresponsible for obtaining TAN. It is compulsory to quote the TAN in TDS/TCS return, any TDS/TCS payment challan, and TDS/TCS certificates.

Residents and non residents

Levy of income tax in India is dependent on the residential status of a taxpayer. Individuals who qualify as a resident in India must pay tax on their global income in India i.e. income earned in India and abroad. Whereas, those who qualify as Non-residents need to pay taxes only on their Indian income. The residential status has to be determined separately for every financial year for which income and taxes are computed.

Income Tax Payment

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Tax Deducted at Source (TDS)

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For specified payments, tax is deducted at source by the payer when making payment to the recipient of income. The recipient of income can claim the credit of the TDS amount by adjusting it with the final tax liability

Advance Tax

The taxpayer must pay tax in advance when his estimated income tax liability for the year exceeds Rs 10,000. The government has specified due dates for payment of advance tax installments.

Self-Assessment Tax

It is the balance tax that the taxpayer has to pay on the assessed income. The self-assessment tax is calculated after reducing the advance tax and TDS from the total income tax calculated on the assessed income.

e-Payment of Taxes

The taxpayers can pay advance tax, self-assessment tax online from the NSDL website. However, the taxpayer should have a net banking facility with an authorised bank.

Filing your ITR

Filing of income tax return online has been made mandatory for all classes of taxpayers barring few exceptions :

  • Taxpayers aged 80 and above need not filed return online

  • Taxpayers having an income less than Rs 5 lakhs and not claiming a refund need not file return online

Income Tax Return

The taxpayer shall file an income tax return every year via ITR forms prescribed by the income tax department. The government has prescribed seven ITR forms through which the taxpayer can file his income tax return. The taxpayer has to choose the appropriate ITR forms and file his income tax return.

Income Tax Forms List

The seven ITR forms are:

  • ITR-1: Individuals (residents) having income from salary, one house property, other sources, agricultural income less than Rs 5,000 and with a total income of up to Rs 50 lakh

  • ITR-2: Individuals/HUFs not having any business or profession under any proprietorship

  • ITR-3: Individuals/HUFs having income from a proprietary business or profession

  • ITR-4: Individuals/HUFs having presumptive income from business or profession

  • ITR-5: Partnership firms or LLPs

  • ITR-6: Companies

  • ITR-7: Trusts

Documents Required for ITR Filing

Form 16, Form 26AS, Form 16A, proof of tax saving investments made, bank account details etc are some of the crucial details / documents that you need to be ready with before filing your return. Further the documents you are going to need to file your tax return are largely going to depend on your source of income. Here is our detailed article on documents you need for filing of your return of income


 

How can I calculate my income tax?

Individuals should calculate income tax depending on the nature of income. The salaried individual can take the eligible exemptions available for various allowances received. Individuals/HUF can take a deduction under Sections 80C to 80U, deduct it from the gross total income, and calculate the income tax liability. Also, the total income tax liability should be adjusted by the taxes paid, such as advance tax, TDS, etc. Also, the taxpayer should apply the effect of rebate under Section 87A and relief under Section 89, Section 90, and Section 91 to arrive at the net amount of income tax payable.

Every income that your receive should form part of your income tax return. Of course, the law does provide for exemption of certain incomes eg. dividend income from an Indian company, LTCG on listed equity shares upto Rs 1 lakh in any financial year etc. Therefore, here is a quick guideline you can probably follow to compute taxes due on your income:

  • List down all your income – be it salary, rental income, capital gains, interest income or profits from your business or profession

  • Remove incomes that are exempt under law

  • Claim all applicable deductions available under every source of income . eg claim standard deduction of Rs 50,000 from salary income, claim municipal taxes from rental income, claim business related expenses from your business turnover etc

  • Claim all applicable exemptions under every head of income eg. amount reinvested in another house property can be claimed as exemption from capital gains income etc

  • Claim applicable deductions from your total income eg the 80 deductions like 80C, 80D, 80TTA, 80TTB etc

  • You will now arrive at your taxable income. Check the tax slab you fall under and accordingly arrive at your income tax payable.

The government keeps introducing and altering tax slabs, schemes and tax benefits, so it’s a good idea to keep up with the Budget.


 

What is computation of income?

The process of calculating taxable income after taking into account the income from all the five heads (salary, house property, capital gains, business or profession, and other sources), exemptions, deductions, rebate, set off of losses, etc., is called computation of income. After computation of income, the taxpayer can compute the income tax liability as per the Income Tax Act.


 

Rebate u/s 87A

Rebate under Section 87A allows taxpayers reduce their income tax liability. If you are a resident individual and the amount of your total income after reducing Chapter VI-A deductions (Section 80C, 80D, 80U, etc) does not exceed Rs 5 lakh in a financial year, you can claim a tax rebate up to Rs 12,500. This means, if your total tax payable is less than Rs 12,500, then you will not have to pay any tax.


 

e-File Returns

The taxpayer shall electronically file the income tax return through the e-filing platform of the IT department. To file the income tax return, the taxpayer should first register himself at www.incometax.gov.in. Thereafter, the taxpayer can log in to the website and file his ITR. Also, there is no need to manually send the acknowledgement of the return to the income tax department. The income tax department now allows e-verification of the ITR in different ways, which completes the income tax return process.


 

What is ITR –V?

Form ITR-V is an income tax return verification form generated after the taxpayer submits files income tax return and submits it to the income tax department. The ITR-V should be e-verified or must be sent to CPC Bangalore at “Income Tax Department – CPC, Post Box No – 1, Electronic City Post Office, Bangalore – 560100, Karnataka” for verification. The ITR processing takes plae only if its verification is completed.


 

Did you e-file your Tax return for this year?

You can file your Income Tax Return on Fastzeal. Even if you don’t know anything about taxes, we will take you step-by-step and help you e-file.Check Fastzeal Income Tax E Filing


 

Income Tax Saving Instruments

The taxpayer can save tax by tax planning. A taxpayer can do tax planning by investing in tax-saving instruments. It helps in reducing the income tax liability. Section 80C to 80U of the Income Tax Act allows a deduction for certain expenditures and investments from the total computed income. Some of the popular Section 80C investments are:

Health Insurance and Medical Expense Deduction

Apart from the 80C deduction, a taxpayer can also take a tax benefit under Section 80D for health insurance premium and medical expenditure incurred for self, family and parents.

Education Loan Deduction

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Under Section 80E, the taxpayer can claim a deduction for the interest paid on a loan taken for higher education. There is no limit to claim such a deduction in the income tax return.

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Home Loan Deduction

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Under Section 24, the taxpayer can claim a deduction for interest paid on a housing loan during the relevant financial year. The amount of deduction will depend upon whether the house is self-occupied or let out. The taxpayer can also claim a deduction of the principal amount of loan under Section 80C up to Rs 1.5 lakh.

Deduction for Interest Income

The taxpayer can also claim a deduction for interest on deposits from banks under Section 80TTA of the Income Tax Act. The individuals can claim up to Rs 10,000 deduction under the said section.

Important Income Tax Dates 2022

  • 15th June 2022 – Due date for the first instalment of advance tax for the FY 2022-23

  • 15th July 2022 – Income tax return filing for FY 2021-22 for individuals and entities not liable for tax audit and who have not entered into any international or specified domestic transaction

  • 15th September 2022 – Due date for the second instalment of advance tax for the FY 2022-23

  • 30th September 2022 – Submission of audit report (Section 44AB) for AY 2022-23 for taxpayers liable for audit under the Income Tax Act.

  • 31st October 2022 – ITR filing for taxpayers requiring audit (not having international or specified domestic transactions).

  • 31st October 2022 – Submission of audit report for AY 2022-23 for taxpayers having transfer pricing and specified domestic transactions

  • 30th November 2022 – ITR filing for taxpayers requiring audit (not having international or specified domestic transactions).

  • 15th December 2022 – Due date for the third instalment of advance tax for the FY 2022-23

  • 31st December 2022 – Last date for filing a belated return or revised return for FY 2021-22.


 

Income Tax Law

Income Tax Act

The Income Tax Act includes all the provisions that govern the country’s taxation. Every year, the Finance Minister presents a budget in February. The Union Budget brings in various amendments to the Income Tax Act. The most recent Union Budget presented by the current Finance Minister included the introduction of a new tax regime.

Apart from the IT Act, the other components of the income tax law are income tax rules, circulars, notifications and case laws. All of these help in the implementation of income tax law and collection of taxes.

About Income Tax Department India

The income tax department is a government agency. The Act empowers the income tax department to collect direct tax on behalf of the Government of India. The Ministry of Finance manages the revenue functions of the Government of India. The finance ministry has given the task of administration of direct taxes like Income-tax, etc., to the Central Board of Direct Taxes (CBDT). The CBDT is one of the parts of the Department of Revenue in the Ministry of Finance. The CBDT administers the direct tax laws through the IT Department. Thus, The income tax department is a government agency that administers the Income-tax law under the control and supervision of the CBDT. The Income tax department has been given the power to collect direct tax on behalf of the Government of India.


 

Budget 2022 – All Income Tax Related Announcements

    • New updated return: A new provision is introduced to allow taxpayers to update the return and include any omitted income on payment of additional tax. The updated return needs to be filed within two years from the end of the relevant assessment year.

 

    • Surcharge: Corporate surcharge to be reduced from 12% to 7%.

 

    • Startups: The eligible startups under Section 80-IAC benefits are now extended to the eligible startups incorporated until March 31, 2023.

 

    • Alternate Minimum Tax: AMT to be reduced to 15% for co-operative societies.

 

    • Crypto taxation: Income from transfer of digital assets such as crypto to be taxed at 30%. No deductions will be allowed except the cost of acquisition of digital assets. Loss on sale of digital assets cannot be set off against any other income. TDS at 1% will be levied if income is over the threshold. Gifting of digital assets will be taxable in the hands of the recipient.

 

    • NPS: The Finance Ministry has proposed to increased the deduction limit of employers contribution to the National Pension Scheme (NPS) Tier-I account for state government employees from 10% to 14%.

 

    • Section 80DDB: The parent/guardian of the differently-abled can take a tax deduction for payment to the insurance scheme that provides for the payment of the annuity or lump sumto the differently-abled dependant during the lifetime of the parent and guardians on attaining their age of sixty years or more, and the payment or deposit to such scheme has been discontinued.

 

    • Eligible business deductions: Any surcharge and cess levied on income are not allowed as business expenditure.

 

    • Losses set off rules: Brought forward loss cannot be set off against undisclosed income detected during any survey or search.



 

Income Tax – FAQs

  • When it is mandatory to file return of income?

    The companies and firms are mandatorily required to file an income tax return (ITR). However, individuals, HUF, AOP, BOI should file ITR if the income exceeds the basic exemption limit of Rs 2.5 lakh. This limit is different for senior citizens (Rs 3 lakhs) and super senior citizens (Rs 5 lakh).

  • Can i file return of income even if my income is below taxable limits?

    Yes, you can file return of income voluntarily even if your income is less than basic exemption limit

  • What documents are to be enclosed along the return of income?

    There is no need to enclose any documents with the return of income. However, one should retain the documents to produce before any competent authority as and when required in future.

  • Should I disclose all my income in the return even if it is exempt?

    Yes. Income from every source including exempt income must be disclosed. The same can be shown under the Schedule EI.

  • Should I e-verify to get the IT refund?

    e-Verification of the income tax return filed electronically is mandatory to complete the process of ITR filing. One should e-verify income tax returns within the stipulated time. Non-verified ITR will be treated as invalid. You can e-verify ITR by Aadhaar OTP, bank ATM, Electronic Verification Code (EVC), and net-banking.

  • Can I take Section 87A rebate from tax on long-term and short-term capital gains if there is no other income?

    You can take rebate under Section 87A from tax on long-term and short-term capital gains. However, if there is long-term capital gain from sale of equity shares or equity oriented funds (Section 112A), you cannot adjust rebate under Section 87A from tax on such LTCG.

  • Can I file a return after completion of the assessment year?

    The Budget 2022 has proposed to introduce an ‘Updated’ return that can be filed within 24 months of the end of the relevant AY, on the payment of additional tax. Even if you have not filed original return before the due date specified in the Income Tax Act, you can file the ‘updated’ return.

Latest Income Tax News Articles

Learn how to claim Section 80G deduction as per changed income tax rules [17 May 2022]
If you want to claim a deduction under Section 80G for donations made to specified institutions during the financial year 2021-22, you can do so if Form 10BE is issued by the charitable organisation. The income tax rules to claim 80G deduction are changed from the assessment year 2022-23.
 

Important Cash Transaction Limits and Penalties Under Income Tax That You Need to Know About [14 April 2022]
In India, there are a lot of transactions that go unaccounted for, with people often transacting in cash to avoid the government’s radar. To curtail the black money menace, the government has put several limits that individuals and businesses need to adhere to when they transact in cash.
 

Loss from one crypto asset cannot be adjusted with gains from another [23 March 2022]
The government had clarified the crypto taxation provisions introduced in Budget 2022. As per the new law on crypto taxation, the taxpayer has to pay 30% tax on the income earned from the transfer of crypto assets. No deductions are allowed to be taken from the income except the acquisition cost.
 

5 Methods to Verify Your Income Tax Return Other Than by Aadhaar [22 March 2022]
ITR verification through a one-time password linked to an individual’s Aadhaar is one of the popular and quicker ways to do it. But here are 5 other ways in which a taxpayer can verify their income tax return.
 

Pay the last advance tax instalment for FY 2021-22 by 15th March [14 March 2022]
The last advance tax instalment for FY 2021-22 is due on 15th March 2022. The advance tax payment helps you stay a step ahead of your tax liabilities so that you are not left worrying about how much you owe to the income tax department.
 

Know when the income tax exemption applies for gifts received as crypto assets [24 February 2022]
In Budget 2022, the government has proposed that the gifts received as cryptocurrency, Non-Fungible Tokens (NFTs), etc. or the transfer of such assets without consideration shall be taxable in the hands of the recipient. The Finance Bill 2022 has defined cryptocurrency, NFTs, etc., as ‘Virtual digital assets’ (VDA).
 

Know the taxation rules for income F&O trading [15 February 2022]
Futures and options are stock derivatives that are traded in the stock market. It is a contract between two parties for trading stock or index at a particular price or level at a future date. While many people trade in futures and options, it is advisable to understand the income tax implications before investing in them. Here is what you need to know.
 

Tax deductions available to the taxpayers on home loan [11 February 2022]
For the homeowners, interest paid on housing loans can maximise their income tax savings. Let’s see how much a home loan can reduce your taxable income.
 

Union Budget 2022: Key Amendments in Taxation Decoded for the Taxpayers [01 February 2022]
The Finance Minister presented the Budget 2022 speech today. There were no changes in the individual taxpayer’s tax slab rates, but the finance minister provided new taxation rules for the income generated from virtual digital assets. Let’s look at the key amendments in the Finance Bill 2022 for the taxpayers.
 


 

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    Pursuant to Instruction No. 01/2018 dated 12th of February, 2018 on conduct of electronic assessment proceedings,this Scheme has been notified by the CBDT

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    Different types of forms which a taxpayer can file. Difference between the forms and the consequences of delay in the filing of forms.

  • PAN Card – What is PAN, Overview, Eligibility & How to Apply for PAN Card

    Complete PAN Card Guide 2021 - ✔️What is PAN ✔️PAN Card Overview ✔️Types of PAN ✔️Uses ✔️Eligibility ✔️Documents needed ✔️Structure ✔️PAN Enrollment ✔️Updating PAN Details ✔️PAN for e-KYC | PAN is a unique identification number assigned to Indian taxpayers.

  • TDS Challan Correction Procedure – Offline , Online in Traces

    Now that you have paid tax deducted to the account of Central Government, what if there is any inadvertent mistake while making payment. Know more

  • Intimation Under Section 143(1) of Income Tax Act – ITR Intimation Password

    Income tax department carries out a preliminary assessment of all the returns filed and sends an intimation to taxpayers under 143(1). Know more about ITR Section 143 (1), intimation password, return revision, etc.

  • Unexplained Cash Credit ( Section 68 ) – Tax Treatment of Cash Credits

    Credit of any sum to the taxpayer requires to be offered to tax unless it is specifically exempted as per tax provisions.Know more about Section 68 on unexplained cash credit & its treatment.

  • VPF ( Voluntary Provident Fund )

    VPF ( Voluntary Provident Fund )is the voluntary fund contribution from the employee towards his provident fund account. It also belongs to EEE category.

  • CBDT’s Central Action Plan for 1st Quarter of FY 2018-19

    The CBDT has very recently come up with the Central Action Plan for the first quarter of the Financial Year (FY) 2018-19. Read on for the Key Result Areas..

  • Notices Issued Under the Income Tax Act

    The article gives a basic understanding of the most commonly issued income tax notices issued by the department. The reasons why the notice is issued and the timelines till when the notice can be issued.

  • OLTAS – Online Payments & Refunds

    A brief understanding of how OLTAS can be used for making tax payments online and also on how it can be used for understanding the status of refund dues

  • OLTAS TDS Challan Status Enquiry

    This article gives a detail understanding on how the status of a challan can be found out either by a taxpayer or by the banks. Read on

  • Securities Transaction Tax (STT)- Applicability, levy and collection, income tax implications

    STT is a direct tax levied on every purchase and sale of securities that are listed on the recognized stock exchanges in India. Governed by the STT Act

  • Online Tax Accounting System (OLTAS)

    Online Tax Accounting System (OLTAS)- detailing the background, features and advantages of OLTAS

  • TDS Challan ITNS 281 – Pay TDS Online with e-Payment Tax

    Challan ITNS 281- the article lays out the purpose of the challan along with the process of generating it. It gives the online and offline methods of generating the challan. Know more about Challan ITNS background, compliance, filing process & status check.

  • Kisan Vikas Patra (KVP) – Eligibility, Features, Interest Rates & Returns

    Kisan Vikas Patra (KVP) is a certificate scheme that doubles a one time investment in a period of approximately 118 months. Read on to know more.

  • Pradhan Mantri Awas Yojana (PMAY) Scheme – Details

    PMAY - Pradhan Mantri Awas Yojana aims to provide housing at an affordable price to the weaker sections of the society. Read on to know about PM Awas Yojana.

  • Section 14A and Rule 8D of the Income Tax Act

    The article gives an understanding into Section 14A and Rule 8D of the Income Tax Act. A detailed understanding has been given through illustrations for better understanding.

  • Who is an Assessing officer? How do you find your assessing officer?

    An Assessing Officer (AO) is an income tax officer who has jurisdiction to make assessment of a taxpayer (assessee) who is liable to tax under the Act. Read on to know how to find your AO.

  • Mortgage Caclulator

    Use ClearTax Mortgage Calculator to calculate your monthly mortgage payment & how much you can afford. Estimate your monthly payments and see the effect of adding extra payments.

  • Gratuity Calculator

    Gratuity refers to the amount that an employer pays his employee, in return for services offered by him to the company. Only those employees who have been employed by the company for five years or more are given the gratuity. Calculate total gratuity payable to you with this Gratuity Calculator.

  • Income Tax Raid, Search and Seizure – What, When, How

    An income tax raid otherwise called the search and seizure operation by the income tax department is one of the crucial weapons that the Income tax department possesses to check black or unaccounted money. Read more on w

  • Form 60 – Submit this if you do not hold a PAN

    PAN is mandatory for various transactions. You can still enter into certain transactions without a PAN by just submitting Form 60. Read more..

  • Budget 2018: Impact on the Salaried Class

    Budget 2018 has not announced any changes in tax rates and slabs for individuals. However, the standard deduction of Rs 40,000 has been reintroduced in lieu of transport and medical allowance.

  • Budget 2018: Impact on Senior Citizens

    Union Budget 2018: For the senior citizens, the finance minister has announced an increase in the interest income exemption limit on fixed deposits and tax benefits in healthcare.

  • Union Budget 2018 Highlights: Key takeaways from Union Budget 2018

    Budget 2018 highlights: No Change In Income Tax Slabs, Reintroduction of Standard Deduction, Benefits for Senior Citizens & Corporates etc

  • Budget 2018 – Get Live Updates on India Union Budget 2018

    Union Budget 2018 live Updates: Complete coverage of Indian Union Budget 2018 with live updates, news & expert analysis. Get insights on trending budget 2018 expectations like aam, education, income tax & rail budget

  • Budget 2018 – What can we expect?

    Parliamentary Affairs Minister Ananth Kumar further said that the budget session of the parliament is expected from January 29 to April 6,2018.

  • How to Link Aadhaar Card with Mobile Number Online – Step by Step Process, Re-verifying & FAQs

    This article talks about the ways to link your Aadhaar with Mobile number. Read on for step by step process to link aadhaar to mobile number.

  • ITR Status – How to Check Income Tax Refund Status Online?

    An income tax refund is due to a taxpayer if he has paid taxes higher when compared to his actual tax liability, the status of refund can be checked either.

  • AS 22 Accounting for Taxes on Income

    AS 22 Accounting for Taxes on Income explained including applicability, scope, consolidation process, disclosures required, subsidiaries excluded, differences with IND AS 110

  • PAN Card for Individuals

    We discuss the importance of PAN card for individuals and also mentioned about the NSDL India Online & Correction of Application.

  • Direct Taxes and Indirect Taxes in India – Types, Advantages, Disadvantages & Rates

    The article discusses the two different categories of taxes- Direct and Indirect taxes, and Goods and Services Tax (GST) as an Indirect tax.

  • Capital gains can be invested multiple times to buy a new residential house property

    Income Tax allows exemption on the long term capital gain if you invest in a new residential property subject to certain conditions.Now recently ITAT Delhi has allowed multiple-year exemption

  • CBDT: No TDS on GST Component

    CBDT has clarified that if GST on services has been indicated separately in the invoice, then no TDS on GST component will be deducted.

  • Do NRI need to disclose foreign bank account information in tax returns ?

    It is not mandatory for NRI to disclose the detail of their overseas bank accounts while filing return in India.In case of refund,they should mention the bank account held by them in India.

  • Intimation u/s 143(1) – Reasons & Responding to Notice u/s 143(1)(a)

    Letter of Intimation u/s 143(1) & Responding to Notice u/s 143(1)(a) - A step-by-step guide on how to reply to a income tax notice on mismatch in return income with Form 16/16A.

  • Second Phase of Operation Clean Money: 5.56 Lakh New Taxpayers Identified for Scrutiny

    Income Tax Department launched the second phase of Operation ‘Clean Money’ on 14th April,2017 to detect the flow of black money into the banks after demonetization. During this phase, 5.56 lakh new persons have been iden

  • How to e- verify your return using Demat Account

    After you have successfully filed your income tax return, the next step is to verify it. The Income Tax Department starts processing your return when it is verified.You can e-verify using demat account number

  • Update on Sec 269ST – Clarification on the repayment of Loan Instalments in Cash

    You can repay your loan amount to any HFC (Housing finance company) or NBFC (Non-banking finance company) in cash provided each loan instalment is less than Rs 2 lakh.

  • Know About Form 16C and Challan 26QC for deducting TDS on Rent

    individual/HUF not covered under tax audit are also required to deduct TDS @ 5% if the payment of rent is Rs 50,000 or above.TDS deducted should be paid within 30 days from the end of the month in which tax is deducted.

  • How to E-verify your Income Tax Return using Bank Account

    E-verification of the return is done by generating Electronic Verification Code(EVC). EVC is a 10 digit alphanumeric code which is sent to registered mobile number. EVC can be generated using bank account

  • Dividend Tax – Do I Need to Pay Tax on Dividend Income?

    As per Finance Act, 2020 from April 1, 2020 dividends are taxable in the hands of recipient investors/shareholders. Also, for dividend income paid in excess of Rs 5,000 from a company or mutual fund 10% TDS will be applicable.

  • Running a Business : Be Careful about claiming Payments made to Relatives

    Section 40A(2) gives power to the income tax officer to disallow any expense if payment is made to specified persons and he considers it to be excessive in regard to fair market value of goods or services provided

  • What to do if you have two PAN

    Every person should possess only one PAN number. It's illegal for a person or company to have two PAN.You can apply for surrender of PAN Offline & online

  • PAN Card Application Guide – Know How to Apply for PAN Card Online

    Pan Card Apply Online: Read this article to know how to apply for PAN Card & how to make changes or corrections in your Permanent Account Number.

  • Tax Planning Under MAT

    Know about MAT (Minimum Alternative Tax) which is tax payable under Income tax Act. Check out the concepts of MAT & how to calculate MAT.

  • Can You Save Tax by Transferring Money to Wife’s Account?

    Find out if you can save tax by transferring money to wife’s account. Check out how is the income from such transfer treated from income tax standpoint.

  • 139(9) – How to Respond to a Defective Return Notice?

    Check out how should you respond to a defective income tax return notice and revise your income tax return in response to the notice

  • How to Respond to a Demand Notice from Income Tax Department?

    A step by step on how to respond to a demand notice from Income Tax Department. Check out where can the details of the demand be accessed.

  • Basics of Income Tax for Beginners

    Here is the simplified guide on income tax basics for beginners. Know about terms like tax year, salary, deductions, medical expenses, heads of income.

  • How to request for a refund reissue?

    A step by step guide with screenshots on how to make a refund reissue request from the income tax department. Check out what does refund unpaid mean.

  • Tax Communication between Assessing Officer and Taxpayer Goes Online

    E-proceeding link has been added on the e-filing website to reduce human interface in the process.

  • Section 44AD – Presumptive Scheme to be opted for atleast 5 years

    What is Section 44AD? Under Section 44AD of presumptive taxation , small taxpayers with less than 2 crore of turnover are not required to maintain books of accounts and their profits are presumed to be 8% of their turnover.

  • Income Tax Slabs FY 2021-22 (AY 2022-23) – New & Tax Rates for FY 2021-22/ FY 2020-21/ FY 2019-20

    Income Tax Slab & Tax Rates in India for FY 2021-22, FY 2022-23 - Latest income tax slabs and rates as per the union Budget 2022 presented on February 1st 2022.

  • Did you Receive Intimation under section 245 of the Income Tax Act?

    Find out why you have received intimation under section 245 of income tax act. Know how to respond to the Assessing Officer regarding this intimation.

  • Landlord’s PAN Mandatory for HRA Exemption

    Income Tax Department has made PAN card mandatory for HRA Exemption. Find out what to do in case your landlord doesn't have PAN.

  • Can you claim both HRA & deduction on home loan interest?

    Find out whether you can claim both HRA & deduction on home loan interest? See if you can avail house property-related tax benefits to lower taxable income.

  • House Rent Allowance (HRA) – What is House Rent Allowance, HRA Exemption & Tax Deduction

    Details for what is HRA, how is tax exemption from HRA calculated. Check whether you can claim HRA and Deduction on home loan interest as well?

  • Revised rules related to Submission of Form 15CA and Form 15CB

    Check out the rules revised by income tax department relating to the preparation & submission of Form 15CA and Form 15CB which are effective 1st April 2016.

  • Filing Form 10E is Mandatory to Claim Relief under Section 89(1)

    to claim relief for arrears salary received, you will have to file form 10E. This is a step by step guide to file form 10E. This form is required to be filed on Income Tax Website before filing your income tax return.

  • Income Tax on winnings from Lottery, Game Shows, Puzzle

    Find out which taxes on Lottery, crosswords and game shows are applicable on the prize money received. Check for TDS applicability.

  • Handbooks on Taxation for Individuals, Freelancers, Traders & Investors

    Download the Tax Handbook for individuals, freelancers, Traders & Investors. Use the guide to find out How to Deal with Taxes?, How Taxes work etc.

  • Getting ESOP as salary package? Know about ESOP Taxation

    Understand how ESOP is taxed and find out the instances where it is taxed. Read about key terms involved in ESOP taxation.

  • Income Tax Rebate Under Section 87A

    Tax Rebate Under Section 87A : Find out Who can claim Income Tax Rebate u/s 87A for FY 2021-22 ( AY 2022-23 ). Know how to claim section 87A rebate in ClearTax Software.

  • How to Respond to a Notice Issued for Non Compliance or Non Filing of Returns?

    Did you receive an Income Tax Notice to file returns? Here's the step by step guide to submit the compliance form online at Income tax department website.

  • RBI Issues Rs 500 Note in a New Series

    Now your bank notes in a new design

  • RBI Issues Rs 2,000 Note in a New Series

    Now your bank notes in a new design

  • Currency Note Demonetization – All You Need to Know

    The government has introduced measures to stop circulation of black money. Here's what you need to know.

  • Top 5 Income Tax Notices & How to Avoid Them

    Here are the top five reasons why income tax notices are issued and ways on how to dodge them.

  • Investment Declaration Guide

    A comprehensive guide on investment declaration and submission of Form 12BB.

  • List of Pages related to Notices and Intimations

    Know Notices and Intimations about Income Taxes on ClearTax

  • How to deal with Income Tax Notice under section 143(2)

    Get help from ClearTax if you have received a notice under section 143(2) (for scrutiny of tax return) from the income tax department.

  • Requesting for a Refund Reissue

    Guide to requesting for a refund reissue

  • Checking my Refund Status

    Quickly check your Refund Status using this guide

  • Understanding Income Tax Notices

    A notice from the IT department is not always a bad thing. Keep calm and read this guide first!

  • Create Rent Receipts for HRA easily — FastSave by www.fastzeal.com

    Create rent receipts to submit as investment proof. Rent receipts for HRA. Create rent receipts to submit to HR/Payroll. Save income tax on rent.

  • House Rent Allowance

    Salaried individuals who live in a rented house can claim House Rent Allowance or HRA to lower taxes. This can be partially or completely exempt from taxes

  • Income Tax Calculator by Fastzeal

    Free Income Tax Calculator for Assessment Year (AY) 2015-16. An online tax calculation tool that tells you how much Income Tax you owe to the Income Tax Department with just a few clicks!

  • Can you claim both HRA and deduction on home loan interest?

    You can enjoy both the tax benefits if the employer provides you with an HRA component as part of your salary and you are paying your home loan off

  • Landlord's PAN required for HRA exemption

    Ask for your landlord's PAN if you are taking a house on rent and making a payment exceeding Rs 8,333 per month

  • Income Tax Slabs | Income Tax Rate for 2017-2018 and 2016-2017

    Income Tax slab tax rates for FY 2016-17 & FY 2017-18. The Income tax slab determines how much you will pay in taxes.

  • How to view your Form 26AS?

    This guide explains the Tax Credit Statement or Form 26AS

  • Paying Income Tax that is due

    A step-by-step guide to understanding how to pay income tax that is due

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