Income tax Return form ITR-1? WHAT IS ITR 1? The ITR-1 form is one of the simplest one-page form which should be filed by individuals having an income up to Rs. 50 lakhs. However, the Income can be from the following sources:
Refund process for IGST Paid on Export of Goods The Refund process for IGST paid on export of goods has been fully automated and facility has been made available on the dashboard of taxpayer to track status of transmission of Invoice data to ICEGATE system of Customs.
Benefits available to senior citizens under income tax The Indian income tax laws provide certain tax Benefits available to senior citizens. Let us discuss those benefits. 1. Higher Basic Exemption Limits for senior citizens under income tax 2. Higher Deduction limit under Section 80D for senior citizens under income tax 3. Higher Deduction Limit for […]
Benami Transaction and Sham Transactions Prohibition of Benami Property Transactions Act, 1988, an act promulgated to prevent and prohibit “Benami” transactions in India on 5th September, 1988. The Act, 1988 has only 9 Sections and not so effective, while preventing and prohibiting “Benami” Transactions. The Act, 1988 previously called The Benami Transactions (Prohibition) Act, 1988.
How to open post office time deposit scheme The post office time deposit is an alternative to the bank fixed deposits (FD) for those looking for fixed income. It is safer than an FD as the principal and interest earned supported by the sovereign guarantee. Bank FD under the deposit insurance and credit guarantee corporation […]