Tag Archives: Income Tax updates

Benefits available to senior citizens under income tax

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 […]

Income tax department cautions TDS deductors against quarterly filing default

Income tax department cautions TDS deductors against quarterly filing default The Income Tax Department (ITD) today cautioned TDS deductors to adhere to the stipulated deadline of May 31 for filing their statements failing which they would invite a penalty of Rs 200 for each day of default.

Which ITR form applies to you for the financial year 2017-18?

Which ITR form applies to you for the financial year 2017-18? The income tax authorities notified the new ITR form applicable for the financial year 2017-18 in April (online utility tools for a couple of forms have been published). An individual who is required to file a return of income for the financial year 2017-18 […]

How to Register Sole Proprietorship Firm in India?

How to Register Sole Proprietorship Firm in India? The sole proprietorship Firm type is the favorite business form for the small entrepreneurs. It simply allows starting a firm with small capital, short time frame. It requires a very simple process with minimal legal compliance and formation costs. Most of the local offline businesses prefer proprietorship. […]

How to file Income Tax Return easily

How to file Income Tax Return easily Income tax return filing is a mandatory process that the assessee should carry out with due care. However, the otherwise basic and simple process becomes cumbersome with the lack of knowledge. Read on to know How to file Income Tax Return easily that will make income tax filing […]