Taxes

If the tax department finds any mismatch or error in your ITR, it can make adjustments, which can result in lower tax refund for you.

Under Section 64 of the Income-tax Act, certain income earned by specified family members can be added, or clubbed, with the income of another taxpayer while calculating tax liability. 

While Form 16 makes ITR filing easier, it is not a mandatory document for filing your return.

Regardless of the source of income, be it employment, independent work or business operations, submitting tax returns on time can play a crucial role in preserving financial credibility.

A return may be selected if the department notices something unusual or wants to verify certain information.

An ITR is also necessary to claim certain tax refunds, including excess tax deducted at source (TDS).

The presumptive taxation scheme is designed to simplify tax compliance for small businesses, professionals and freelancers.

Filing an income tax return for the first time may seem challenging, but following the correct steps and keeping all required documents ready can make the process much smoother.

Stamp duty and registration charges are mandatory government fees paid to legally register the property in the buyer's name.

Individuals with an annual income of Rs 12 lakh can reduce their tax liability to zero under the new regime, thanks to the enhanced Section 87A rebate and a higher standard deduction.