Income Tax Guides

evc income tax return

EVC Income Tax Return

After successfully filing your income tax return, the next step is to verify your ITR. You must verify your income tax return with 120 days of submission of your ITR. The CPC will process your return only after verification. Hence,...

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Difference between Tax Exemption, Tax Deduction and Tax Rebate?

Tax is the biggest worry for most of us. Like me, there are many who do not understand the process and are worried about how to get through this during this time of the year. We either hire an expert...

form 16

Form 16

What is Form 16 in Income Tax? Form 16 in income tax is a TDS certificate that every employer must issue to its employees under section 203 of the Income Tax Act, 1961. The employer must mandatorily issue it on...

income tax refund status

Guide on How To Check Income Tax Refund Status Online?

What is an income tax refund? An income tax refund arises when the tax paid by the taxpayer is higher than the tax liability at the time of filing the income tax return. The tax paid by the taxpayer can...

gift amount not taxable in india

Amount received as gift by any blood relative living in US is not taxable in India

This article was first published on livemint. I am a US resident and gifted money to my parents in India. They invested that in mutual funds in their name. Are there any tax implications for me? Any amount received as a...

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income tax payment

Online Income Tax Payment

Income tax is a tax levied by the government of India on the income of every person. Once a person is liable for income tax payment to the government, a question arises as to how this tax payment can be...

long term capital gain tax

Long Term Capital Gains Tax

A long term capital gains tax arises on a transfer or sale of a capital asset. There are other factors that contribute towards the taxability of such a transfer like type of asset, holding period, applicable tax rate, exemption etc....

income tax slabs

Income Tax Slabs and Rates FY 2021-22 and AY 2022-23

The income tax slabs are applicable as per the net taxable income. Income tax is a tax levied on the net taxable income of a person. A person, here, includes an individual, Hindu Undivided Family (HUF), Association of person (AOP),...