Tax Articles

The applicability of ITR 2 depends on the category of the taxpayer and the source of income. ITR 2 is applicable only to individuals and HUFs who do not have any income from business or profession. You can file ITR...

ITR 1, also known as Sahaj Form is applicable to taxpayers who have earned less than Rs 50 lakh in the financial year. The income tax department categorizes the taxpayers on the basis of the total income and type of...

The Income Tax Department has launched its new e-filing website on the 7th of June, 2021. This new portal will soon replace the existing portal www.incometaxindiaefiling.gov.in. The new portal is user-friendly and focuses on making the entire e-filing experience easy,...

Budget Feb 1, 2023 (Income tax slab updates) 1) Income tax exemption limit increased from Rs 2.5 lakh to Rs 3 lakh 2) Tax Rebate under section 87A increased from Rs 5 lakh to Rs 7 lakh 3) Going forward,...

The Income Tax Department has launched its new e-filing website on the 7th of June, 2021. This new portal will soon replace the existing portal www.incometaxindiaefiling.gov.in. With the main focus on a user-friendly e-filing experience for the taxpayers, the new...

What is Section 89? For the purpose of the Income Tax Act, income tax is levied on the total income earned or received during the previous year by the assessee. There are cases where in the past dues are paid...

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...

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...