Income Tax Calculator
This is an income tax calculator to calculate income tax returns filing for the current year. You can use this free income tax calculator to figure out your income tax.
'How to file income tax' is on everyone's mind and we bring you a simple income tax calculator to figure out how much income tax you have to file during your income tax returns filing for the current assessment year.
This income tax calculator also provides latest income tax slabs based on your income and takes into account your various incomes and deductions that are available to you in Income tax Act. Income Tax has to be filed by every individual who earns more than Rs 2.5 lakh in an assessment year. You will need your Form 16 from your company in order to file your Income Tax Returns. One can fill Income Tax online.
Tue, Aug 08, 2023
If you have claimed substantial losses in return without the necessary supporting documents, this might trigger an investigation by the tax department, So it's important to submit all necessary documents on losses and deductions claimed in ITR filing.
Mon, Aug 07, 2023
While the process of receiving your income tax refund is governed by certain procedures, there are several proactive steps you can take to expedite the refund. The Income Tax Department will initiate the refund after processing of your ITR.
Thu, Aug 03, 2023
The Income Tax Department allows rectifying the errors in ITR Filing through submission of a "Rectification Request". A revised return can also be filed under Section 139(5) of the Income Tax Act, 1961, for more significant changes like claiming missed tax deductions.
Tue, Aug 01, 2023
GST frauds are a serious revenue leakage, but there are steps you can take to protect yourself. In this video, we'll show you how to verify GSTINs, check compliance history, and spot red flags that indicate a fake GST registration. By following these tips, you can minimise the risk of falling victim to a scam.
ITR Filing: Is your AIS form showing the wrong interest received in your bank account? Here’s what you can do in such a situation
Tue, Jul 25, 2023
The AIS gives a comprehensive overview of your income and deductions over the year, facilitating a seamless ITR filing process. Though errors can sometimes sneak into your AIS, resulting in discrepancies.
Mon, Jul 24, 2023
The time has come to fill Income Tax Return, in this case you should know the complete ABCD of tax return. Every small and big thing related to income tax return filing. Actually, many times people deliberately give wrong information in order to save tax. Income is understated in ITR. But such people are criminals in the eyes of the law. Then, the Income Tax Department takes action against such people as per the law. Know what is ITR and who has to file it.
Mon, Jul 03, 2023
Tax audits play a significant role in income tax compliance in India, governed by Section 44AB of the Income Tax Act, 1961. Businesses with sales or turnover exceeding Rs 2 crore, professionals with gross receipts exceeding Rs 50 lakh, and taxpayers opting for specific taxation schemes need to mandatorily get their accounts audited.
Sat, Jul 01, 2023
Sun, Jun 25, 2023
Share trading and investment in stocks has gained a lot of popularity, but not many are aware that gains from stocks must be declared in income tax return as well. In this week's Paisa Wasool 2.0 we discuss the definition of LTCG and STCG and the documents required and the ITR form to use while filing ITR to declare the income earned from buying and selling shares.
Explained: Do you need to report cryptocurrency income in ITR? All you need to know about Virtual Digital Asset (VDA) rules
Sat, Jun 24, 2023
Cryptocurrency income is considered taxable in India, and it is important to understand the tax implications and reporting requirements. Under the new rules, cryptocurrency income needs to be reported under the ‘Schedule VDA’ in ITR Form 2.
Fri, Jun 23, 2023
Mon, Jun 19, 2023
Under the Tax Deducted at Source (TDS), individuals who are unable to authenticate the origin of their income, may be served notices by the Income Tax department. These may further attract penalties if not resolved.