According to Central Board of Direct Taxes (CBDT), the cap of Rs 1 lakh includes wealth tax, gift tax and income tax. It is not only pertaining to inc
Currently, individuals earning up to Rs 5 lakh are not liable to pay any income tax.
For the current fiscal year, the Centre has budgeted a net tax revenue Rs 23.3 lakh crore.
These bonds usually come with a long-term maturity period, ranging from 10, 15 or even 20 years
To show the existence an HUF entity, the Karta has to make an HUF deed. There will also have to be a separate PAN and bank account for HUF.
Compared to other tax-saving products like PPF , tax-saving FD and NSC with a 5-year lock-in, ELSS stands out due to its relatively lower lock-in peri
If a person is not able to file income tax return by the prescribed deadline, then he can file belated return under section 139(4) up to three months
There has been a sharp decline in the number of taxpayers in the country from FY 2020
You can check this (ITR Refund Status 2023) by visiting the website of NSDL or on the e-filing portal of the Income Tax Department
All you want to know about in what circumstances you can file HRA claim and in what circumstanes you can't