Income Tax
Latest news, explainers and analysis on Income Tax. Tracking 6 stories on Arth Vani.
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Latest on Income Tax
BreakingSave Tax on Your Child’s Education: Section 80C and Allowance Benefits Explained
Indian parents can reduce their tax liability by claiming deductions on school tuition fees and specific employer-provided education allowances. These benefits cover both school fees under Section 80C and additional exemptions for hostel expenses.
BreakingConfused Which ITR Form to File? Income Tax Portal Guides You
The Income Tax e-filing portal now simplifies the process of choosing the correct Income Tax Return (ITR) form for taxpayers. It uses eligibility conditions and a guided questionnaire to help users identify the right form and applicable schedules, making tax filing easier.
BreakingForeign Investments to Appear in Your AIS: CBDT Boosts Tax Transparency
The CBDT is integrating foreign investment and overseas financial account details into taxpayers' Annual Information Statement (AIS) within 90 days. This initiative, part of the AEOI framework, aims to enhance tax transparency and simplify compliance for Indian residents with international assets.
BreakingIncome Tax Refund Delayed? Section 245 Notice Means Demand Adjustment
If you've received a Section 245 notice from the Income Tax Department, it means your tax refund might be used to clear an old tax demand. You can check the demand details online and choose to accept or dispute it within the stipulated time.
BreakingITR-2 Filing Guide: Steps for Individuals & HUFs on Income Tax Portal
Individuals and Hindu Undivided Families (HUFs) not eligible for the simpler ITR-1 form can now file their Income Tax Returns (ITR) using the ITR-2 form online. This guide outlines the essential documents and the step-by-step process for submission on the official income tax e-filing portal.
BreakingFiling ITR-2: Mandatory Rules for Indians with Foreign Assets or Overseas Income
Resident Indian taxpayers holding foreign bank accounts, stocks, or properties must file ITR-2 by July 31. Failure to disclose these assets under the mandatory schedules can lead to heavy penalties under the Black Money Act.
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