Filing your income tax return is an essential responsibility for every taxpayer, ensuring compliance with tax regulations and contributing to the smooth functioning of the economy. After successfully filing your tax return electronically, the next crucial step is to e-verify it. E-verification is the process of validating and authenticating your tax return filing electronically, eliminating the need for physical verification. Continue Reading
Every business can claim deduction of payments made to the vendors on accrual basis. This means that business can claim deduction of payments to vendors which are not paid in actual but are due for payments as on the last date of the financial year and/or even until filing the return of income. Continue Reading
To make tax compliances hassle-free and to provide relief to senior citizens, Government of India through Union budget 2021 came up with a new section which provides conditional relief from filing the Income Tax Return. As per Section 139 of Income Tax Act, every person who has a taxable income is required to file Income Tax Return.
Any taxpayer who has purchased or constructed a house with a borrowed capital is allowed a deduction with respect to interest paid on such loan under section 24(b) of the Income Tax Act. Continue Reading