Do not miss this step, avoid rejection of your tax refund

When a taxpayer pays more tax than she is liable for in a financial year through excess tax deducted at source (TDS) or miscalculation in income tax, the income tax department refunds the excess amount. The refund is processed after the taxpayer files and verifies her income tax return (ITR). The refund is credited into […]

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SBI FD Scheme for Senior Citizens: Higher Interest Rate, Benefits, Key Details

The State Bank of India (SBI) had launched a special fixed deposit scheme for senior citizens called, ‘SBI WECARE Senior Citizens’ Term Deposit Scheme, in May of 2020. It was originally rolled out with a shelf-life of a few months which was supposed to end in September of 2020. In light of the Covid-19 pandemic, this deadline […]

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Eligible taxpayers can submit form 15G to avoid TDS on FD

My FD interest is less than ₹5 lakh. Am I exempt from TDS if I submit form 15G for every financial year?  – Name withheld on request We presume that you don’t have any income other than interest earned from fixed deposit (FD). Since your interest from FD is below the tax exemption threshold of ₹5 lakh, […]

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Mistakes one should avoid while filing ITR

Most of the individual taxpayers file their own ITR themselves. Since income tax is a complex law, an ordinary taxpayer is bound to commit certain mistakes while filling the ITR forms. In this article I intend to discuss some of the most common mistake committed by individual taxpayers while filling the ITR and which can be avoided. Filling in […]

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Incomes which we generally forget to include in our ITRs

Many salaried and retired taxpayers file their Income Tax Return (ITR) themselves and they are bound to commit certain mistakes due to absence of proper knowledge of tax laws, which are anyway complex even for tax professionals like me. Based on my earlier experience as a practicing Chartered Accountant, I intend to enumerate some of the items of […]

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Know these rules before filing ITR if you had pay cuts or withdrew PF

  The tax-filing season has started. Last year, due to the pandemic, many people faced certain unprecedented situations such as pay cuts, pay deferments and job losses. These have impacted their incomes. Many people withdrew their savings to fund their immediate cash needs. The government also brought certain changes in tax rules to provide certain […]

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