The Central Board of Direct Taxes (CBDT) has proposed to merge all the existing ITR forms except ITR 7. The income taxpayers will get an option to choose which form they want while filing their tax returns — the proposed common ITR form or the existing form (ITR 1 or ITR 4), the draft proposal mentioned.

The new e-filing income tax portal has introduced the facility of paying taxes. Earlier, taxpayers could use facility provided by NSDL website to pay income taxes to the goverment. The new income tax portal allows the taxpayers to pay income tax via UPI, credit card and 4 other ways. Read on to know the step by step guide for the same.

Though fixed deposits and small savings schemes offer assured returns, the interest earned is taxed at normal rates applicable to the investor. The gains from debt funds are also taxable, but at different rates.

The CBDT has extended the due date for filing income tax return (ITRs) by corporate and individuals whose accounts need to be audited, to November 7, 2022. The extended due date is applicable to all taxpayers where audit is required, said experts.

Have you recently sold or are planning to sell an under-construction property? If yes, then ensure that you know the income tax laws on capital gains correctly. The income tax laws are different on under-construction property and fully constructed house. Read on to know to calculate capital gains on selling of under-construction property, income tax rate at which tax will be payable on such capital gains.

Asset location is a strategy to maximise post-tax returns.

Find out about the people who can give you tax-free gifts and the gifting threshold that will not invite any tax.

For those who are having difficulty filing their returns, the Income Tax Department has provided the most recent FAQs. ITR stands for Income Tax Return.

Have you received high-value gifts this Diwali from your friends and relatives. It may happen that you end up paying tax on Diwali gifts recieved. It is important for an individual to know the income tax rules regarding taxation of gift. Read on to know when and how you will be taxed on Diwali gifts received from friends, relatives and employer.