The tax deduction under section 80TTA can be claimed for interest earned on savings accounts held with a bank, co-operative bank or a post office. This deduction cannot be claimed for interest earned from other deposits such as fixed deposits, recurring deposits etc. Read on to know how deduction can be claimed on savings account interest.

The Annual Information Statement or AIS is the statement containing details of the financial transactions undertaken last year. The statement was launched last year in November 2021. However, being a new document it contains many errors making it difficult for individual taxpayers to file ITR. Not checking and correcting AIS may lead to income tax notice as well.

You must file income tax returns in accordance with Indian tax laws if your income is greater than the basic exemption threshold. You must still pay tax if you meet certain requirements even though your taxable income is below the threshold level.

TDS certificates such as Form 16/Form 16A are important documents that can help an individual to file ITR easily. However, with the deadline approaching fast, an individual can use other documents such as Form 26AS, and AIS to file their ITR and avoid penalty of up to Rs 5,000. Read on to know how you can file ITR using Form 26AS and AIS.

Salaried individuals use either ITR-1 or ITR-2 to file their income tax returns. The income tax return form to be used by an individual depends on the sources of his/her income, his/her residential status and assets held by him/her. If you met any of the criteria mentioned below, then you will be required to file a tax return using ITR-2.

There are various allowances that are received by an individual for performing official duty. However, these allowances can become taxable if certain conditions are not satisfied. Read on to know when can these allowances become taxable and what conditions you must satisfy to avoid the allowances from becoming taxable.

The last date for filing ITR for FY 2021-22 (AY 2022-23) is July 31, 2022. If an individual misses this deadline to file ITR, there is a monetary and non-monetary cost. An individual filing belated ITR is required to pay a late filing fee for a maximum up to Rs 5000. Apart from this, there are certain disadvantages to filing belated ITR.

Tax experts explain that unaccounted money was not used for such payments and as the taxpayer was not engaged in business, various restrictive provisions relating to payment in cash did not apply in this case.

The Income Tax Return (ITR) filing deadline is July 31, 2022. Taxpayers must electronically submit their ITR before the deadline in order to avoid a fine or penalty. ITR filing on time gives a number of benefits.