Income tax department introduces new utility software JSON for AY 2021-22 ITRs, discontinues Excel/Java

Income tax department introduces new utility software JSON for AY 2021-22 ITRs, discontinues Excel/Java To improve the tax filing process, the Income Tax Department has done away with the excel and java-based utility and has launched a new offline JSON-based utility for the assessment year 2021-22. In the new utility taxpayers can import prefilled dataContinue reading “Income tax department introduces new utility software JSON for AY 2021-22 ITRs, discontinues Excel/Java”

Pre Filled ITR Form may have more details announced in Budget 2021.

Pre filled Income Tax Return (ITR) will be introduced for taxpayers with the data of their salary, capital gains from Investment, dividend income, interest on savings from bank, the tax deducted at source (TDS), dividend income beyond ₹. 5,000 will be captured in the 26AS form. Last year, the Govt. had already introduced amendments toContinue reading “Pre Filled ITR Form may have more details announced in Budget 2021.”

5 types of income tax benefits for individuals under Income tax Act.

5 types of tax benefits for individuals under the Income-tax Act Most of us find it difficult to handle income tax and need help of tax experts. However, it’s best to understand about basic concepts such as tax exemptions, tax deductions and tax rebates. All three help bring down your tax outgo, but are differentContinue reading “5 types of income tax benefits for individuals under Income tax Act.”

Now interest on EPF is taxable for high salaried employees.

In union budget 21 The Honourable the Finance Minister announced a proposal to restrict tax exemption for the interest income from EPF for the high income employees.Interest earned on EPF contribution above 2.5 lacs is taxable at normal rate for an employee.If an employee contributes more than ₹. 2.5 lacs towards provident fund in aContinue reading “Now interest on EPF is taxable for high salaried employees.”