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Showing posts with the label Income Tax Department

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How to Pick Mutual Funds That Beat the Market

  Smart Strategies for Investing in Mutual Funds: A Guide to Maximising Your Returns One of the most well-liked investing options for people looking for expert management and diversification without having to choose individual equities is a mutual fund. One of the easiest ways for people to accumulate wealth over time is through mutual fund investments. Mutual funds combine the capital of numerous individuals to invest in a diverse portfolio of stocks, bonds, and other securities, in contrast to direct stock market investing, which necessitates considerable time, study, and risk tolerance. Mutual funds are a well-liked option for both new and experienced investors due to their expert management and diversification. But merely investing in a mutual fund and crossing your fingers seldom yields the best outcomes. A comprehensive approach that matches the appropriate fund selection and management strategies with your financial objectives, risk tolerance, and investment timeline is nece...
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Settle by July 31, these 5 important tasks like investing and submitting Form 15G / 15H to get tax exemption

Due to the lockdown implemented in the country due to Corona, people are facing many problems. In view of this, the government changed the last dates of several financial operations. The last date for these operations was extended until 31 July. In such a situation, if you have not done these tasks till now, then you must definitely tackle them by July 31, otherwise, you may have problems. We are telling you about these works.   In order to get a tax exemption, the Income Tax Department had extended the last date of filing ITR from 31 July to 30 November for the investment fiscal 2019-20. At the same time, to save tax, the deadline for investing under Section 80C, 80D, 80E of income tax was extended till 31 July. If you have not invested anywhere yet for tax saving, do it as soon as possible.   Submit Form 15G / 15H, Form 15G / 15H is filled to avoid TDS deducted on income tax. Due to the coronavirus lockdown, the government has extended its date to 31 July 2020. Form ...
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CBDT changes form 26AS | Income tax payers will be able to fill returns easily

The Central Board of Direct Taxes of the country has made a major change to provide relief to the income taxpayers. Now taxpayers will also have to see Form 26AS (26AS) while filing the return for this assessment year. This form will contain additional details on the financial transactions of taxpayers. If you want to get detailed information about this form, then you can check the website of Income Tax Department with the help of your Permanent Account Number ie PAN Card. Explain that earlier Form 26AS used to have information about source deductions (TDS), additional tax, refunds, TDS defaults, but taxpayers can also view Statement of Financial Transactions. This means that now taxpayers will also get to see the details of all major transactions in their income tax returns. According to information provided by the Central Board of Direct Taxes, Form 26AS will be effective from June 1, 2020. CBDT stated that all information related to financial tra...
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Income tax department has issued new ITR forms with many changes, returns have to be filled by 30th November

The Income Tax Department has released the Income Tax Return Form (ITR Form) for the financial year 2019-20. For this, the government has also issued a notification. The last date to fill the ITR form for the financial year 2019-20 is 30 November. The department has issued 7 different forms this time. These include ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4 (Sugam), ITR-5, ITR-6, ITR-7 and ITR-V (verification) forms. The Income Tax Department had earlier withdrawn Form 1 and Form 4 to include changes in tax rules due to the COVID19 epidemic. The Income Tax Department has given information about the new forms by tweeting. Taxpayers will have a separate space in each ITR form to provide details of expenses or investments made during the quarter ended 30 th   June. Add caption Who else has to fill the ITR form? ITR 1 Form: Citizens with an income up to Rs 50 lakh can fill this form. This includes income from salary, a house and interest. ITR 2 Forms: ITR 2 F...
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