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Tax time is here. Some of you may be in for a pleasant surprise while others may find themselves in for a rude shock. We all make mistakes and here are the top 5 common tax mistakes and how they can be avoided. This blog covers the five most common tax mistakes that people make […]
Many small businesses often make the mistake of paying their Input Tax without claiming the same as an ITC. This blog talks about what ITC is, how to calculate ITC, how to claim ITC, and what are the important documents required to claim ITC. Meaning of Input Tax Credit ITC-Input tax Credit means the […]
The income tax department has a new formula to calculate your tax liability from July 1 if you haven’t filed your income tax return (ITR). According to the finance act 2021, if an individual has not submitted an Income tax return for the previous two years and has an aggregate TDS/TCS Credit of Rs 50,000 […]
As Financial 2020-21 has completed, the Central Board of Direct Taxation (CBDT) has released the ITR forms for the AY 2021-22. Keeping minimum changes in the ITR forms compared to the previous assessment year (2020-21) with an intention to minimize the compliance burden. The CBDT has announced 7 ITR forms (Form ITR-1 to Form ITR […]
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