Income tax
Understanding income tax is crucial for managing your finances. Discover how income tax works, learn about tax brackets, deductions, and credits. Stay informed about changes in tax laws and filing requirements. Navigate the world of taxation with confidence and ensure you make the most of your financial opportunities.
Created on: 04/06/2024
Submit Form 36 Online: Initiating Appeals with the Income Tax Appellate Tribunal
Filing a tax appeal in India just got easier! This guide explains how to electronically submit Form 36, the key document to initiate an appeal with the Income Tax Appellate Tribunal (ITAT) if you disagree with your tax assessment. Learn the steps for a smooth online filing process and fight for a fair resolution.
Created on: 04/04/2024
Demystifying Income Tax Assessments in India
This guide unravels the complexities of income tax assessments in India. Learn about the different types of assessments, including self-assessment, scrutiny assessment, and summary assessment. Understand how each assessment works and what to expect from the Income Tax Department. The guide also emphasizes the importance of timely and accurate ITR filing to avoid assessments before an Assessing Officer.
Created on: 04/03/2024
Don't Miss Out! Key Dates and Deadlines for ITR Filing in FY 2024-2025
This blog post offers a concise overview of how to reduce your tax bill for the 2024-2025 financial year (FY) in India. It clarifies the difference between deductions and exemptions, highlighting popular options like Section 80C (investments) and Section 80D (health insurance). It also mentions other helpful sections and reminds readers to keep documentation organized. The synopsis emphasizes that strategic use of deductions and exemptions can save taxpayers money.
Created on: 04/03/2024
Important Update: Income Tax Department Announces Changes to ITR Verification Process
Taxpayers in India beware! The Central Board of Direct Taxes (CBDT) has tightened the noose on income tax return (ITR) verification. Starting April 1, 2024, you only have 30 days from filing your ITR electronically to verify it. Miss this deadline and your return could be considered invalid, potentially leading to penalties. This synopsis highlights the key points of the new rule, including the verification timeframe, process, and consequences of non-compliance.
Created on: 04/02/2024
Income Tax Essentials: 7 Must-Knows for Salaried Individuals (FY 2024-25)
This guide summarizes 7 key income tax regulations for salaried individuals in India applicable to the financial year 2024-25 (Assessment Year 2025-26). It covers choosing between the new and old tax regimes, understanding tax slabs and exemptions, maximizing deductions, and adhering to ITR filing deadlines.
Created on: 04/01/2024
Notification from the Revenue Service: Reasons You Might Get One and How to Reply?
Got a letter from the IRS? Breathe easy! This summary outlines the common reasons for IRS notices (unpaid taxes, missing info, return mistakes) and what to do next (read thoroughly, collect documents, respond promptly). It also includes filing tips for organization and efficiency. Remember, the IRS is there to assist you – don't hesitate to reach out if you have any questions.
Created on: 03/20/2024
Beyond the Filing: A Guide to What Happens After ITR Filing in India
Filing your Income Tax Return (ITR) is an important step, but it's not the final one. This blog explores what happens after ITR filing in India, including processing timelines, intimation notices, and potential next steps.
Created on: 03/19/2024
5 best tax saving investments that everyone must know
Paying taxes is inevitable, but that doesn't mean you have to overpay. This blog post explores five practical strategies that individuals in India can leverage to maximize their tax deductions and credits, allowing them to keep more of their hard-earned money.
Created on: 03/16/2024
Maximizing Tax Savings: Exploring Deductions and Exemptions in ITR Filing
Dive into the realm of tax efficiency as we unravel the intricacies of deductions and exemptions in income tax return (ITR) filing. Discover how strategic planning and a thorough understanding of tax provisions can lead to significant savings. Explore actionable insights to minimize your tax liability and maximize Financial well-being
Created on: 02/16/2024
Innovative Move: Income-Tax Department Launches Automated Reconciliation System - APNOKACA Update
A pilot project was initiated in September 2022, resulting in updates to about 4,300 ITRs.
Created on: 02/16/2024
Demystifying Taxation in India: Income Tax vs. TDS - APNOKACA Insights"
On the other hand, Tax Deducted at Source (TDS) is a mechanism where tax is deducted at the time of making certain payments such as salary, rent, or professional fees.
Created on: 02/15/2024
2024-25 TDS Rate Chart Update: AY 2025-26 Insights - APNOKACA Guidelines
TDS, or Tax Deducted at Source, is a method introduced by the Income Tax Department of India to prevent tax evasion.