Income Tax Compliance – My Finance Info

Who Should File ITR

It’s important to note that even if your income is below the basic exemption limit, you may still choose to file ITR voluntarily. Filing ITR can be beneficial as it establishes a tax record, helps you claim refunds, and may be necessary for various financial transactions and government-related services.

Income tax laws and regulations can change, so it’s advisable to consult with a tax professional or refer to the latest tax guidelines issued by the Income Tax Department to determine your specific filing requirements for a particular financial year.

What is TDS ?

TDS on salary, governed by Section 192 of the Income Tax Act, mandates employers to withhold taxes from the salary

How to Calculate HRA i.e. House Rent Allowance

House Rent Allowance (HRA) is a crucial component of an employee’s salary structure, designed to provide financial relief for accommodation expenses. This allowance is particularly significant for those residing in rented accommodations, as it offers a tax-saving opportunity under the Income Tax Act in many countries, including India.

What to do to avoid income tax notice in saving bank

The Income Tax Department may send a notice to a taxpayer in relation to their savings bank account under various circumstances, especially if there are discrepancies or concerns regarding the reported income, interest income, or financial transactions associated with that account. Here are some common situations in which the Income Tax Department may send a notice related to a savings bank account: