Showkat Kumar 
If you have paid more taxes than you owe for the Financial Year (FY) 2023-24, you may be eligible for a tax refund. This often happens when the advance tax, self-assessment tax, and/or TDS/TCS deductions exceed your total tax liability for the fiscal year. You can claim this refund when filing your Income Tax Return … Read more
The Central Board of Direct Taxes (CBDT) has issued the income tax return (ITR) forms for the Financial Year (FY) 2023-24, which corresponds to the Assessment Year (AY) 2024-25. Notifications for the ITR-1 form were released on December 22, 2023, while those for the ITR-2 form were issued on January 31, 2024. To aid in … Read more
If you fall within the taxable income bracket, you have to choose between the old tax regime and the new tax regime when calculating your taxes. While the new tax regime offers lower income tax rates, the old tax regime allows for higher exemptions and deductions, potentially reducing your taxable income and, consequently, your tax … Read more
An individual must calculate their net taxable income, complete the appropriate ITR form, and pay any necessary taxes in order to file an income tax return. Make sure the ITR filed is checked once all taxes have been paid and it has been uploaded on the new income tax portal. Upon verification of the ITR, … Read more