Government Housing Schemes

As per the Income Tax Act, 1961 individuals are allowed to file a revised income tax return. Usually, it can be done by those who had previously omitted some information or had provided inaccurate details. Typically, one can revise this through the online tax filing portal. Steps to file revised ITR By following these steps, one can complete the process of filing of income tax returns. 1.       Log in to the official e-filing income tax portal with your PAN and password. 2.       Click on e-file menu. 3.       Next, click on ‘ Income Tax Return ’. 4.       Entering your PAN details will direct you to its income tax page. 5.       Select your ITR form number and its assessment year. 6.       Select ‘Revised Return’ as your ‘Filing Type’. 7.       Click on the ‘Submission’ option. 8.   ...

According to the recent budget, if taxpayers apply for the new tax regime, their income will be taxed as per the recent tax slabs. An individual whose yearly income is above Rs.2.5 lakh is subjected to pay income tax to the Government of India. Those eligible to pay tax should file income tax return regularly to report about their yearly revenue. Filing tax returns has become simpler. E-filing income tax has not only made paying tax and reporting it easier, but it also helps one to avail a few benefits, such as – One of the primary benefits an individual can avail from filing tax returns regularly is that they can avoid paying any penalties.     An individual who regularly files their tax return can avail a hassle-free approval on their visa application.     One can apply for a tax refund by the regular filing of income tax returns.       Other than applying for tax refunds, an individual can also claim tax exemption...