Through a revised return, you can make changes to your ITR and even end up paying lower tax.
Missing the deadline for filing Income Tax returns can lead to consequences.
Keep track of your foreign remittances to avoid giving incorrect declarations as these could be held against you.
Failure to disclose any income can lead to penalties and legal issues.
Non-compliance can also result in legal complications and disputes with the tax authorities.
Balanced advantage funds have the potential to earn superior risk-adjusted returns for the investor and offer a smoother investment journey.
It is important to have the necessary documents on hand to verify the information in the form.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
'Don't wait until the last minute. Instead, cultivate the habit of monitoring your Form 26AS throughout the year.'
If you have any grievances or disputes regarding the demand stated in the notice, consider seeking professional help.
Only a small percentage of passengers who traveled on the trains involved in the June 2, 2023 accident in Odisha had availed of travel accident insurance while booking their tickets online on the IRCTC portal.
'If something unfortunate happens to an earning member, the family loses the crucial income which would have gone towards paying off debts, meeting the cost of children's higher education, or towards the upkeep of elderly parents.'
Employees should review the accuracy and completeness of the information provided in Form 16. They should confirm that all the tax deducted has been credited correctly.
Begin by creating a household budget. Involve all family members in the exercise and cut costs wherever possible.
Remember, pension from EPS will be taxable at slab rate, reducing the post-tax income for people who remain in the higher tax brackets after retirement.
Group term insurance is far more cost-effective than an individual cover.
Keep sufficient funds in your bank account until the cheque is cleared.
If your flight is cancelled or delayed or you miss one, a travel insurance policy can cover the costs at such times and help you book a new one.
'Individuals can consider dividing ownership of properties between related persons to ensure that the sale transactions are below the Rs 50 lakh limit and therefore not subject to TDS.'
