Tax filing assessment year

The income tax department's e-filing website has undergone many changes over the past one year. It is important that you are aware of these changes to avoid making any kind of mistakes at the time of filing your income tax return. This is time it becomes all the more important because late filing of ITR will cost you. Here are six changes you will see on the e-filing website of the income tax department: 1. No need to mention date of birth while logging-in to your e-filing account Earlier you had to mention your date of birth when logging into your account on the e-filing website but this is not required anymore. 2. ITR related documents are now password free Abhishek Soni, CEO, tax2win.in, a tax-filing company says, "Various documents related to ITR filing such as Form 26AS and ITR-V have also undergone some changes. It has come to our observation that these documents, which were password protected earlier, can now be opened directly." 3. Change in method to … [Read more...] about Filing ITR online? 6 things you must know

The Income Tax department has a warning for the taxpayers. In a post on microblogging site Twitter, the department is asking taxpayers to not fall for phishing messages promising refunds. Deadline for filing Income Tax returns for the financial year 2019-20 is December 31. Miscreants are taking advantage by sending out fake messages that promise refund for the taxpayers. These messages usually have an email/links/forms to obtain one’s personal information as well as bank details. The IT department via its tweet is advising customers not to respond to such messages. “Any response is to be made only by logging into your e-filing account,” says the post shared by the official account of the Income Tax Department, Government of India. Taxpayers Beware!Pl do not click on any such fake link which promises to give refund. These phishing messages are… https://t.co/7xuqhmWZUH — Income Tax India (@IncomeTaxIndia) 1608548974000 Here’s the full text of the tweet - … [Read more...] about Filing Income Tax return? Do not fall for this fake message offering refund

According to the Income Tax Act, 1961 – the percentage of income that is payable as tax to the Government depends upon the amount of income that is earned during a year. As the income increases, the tax rate also increases. Moreover, the income tax slab is changed by the Government in the annual budget announcements. Below is the current income tax slabs under new tax regime : Income (in Rupees) Income tax rate (new tax regime) Income tax rate (old tax regime) 0 to 2,50,000 Nil Nil 2,50,001 to 5,00,000 5% 5% 5,00,001 to 7,50,000 10% 20% 7,50,001 to 10,00,000 15% 20% 10,00,001 to 12,50,000 20% 30% 12,50,001 to 15,00,000 25% 30% Above 15,00,000 30% 30% Tax rates for senior taxpayers between the age of 60 to 80 years : Income Tax Slab (in Rupees) Tax rate for senior citizens (between 60 years – 80 years) Up to 3,00,000 Nil 3,00,001 to 5,00,000 5% of … [Read more...] about Income Tax Slab: Can I check income tax slab online?

A group representing Amazon .com Inc, Facebook Inc and Alphabet Inc joined the U.S. Chamber of Commerce and others in filing suit to challenge Maryland's first-in-the nation new digital advertising tax . The Chamber, the largest U.S. business group; the Internet Association, which represents dozens of tech companies; the Computer & Communications Industry Association; and NetChoice filed suit in U.S. District Court in Maryland seeking an injunction to block the new tax adopted last week by the state legislature over the veto of Republican Governor Larry Hogan. The suit calls the law "a punitive assault on digital, but not print, advertising. It is illegal in myriad ways and should be declared unlawful and enjoined." State lawmakers estimate the tax could raise as much as $250 million a year after it takes effect. Other states are also considering taxing digital advertising. Maryland State Senate President Bill Ferguson told CNBC last week internet platforms benefit … [Read more...] about Internet groups, US Chamber sue Maryland over digital advertising tax

Imagine for a moment that you work remotely—as so many now do in the COVID era—from a comfortable spare bedroom in your New Jersey home. Your employer is nominally based in New York City, but thanks to the pandemic, you didn't even cross the Hudson River last year. So how is it that New York claims you owe it a pile of cash for state taxes? Maybe this doesn't sound terrible; after all, New York's tax rates don't differ so dramatically from New Jersey's. But imagine instead that you took the opportunity provided by telecommuting to move to a "no income tax" state like Texas. Come tax time, you are planning on a big fat nothingburger of a state tax bill. And yet, New York could still claim state tax on your earnings. Now we're talking a serious—and perhaps completely unplanned—financial hit. Welcome, telecommuters, to the nightmare that can result when you and the state disagree about "where" you work. Butts in seats Broadly speaking, you pay income tax not only to the federal … [Read more...] about Working from home now? Your 2020 state tax situation could suck