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What to do when you get an income tax notice for claiming higher deductions in ITR?

Recently many individuals have received an income tax intimation notice asking them to explain why had they claimed higher amount of deduction than mentioned in Form 16 or Annual Information Statement (AIS). The income tax department has also said that if the explanations are not satisfactory, then a tax demand notice will be sent. ....

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I am paying EMI for a Rs 30 lakh home loan. Will I have to pay tax if I sell the flat?

I am paying EMI for a Rs 30 lakh home loan. Will I have to pay tax if I sell the flat?
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Tax calendar for September 2023: Don't miss these important dates

From advance tax to depositing TDS and TCS, avoid these important deadlines at your own peril ....

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You can file ITR first, pay income tax later: Here's how to use this feature on e-filing portal

An individual can take advantage of income tax department s pay later feature to first file his income tax return (ITR) and pay the self-assessment (if any) at a later date. However this option comes with its owk risks like possible consideration of assessee in default, interest, etc. ....

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Filed tax returns? Game isn't over yet as AIS updates continue. Send feedback or revise returns

The dynamic annual information statement can cause a mismatch in data, even after returns are filed. To avoid delay in processing or refund, check your AIS, submit a feedback based on whether the expenses or taxes mentioned are valid or not. ....

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