Every taxpayer should verify and validate the TDS certificate before claiming any tax deduction.
As per income tax rules, you should claim credit for TDS on income that is paid or accrues to you in the same financial year as the TDS is deducted.
Government pensioners are required to submit a life certificate or Jeevan Praman every year in the month of November to the pension disbursal agency, usually bank.
Form 26AS is a statement containing details of all the taxes that are deducted during the FY from your income and deposited against your PAN to the government.
It is mandatory for the taxpayer to verify ITR within 120 days of filing the tax return.
This is the fourth time in a row that the RBI has cut the key rate this calendar year, starting from Feb 2019.
The deadline to file income tax returns has been extended to August 31, 2019.
The changes have been made in the ITR form to ensure no penal interest is payable by the taxpayer under section 234A if he files ITR before the deadline.
With the passing of Finance Bill 2019, NRIs will have to disclose such gifts received and pay tax on it as per the tax rules applicable.
It is now easier to claim HRA exemption- you just need to copy details from Form-16 and paste them in ITR-1.
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