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Filing Income Tax Return after Due Date : Belated return

If you don’t file your income tax return till due date (31 Aug 22 for FY 2021-22 or  AY 2022-23) all is not lost you can file your income tax return with fine or penalty. If you miss this deadline as well, then you will not be able to file ITR unless you receive...

Fixed Deposit over multiple Financial Years, Tax and ITR

Fixed Deposit (FD) is an investment product which allows you to invest a lump sum of money for a fixed period and at a fixed rate of interest. It is one of the simplest investment product with many benefits. In India, you can invest from 7 days to 10 years. Interest...

How to Show Capital Gain on Shares and Equity Mutual Funds in ITR

When one sells Shares and/or Equity Mutual Funds one has Capital Gain on the sale of Equity.  You cannot file the Capital Gain in ITR1. The article discusses the procedure to report Capital Gain on Sale of Shares and Equity Mutual Funds in Income Tax Return New Portal...

How to fill Form 67 to claim foreign tax paid on New Income Tax Portal

if the taxpayer is a resident of India, and he has paid taxes outside India, he can claim a credit of such foreign taxes paid against his tax payable in India. An individual taxpayer shall furnish Form 67 in order to claim Foreign Tax Credit. This article explains how...
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