Senior citizens, defined as those over 60, can enjoy a basic exemption limit of Rs 3 lakh under the Income-Tax Act, 1961, ...

Currently, there are 7 forms notified by the department - ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. It is crucial ...

A tax return may be inaccurate or incomplete for various reasons, and can result in it being rejected by the IRS.

Employees can claim Leave Travel Allowance (LTA) exemption while filing their Income Tax Return (ITR), even if their employer has not included it in Form 16. However, they must follow proper ...

Taxpayers who haven’t filed 2021 tax returns who may be eligible for a COVID stimulus payment must file it by April 15 to claim the credit If you haven't filed your 2021 tax returns you might be ...

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Taxpayers often make mistakes when filing their taxes, such as inputting incorrect personal information or making math errors. Choosing the wrong filing status or claiming ineligible credits can ...

From April 1, 2025, the new income tax return filing season will start for AY2025 -26. For salaried taxpayers, their employer will provide a Form 16 containing all income tax details for the ...

Form 16 is a certificate issued by an employer to employees, which contains details of the employee’s salary and the tax deducted at source (TDS) during the financial year. Essentially, it serves as ...

What Is Form 5329: Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts? Form 5329 is an attachment to the federal income tax return that must be filed by taxpayers ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Lea Uradu, J.D., is a Maryland state registered tax preparer, state-certified notary ...