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Income Tax Know How

The duration for holding on to income tax-related documents depends on the type of income and financial transactions | |
Know ways to offset your losses and reduce your tax liability | |
Find out what qualifies you as a resident Indian when filing your tax returns | |
Lack of familiarity with various sections and tax-saving investments need not be an excuse anymore. Here is a quick DIY guide | |
If you don't submit proof of tax-saving investments and expenses, your employer will deduct tax as per the applicable slab rate, without considering tax deductions | |
Normally, when you receive gifts they are taxable in your hands. However, there are several situations when you do not have to pay any tax on the gifts you receive | |
Remember that after you file the return, you also need to verify it; there are both online and offline ways of doing it | |
Remember that you can file your return even after the last date. But do not delay too much or you may have to incur penalties | |
The ITR forms now allow non-residents to give details of bank account outside India, so they may receive the refunds in it directly | |
If you are a salaried individual and have changed jobs in the previous financial year, you will be now sitting with more than one Form 16 | |
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