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  People usually end up making mistakes while filing their income tax returns (ITR). However, there is no need to worry as the tax department has made few provisions to allow taxpayers to rectify any mistakes or errors made during filing ITR. Errors while filing an ITR are best avoided however people often end up committing unintentional errors during the filing process. Most errors occur when individuals try filing a tax return in a rush, just before the deadline. This is the major reason why tax specialists usually recommend people file their returns well in advance. However, what if you realize you have made an error after you have filed your income tax? You may be worried that you made an error, however, there is nothing to worry about it. The tax department has dealt with this type of situation earlier and has solutions for you. There is a provision that allows taxpayers to correct any errors made while filing ITR. There are a few steps that you can follow. According to Indian...

  Quality education is the new norm. Competitive job markets have raised the bar for higher education. The cost of higher education in private institutes is 3 times higher than in government institutes. These days, a 4-year medical degree course costs around 15-20 lakhs in decent colleges. Whereas IIM and IITs will charge you anything around 30-50 lakhs. Studying abroad will add up everything from 80 lakhs to 1 crore expenditure. Students relying on international universities also have to pay for travel, residence, mandatory course material, tuition fees, etc. There is education. There are dreams. And thankfully, there are education loans. Hence, Section 80E of the Income Tax Act was introduced to provide some relief to taxpayers paying high education expenses. Now you must think about whom to consult for such tax exemptions. Digilekha is here to solve all your tax compliance services queries. Let’s understand education loan tax benefits and how to claim these tax deductions when y...

  Small start-ups, firms, and entrepreneurs require good staff to look into accounts. Hiring a talented, very well-educated and experienced person to take care of the company accounts may call for investing tremendous amounts year by year. Hiring a perfect person(s) - especially with the right skills to manage all accounting and bookkeeping operations, analysing the financial data, bank operations, and all other accounts-related work; is a challenging task. The number of accountant(s) required and hired full-fledge incurs a lot of expenditure. It is not only a time-consuming process, but also may or may not be effective in the long run. It consumes a lot of time and occupies a lot of space in bookkeeping and accounting work. Nowadays, hiring a knowledgeable, qualified, and well-experienced person at an affordable rate is even more challenging. At present, many small companies or businesses prefer outsourcing their accounting and bookkeeping services. It is really interesting to k...

  Coronavirus brought about a standstill to everyone’s life. The number of people affected ranges from an average salaryman to multinational companies. Another significant aspect of the pandemic was the nationwide lockdown to help control the spread of the virus. It meant a complete stop to the operations of companies and businesses, and as these ventures were in their lives, they suffered massive losses. The country provided compensation for the losses of people through various schemes, but in doing so, a large percentage of national savings was used. As lockdown ends, the government has started to increase the tax rates on businesses and companies to make up for the loss. The ventures being taxed are already going through loss, and to avoid hefty taxes,  Accounting and tax services  are required now more than ever. Digilekha Consultancy Pvt. Ltd is a firm that provides  Accounting and Tax Compliance services in Pune . A skilled team is the backbone of success for a...

Income Tax Return (ITR) is a form in which an individual (taxpayer) is supposed to submit the information about his/her income earned in the particular financial year (1st April to 31st March of next year) and tax applicable to the Income Tax Department of India. It is mandatory that every taxpayer must file his/her ITR on or before the mentioned due date given by the income tax department. A taxpayer is eligible to fil ITR forms depending upon the sources, type of income earned, and the category he/she belongs to such as individual, company, Hindu Undivided Families (HUFs), Association of Persons (AOP), Body of Individuals (BOI), etc. The Income Tax Department has specified seven types of ITR forms from ITR-1 to ITR-7 and that taxpayers should choose the relevant form to file their return of income. Income of the taxpayer can be of various forms such as income from salary, capital gains, house property, business/profession, and other sources like interest earned from bank deposits...