Old Tax Scheme vs New Tax Scheme

The Union Budget 2020 introduced new Tax Scheme for taxpayers. Lot of people are confused which scheme to choose? Which scheme is beneficial for them? Hence Team Taxofile has tried to decode the New Tax scheme. Hope it will help you to take informed decision.…

How to download JSON Utility?

The Central Board of Direct Tax (CBDT) had issued a JSON utility to file Income Tax Returns (ITRs) for Assessment Year 2021-22. Currently, the JSON utility is enabled only for forms ITR-1 & ITR-4. The CBDT will enable JSON utility for other ITR forms as well in the next releases.…

What are Futures & Options and its taxability?

Due to other relevant factors the prices of stocks in stock market changes rapidly and drastically. To safeguard themselves the investors invests in derivatives like futures and options. The term derivative means, it is a kind of contract which derives its value from the underlying assets…

ITR-1 for FY 2020-21

The CBDT had notified few significant changes in ITR-1 via a notification dated 31st March 2021. Following are the amendments in this ITR-1 form;…