Schedule FSI and Schedule TR are two sections in ITR-2 that need to be filled only if an individual has paid taxes on foreign income and is claiming tax relief against that in India. FSI stands for Foreign Source Income. Thus, you need to report the details of your income arising from a source outside India under this schedule. Similarly, you must report Tax Relief (TR) under Schedule TR to provide a summary of the tax relief claimed against the taxes you have paid outside India. Read along to know more about FSI and TR Schedules in ITR.Schedule FSI Instructions for NRIAs already mentioned, resident Indians earning from a foreign source need to submit FSI Schedule in ITR 2. However, NRI or non-residential Indians are not liable to report their income generated from a foreign country in ITR-2. On the other hand, if an NRI receives any income from India, it is taxable.

Filing your income tax returns has been easier through online mode. You can log in to the Income Tax Portal, fill out the required ITR form, and upload it. However, the offline mode of this procedure may get hindered at times due to technical glitches.Keep reading to learn about the error that may occur while submitting ITR offline and how to resolve this issue!Caught Error Description as Null in Income Tax PortalWhile filing your Income Tax returns, you may come across a 'caught description error as null'. In such cases, you cannot upload a specific ITR to the Income Tax Portal due to this error. This error is referred to as 'Null', which implies that there is no specific information or description regarding it.Generally, software developers can identify an error and represent it with a description code after it occurs.

If you are an entrepreneur, you must be aware of the term "Angel Tax". Under section (56(2)(viib)) of the Income Tax Act, a startup in India is required to pay a definite sum in the form of tax. However, in the 2019 Union Budget, the government announced some relaxation. At the same time, to become eligible for angel tax exemption, it is necessary to meet certain conditions. In the subsequent sections, we will know about angel tax, what is its exemption, and other related information. Keep scrolling and learn more.What is Angel Tax?To operate an early-stage venture, every business needs funds.

The government introduced Rs.2000 in 2016 after the demonetisation drive. On 19 May 2023, the Reserve Bank of India (RBI) announced that Rs.2000 note, India's highest denomination currency, will be withdrawn from 30 September 2023. The RBI stated that withdrawing Rs.2000 was due to its ‘Clean Note Policy’. However, Rs.2000 will still remain legal tender after 30 September 2023. The RBI stated that people could visit their nearest bank branches and deposit or exchange their Rs.2000 banknotes by 30 September 2023. Total Rs.2000 notes printed by RBIAround 89% of the Rs.2000 denomination notes were issued before March 2017. The total value of Rs.2000 banknotes in circulation has declined from Rs.6.73 lakh crore constituting 37.3% of notes in circulation (as on 31 March 2018), to Rs.3.62 lakh crore constituting only 10.8% of notes in circulation (as on 31 March 2023).

The Permanent Account Number (PAN) card and Aadhaar card are critical identification documents for Indian citizens. The Income Tax (IT) department issues the PAN card, while the Unique Identification Authority of India (UIDAI) issues the Aadhaar card. PAN is a unique identification number issued to individuals and businesses for tax purposes. The Aadhaar number is a 12-digit unique identification number issued for all residents. However, the IT department has made linking PAN and Aadhaar cards mandatory. Circular on PAN-Aadhaar LinkingThe IT department issued a circular that it is mandatory for all PAN-holders (except those who fall under the exempt category) to link their PAN-Aadhaar within 30th June 2023. Initially, the IT department mandated to link PAN-Aadhaar by 31st March 2022 and then extended it to 30th June 2022. However, people who linked their PAN-Aadhaar between 1st July 2022 to 30th June 2022 had to pay a fine of Rs.500.Subsequently, the IT department extended the last date to link PAN-Aadhaar to 30th June 2023. PAN holders who link PAN-Aadhaar between 1st July 2022 to 30th June 2023 must pay a penalty of Rs.1,000.

Recently, the Karnataka Government has launched the Gruha Lakshmi Scheme, which ensures gender equality and empowers women of Karnataka state. Under this scheme, the Karnataka State Government will give financial support to the head women of the house.Gruha Lakshmi Scheme KarnatakaThe Gruha Lakshmi Scheme Karnataka, announced by the Karnataka Government, provides monthly financial assistance of Rs.2,000 to the head women of a house. Around 2 lakh females in the state would benefit from this scheme.The Gruha Lakshmi Yojana is launched to support women and improve their livelihood. It aims to empower housewives, landless women, and agricultural women workers by providing them financial assistance through a Direct Benefit Transfer (DBT) mode.Gruha Lakshmi Scheme amount in KarnatakaThe Karnataka Government will provide financial assistance of Rs.2,000 every month to eligible women from 15 August 2023. Gruha Lakshmi Scheme eligibilityThe women should belong to Antyodaya, BPL and APL families.The women identified as the head of a family in the Antyodaya, BPL and APL ration cards issued by the Government will receive the benefit.Only one woman in a family will get the scheme's benefits.Women government employees are not eligible to get the scheme’s benefits.Women taxpayers are not eligble to get the scheme's benefits.If the husband of the woman who is the head of the family is paying income tax or filing GST returns, the women of that family will not get the scheme's benefits. Gruha Lakshmi Scheme apply onlineRegistration for the Gruha Lakshmi Scheme will be open from 15 June to 15 July 2023. Eligible women can register for the scheme by following the below process: Visit the Seva Sindhu Portal.Login by entering the email ID and OTP received on your email. If you are a first time user, click on ‘New user ? Register here’ button.

The deadline to link Aadhaar-PAN cards are fast approaching. All PAN card holders must link their PAN cards with Aadhaar cards to ensure that their PAN card stays active. However, many may have a doubt if it is already linked. Thus, we recommend you to first check if your Aadhaar is linked with your PAN card.  The process to check if the Aadhaar is linked with PAN is simple as provided in the article below.

Voter ID and Aadhaar cards are essential documents for Indian citizens since they are used as proof of identity and address proof for various reasons. Though the Election Commission has not made linking Voter ID and Aadhaar cards mandatory, it is recommended since it establishes the identity of electors and authenticates entries in the electoral rolls.There are several ways to link a Voter ID with an Aadhaar card, such as through a call, National Voter's Service Portal (NVSP) or SMS. Find out how to link a Voter ID with an Aadhaar card here. Let’s look at how to check the Voter ID and Aadhaar link request status.Check Voter ID with Aadhaar Card Link Status with Reference NumberBelow are the steps to check if your Voter ID is linked with your Aadhaar when you have the reference number: Step 1: Visit the NVSP portal.Step 2: Click the ‘Track Application Status’ tab.Step 3: Select the state and enter the reference ID given to you when you applied to link your Voter ID with your Aadhaar card.Step 4: Click the ‘Track Status’ button. You will get the Voter ID Aadhaar link status.Check Voter ID Aadhaar Link Status without Reference NumberBelow are the steps to check the Voter ID and Aadhaar link status without reference number:Step 1: Log in to the NVSP portal by entering your mobile number and password.Step 2: Click the ‘Dashboard’ tab at the top of the page.Step 3: You will see the reference number, form type as form6b, form submission date and status.

Latest Update:Chief Minister Y.S. Jagan Mohan Reddy credited the 1st installment of Rs.5,500 to 52.3 lakh eligible farmers under the YSR Rythu Bharosa scheme for the fifth consecutive year on 1 June 2023. Rs.2,000 contribution is yet to be distributed that is due from the Centre under the PM Kisan scheme. Together, the Centre's and state's contributions add up to Rs.7,500 for each eligible farmer under the 1st installment of this scheme. The YSR Rythu Bharosa is one of the nine Navratna welfare schemes of the Andhra Pradesh (AP) government. It was announced and implemented on 15 October 2019 in AP.

Permanent Account Number (PAN) is an extremely important identity proof for your Income Tax filings. If details like your name, date of birth, photo, signature, father's name, Aadhaar, gender, address or contact information are incorrect or changed, it is recommend to rectify and update the PAN card as soon as possible.Learn more about how to make PAN card correction online and offline, applicable fees, required documents, and more.How to Change PAN Card Details?There may be mistakes in your name, parent's name or date of birth when your PAN card is printed. There may be changes in your address or name after your PAN card is issued. In such cases, your name, parents name, address or birth date must be changed and updated on your PAN card. The PAN card details can be changed online or offline. How to update PAN card online?You can update PAN card details online through the NSDL e-Gov website or the UTIISL website.How to update a PAN card on NSDL e-Gov portal?Follow this step-by-step guide to make PAN card correction online:Step 1: Visit the NSDL e-Gov portal.Step 2: Click on the ‘Services’ tab and select ‘PAN’ from the dropdown menu.Step 3: Now scroll down and locate the heading ‘Change/Correction in PAN Data’.