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Blogs, Income Tax for Starters (Basics), Income Tax Help

As the last date of filing ITR (31st August, 2018)  is just around the corner, we are sure you must have filed your return by now. But mere filing of ITR is not sufficient. After filing tax return, one has to e-verify it as well to complete the process. This is where ITR-V comes into use.When you file & submit ITR online, a document ITR-V is generated. This form is an acknowledgement by tax department that your ITR is submitted. Now to complete the process, one needs to e-verify ITRSEE DETAILS

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Blogs, Income Tax Help

As soon we hear words “Income Tax Notice”, an air of fear & reluctance surrounds our mind. No one likes to receive income tax demand notice from the department, let alone replying to one. As the wise one’s said “precaution is better than cure”, hence we bring 7 reasons which could bring you income tax notice.Reason 1: Mismatch in TDSWe all are well aware of the concept of tax deduction or commonly referred as TDS. And how using income tax form 16, we claim credit of TDS. Many times, inSEE DETAILS

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Blogs, Income Tax Help

What is revised return?How to file revised return?If you are here on this page then you’ve must have made some mistakes while filing incometax return, therefore asking Google Baba either of the above queries.As now you are scared that what the Income Tax Department will do! Relax, you don’t have to worry about anything coz of magical Sec 139 (5) of Income Tax Act, 1961.What is Sec 139(5) ?Section 139(5) of the income tax act provides an assessee with a chance to revise his/her return. For e.g. if you haveSEE DETAILS

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Blogs, Income Tax Help

Are you about to file your Income Tax Return? Then make sure you do it properly because many first time taxpayers commit very common mistakes in filing Income Tax Return.Improper efiling of income tax return can bring troubles in the form of penalty & notices from the income tax department.Hence to help & guide you, we bring a list of common mistakes in filing income tax return. And one more thing, it is our secret list, do not share it with anyone. Wrong ITR Form FiledThis is one the most commonSEE DETAILS

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Blogs, Income Tax Help, Income Tax Learning

When it comes to filing Income Tax Return, we are always told to file before 31st August (i.e. the deadline). Then we are told, what to do next, if we miss ITR deadline. But have you ever wondered, what are the consequences if I miss ITR deadline?Well to solve your query, we bring a list of outcomes if you miss ITR deadline. So buckle-up your seat-belts coz it’s gonna be a fun ride!Section 234FNew section 234F is literally the most discussed topic among all the taxpayers. And why it shouldn’tSEE DETAILS

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Blogs, Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Help

How to Reset eFiling PasswordRemembering passwords is not an easy task. With so many online services like Facebook, Quora, Linkedin, Net Banking etc & each one with a secured portal, hence it is very common for an individual to forget password easily. Heck! Even you must have gotten confused in passwords/logins of different social media platforms which we use almost daily. So there is nothing new in forgetting income tax e filing login credentials, which is used max 1-2 times in a year.So what to do in such case? IncomeSEE DETAILS

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Blogs, Income Tax Help, Income Tax Learning

A friend of mine (Fred) recently quit his job & he was confused about filing his income tax return. And someone also suggested him to file a Nil Return due to which he got even more confused. As he knew that I worked as a tax consultant so he approached me for help.Fred: Hey Win, how are you doing? It’s been a long time.Win: Yeah, tell me. The last we met it was almost like 2 months ago. What’s keeping you so busy buddy?Fred: My job, it was so hecticSEE DETAILS

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Income Tax Help, Income Tax Updates, News

Have you filed income tax return yet? If not, then it’s a must for you to know about changes in ITR form as a result of extension in due date.The extension in ITR filing due date by the CBDT has surely given a reason to rejoice for all the taxpayers.But this extension have brought some changes in IT return forms. Hence it is imperative for you to remain updated with recent changes in ITR form before filing tax return.For those who got-up late this morning, CBDT has extended incometax returnSEE DETAILS

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Blogs, Income Tax Help, Income Tax Learning, Income Tax Saving

Constructing/ purchasing a new house is not an easy task. A common man exhausts all his life’s saving & also take a home loan to make this dream a reality. Hence to help the citizens, income tax act provides deduction of interest paid on home loan under Section 24.Section 24 of income tax act says that, if any house is acquired, constructed using borrowed capital. Then interest paid on such borrowed capital is eligible for deduction & the amount of deduction is as follows:CaseMaximum Interest Deduction (₹) Capital is borrowedSEE DETAILS

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Blogs, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

When it comes to income tax efiling many taxpayers face confusion in Assessment Year and Financial Year. They tend to presume both as the same thing & this leads to problem while e filing incometax returns. To help filing income tax return in a smooth & hassle-free manner, we bring this blog to solve all your queries related to assessment year and financial year.  Financial YearFinancial year is the year in which you have earned the income (starting from 1st April & ending on 31st March). The term “Financial Year”SEE DETAILS

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