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Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Updates, Latest News

Received a scrutiny notice? Then the next image coming to your mind must be of an Income Tax Office. Where you might have to go again and again and wait for long hours to meet the IT Officials. Well, not anymore:)!Income Tax department has launched the jurisdiction free e-tax assessment of scrutiny cases.The system will be implemented in a phased manner across India.What is Jurisdiction Free E-tax Assessment?It means you can give the online response to the scrutiny notice at your convenience i.e. 365*24*7. It will enable you to saveSEE 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 Updates, Latest News, News

26th July, 2018 will definitely become a date to remember. As of today, the Minister of Finance announced the extension of ITR deadline from 31st July to 31st August.The Ministry of Finance tweeted, “Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the “Due Date” for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the said categories of taxpayers”.Now the confusion faced by taxpayers is related to the “categories of taxpayers”. From the tweet of Finance Minister, itSEE DETAILS

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

Since our childhood we’ve been taught to be frugal & save money.This teaching of our parents resulted into opening up of savings bank account by most of us.But when we earn interest on those savings, it becomes chargeable to tax as our interest income.That’s not fair! First we save money & then we pay taxes on it.Hence to bring a cheerful smile on your face. We present to you magical Sec 80TTA & Sec 80TTB.What is Section 80TTA?Sec 80TTA income tax exemption is allowed to an individual as well asSEE DETAILS

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Income Tax Updates

Amendments are brought to ITR forms every year. For the Financial Year 2017-18 there are 7 changes majorly incorporated in ITR 1 – SAHAJ. The changes have resulted in seeking more detailed information from the tax filers and increased transparency. Before starting your return for the year, let us understand How filing of ITR 1 is different this yearITR 1 – No more available for Non ResidentsSince A.Y 2018-19 the users of ITR 1 have been restricted to Residents and Ordinarily Residents. Resultantly, Non Residents will not be entitled toSEE DETAILS

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Long Term Capital Gain
Income Tax Learning, Income Tax Updates

Introduction:You must be aware that from F.Y 18-19, Long Term Capital Gains on equities and equity fund shall be taxed under the newly inserted Section 112A under the I-T Act,1961. By the way of Budget 2018, LTCG on equities has also been brought into tax net. This move has been brought up keeping in mind the fact that a vibrant equity market is essential for the economic growth of a country. Let’s get a deep insight of it and know how it will impact you.Background:In 2004, the Capital Gains TaxSEE DETAILS

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Blogs, Income Tax Help, Income Tax Learning, Income Tax Updates

 Many of us wait till the last moment before springing into action to file our ITR’s, be it a habit, fear or expertise. Either we are unaware of the deadlines set by IT department or unable to make time before such deadline. Non adherence of Due Date for ITR Filing  in any case, can attract repercussions from the Income Tax department. Therefore for your reference, we will let you know the various provisions of due date.As per Income Tax Law, there are different categories of assessees viz. Individual, HUF, Firm,SEE DETAILS

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

 As a taxpayer we always feel burdened with tax payments:(Empathising with your situation, government came up with Rebate u/s 87A in Budget 2013, to reduce the burden of taxes. Let’s understand how you can take advantage of income tax rebate under section 87A in simple language!What is Rebate under section 87A of the income tax?Rebate u/s 87A provides exemption on tax payment to a RESIDENT INDIVIDUAL. As per this provision, if an individual’s taxable income is upto Rs. 3.5 lakhs then he will get the benefit of Rs. 2500 orSEE DETAILS

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

In the wake of increasing the tax payers base multifold and ensure a strong control over compliance in the country. The income tax department has been putting lot of efforts for last couple of years by constantly spreading the awareness on a mass scale via different mediums like TV, radio, newspaper ads, social media etc.,“Listening to radio ads for 5-6 times of income tax department while on the way to your office was not common at all 2-3 years back and on social media too the department is active likeSEE DETAILS

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Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Updates

We come across a lot of people, some are always late for everything and some are bang on time. Laziness, unawareness or busy schedule whatever the reason maybe if you are one of those defaulters who missed the last date (March 31, 2018) to file income tax returns (ITR) for the financial year 2015-16 and 2016-17, you cannot file a belated return anymore. But, if you are reading this blog you have most probably missed the deadline and want to find whether there is still any Chance.Things that can be doneSEE DETAILS

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