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

Things You Need to Prepare Before Filing ITR 1 for FY 2017-18

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July 16, 2018

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

31st July is already being in talks. Specially for the newly levied penalties under section 234F, which can cut down your pocket up to additional ₹10,000/-.Before you start filing ITR for FY 2017-18, let’s get handy with the documents and details needed in the process. For a hassle free ITR filing, first requirement is the correct selection of ITR form.Selection of ITR Form mainly depends upon        Your Residential Status        Income Sources        And Quantum of EarningsITR 1 or Sahaj Form being the simplest is apt to be furnished by a salariedSEE DETAILS

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

11 FAQs on ITR Filing for FY 2017-18 (AY 2018-19)

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July 13, 2018

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

When it comes to filing Income Tax Return (ITR), most of us get scared.We have created an air of fear around the whole concept of income tax.This fear is nothing but lack of knowledge & guidance related to income tax return filing.With the aim to relieve everyone of this fear & reluctance. We bring 11 most common Frequently Asked Questions (FAQs), asked by common people like you & me.So buckle-up your seat-belts & let’s tackle your tax queries one-by-one.Why I should file ITR?This is the most basic question on everyone’sSEE DETAILS

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

How do I Fill Salary Details in ITR 1 Sahaj Form for FY 2017-18

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July 12, 2018

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

Do you earn income from salary?Then you must be worrying about filing your ITR 1 form FY 2017-18.Well, it’s a topic worth worrying coz of new salary details asked by the Income Tax Department.Till FY 2016-17, while filing income tax return (ITR), the only details required were of gross salary/ pension income.But from FY 2017-18, new ITR 1 Sahaj Form asks for detailed salary break-up. You do not have to worry anymore. After reading our blog, you’ll be able to calculate every component on your own very easily.Before we begin,SEE DETAILS

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

Section 80 Deduction | Deduction u/s 80DD, 80DDB, 80U

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July 10, 2018

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

In today’s modern era, we spend a lot of money on health-care, be it for ourselves or our family. So does our Government by taking steps towards public welfare. And these steps are taken in the form of income tax deductions, new laws etc. Whenever it comes to any social issue, lawmakers always try to provide more & more benefit to public.As a result, income tax laws provide various sections under which one can claim deduction of expenditure incurred on health and save taxes.Let’s discuss these sections one by one.Section 80DDSEE DETAILS

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

7 Must Have Documents While Filing ITR 1 Sahaj Form 2017-18 | E Filing Tips

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July 5, 2018

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

Imagine you are in middle of something important like filing ITR & all of a sudden you realize that a document is missing. It feels frustrating right?That’s why we bring to you some last minute must have documents while filing your income tax return.Although, there are many different ITR forms and the requirement of documents changes as per the ITR form selected. In this blog, we will talk about the most commonly used form to file return i.e. ITR 1 form 2017-18. This ITR 1 form 2017-18 is used bySEE DETAILS

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

Do I need to file ITR if TDS is already paid?

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July 4, 2018

- Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning, News

Are you earning salary income?Then you must have thought, at least once in your career, that since TDS is already deducted so I don’t have to file income tax return.This is a very common notion among-st salaried individuals like you & me.And because of this, many of us do not file income tax return. The result knocks on our doorstep in the form of penalty notice from the income tax department.Income Tax Act states that if total income before deductions exceed basic exemption limit. Then IT return is required toSEE DETAILS

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

Income Tax Rebate Under Section 87A

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April 14, 2018

- 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

Fees for Delay in Filing Income Tax Return u/s 234F

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April 9, 2018

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

How To Check If My ITR Is Filed With Income Tax Department

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April 1, 2018

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

Income tax return filing, this one term has so much embedded in it. There are a series of activities which take place after filing ITR. The return shall be submitted, verified and processed. How to be sure that the return you filed has actually reached to the Income Tax Department?Being income tax filers we all have fear and anxiety to know our ITR status. The return status can be checked online by making a login to https://www.incometaxindiaefiling.gov.in/homeThereafter you have two routes to check your Income Tax Return status1. Directly throughSEE DETAILS

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

Is It Mandatory to file Income Tax Return?

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March 30, 2018

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

 The question whether filing ITR is mandatory, depends on a number of factors like income, age, residence etc. Even if a person does’t fall in these categories he can still file ITR to enjoy many benefits.  Such as getting refunds, applying for loans, applying for tenders, startup funding etc. Before going further into the details lets understand the importance and meaning of filing ITR.What is filing Income Tax Return?ITR is a statement of an individual’s annual gross income earned across different sources, his tax liabilities, taxes paid and refunds (ifSEE DETAILS

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