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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

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

Charging Interest u/s 234B and 234C in your ITR

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March 29, 2018

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

 While checking the acknowledgement of your ITR filed, you might have sometime witnessed interest u/s 234B and 234C. Looking at it you are left confused and find hard to interpret the reason of such levy. We help you grasp all about, why such amount is charged in your income tax return.What is 234B and 234C?234B and 234C are interest sections which relate to payment of advance taxes. What is advance tax?Any taxpayer having total taxes due in a year exceeding Rs.10,000/- is required to pay such amount in installments toSEE DETAILS

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Revise your income tax return u/s 139(5) before 31st March

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March 25, 2018

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 With 31st March 2018 ending in next 168 hrs , it is very important to have knowledge of Revised Returns. Its comprehension becomes even more vital  because“ ITR FOR AY 2016-17 COULD NEVER BE FILED & REVISED LATER THAN 31ST MARCH 2018”What is Revised Return?When you have already filed an income tax return for the relevant assessment year, any subsequent return filed for the same period is known as Revised Return.The need for revising return arises because no matter how precautious one takes while filing the return, there is alwaysSEE DETAILS

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

Basic Income Tax terms that everyone should know

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March 22, 2018

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

 Filing Income Tax returns, paying taxes and understanding the tax terminologies seems to be such an impossible thing to do. You might have sometime tried hands upon these things, but, would have returned unsuccessful.We will try help you decode the basic terms and all such things necessary to make Income Tax Filing easy for you.1. Financial Year & Assessment YearThe financial year is the year in which you earn an income. Assessment year is the year in which you evaluate your income and file income tax return. You will be ableSEE DETAILS

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Income Tax for Starters (Basics), Income Tax Learning, Income Tax Updates, Latest News

Is Your Employer defaulter in Rs.3,200 crore TDS scam?

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March 5, 2018

- Income Tax for Starters (Basics), Income Tax Learning, Income Tax Updates, Latest News

Yet another scam!Rs.3,200 crores!!!This time it is TDS…Tax Deduction at SourceWell, you heard it right.The IT department unveiled Rs. 3200/- crore by 447 cases.These companies dutifully deducted the TDS at the time of payment of money, as required by the income tax law but did not deposit the same in the government treasury. Yes, they kept the money all by themselves.Let’s understand in detail, what really happened…What is TDS?TDS (Tax deduction at source) is the certain amount deducted by a person or firm while making payment to another. Provisions of sectionSEE DETAILS

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Income Tax Due Date_March 2018
Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Learning, Income Tax Updates, Latest News

Income Tax Calendar 2018: Important Tax Due Dates & Deadlines to Remember

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March 1, 2018

- Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Learning, Income Tax Updates, Latest News

Missing an Income Tax Deadline can lead to the bombardment of the Income Tax Notices leading to the penalty and prosecution for you:(Scary!!!RightDon’t worry you can easily avoid these expensive mistakes! Just mark your calendar with all the Income Tax Deadline (Due Dates) for F.Y. 2017-18(AY 2017-18) for the month of March 2018 and never miss a date again:)Here’s the lists of all the important Income Tax Deadlines for March 2018-Note: Unless otherwise indicated, all deadlines are at 11:59:59 P.M. (one second before midnight) local time.31st March 2018: Due Date for Filing YourSEE DETAILS

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Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Learning, Income Tax Updates, Latest News

Who should file Income Tax Return before 31 March 2018 ?

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February 28, 2018

- Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Learning, Income Tax Updates, Latest News

(ITR for FY 2015-16(AY2016-17) and FY 2016-17(AY 2017-18) in India)31st March 2018, is the last of the current Financial year. It is a very important date for all of us.As this time it is not only about the quarter end, but..this is the last date to file the Income Tax Returns for FY 2015-16 and FY 2016-17.Yes, you read it right, the last date for filing ITR of FY 2016-17 is not 31st March 2019 anymore!!Do you know post 31st March you cannot file your tax returns for these financialSEE DETAILS

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