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

Do you know how to check ITR V Status? You must be thinking that why we are asking this “out of the blue”question. Well, if your ITR is not yet processed or your refund (if any) hasn’t been credited then this question is relevant for you. 7 out of 10 people still think that just filing Income Tax Return finishes their job. But it is not the case.In this blog, we will let you know the after filing process.Let’s begin.What is verification of ITR ?As per law, after filing income taxSEE 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 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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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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Blogs, Income Tax Help, Income Tax Learning

We all know that IT return filing is mandatory in certain cases and shall be filed before due dates. Generally, what people know of being a must income tax return filing situation is having income above taxable limits of ₹ 2,50,000/ ₹ 3,o0,000 / ₹ 5,00,000.  These limits are without giving effect to Chapter VI-A (Section 80C – 80U) deductions. Well, there are several other Special Cases When it is Mandatory to do incometaxefiling, such as possessing few assets explained below.HouseOwning a house in your own name is a bliss!!SEE DETAILS

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Blogs, Income Tax Help, Income Tax Learning

If you are thinking of not filing ITR (Income Tax Return) then better think again! Such kind of decisions can create lot of troubles for you in the long-run. And in case you own house, car etc then you could be under scrutiny of the Income Tax Department. As per the latest updates, IT Department is compiling a list of all those individuals who are leading luxurious lives & still not filing ITR.Individuals not filing ITR will receive notices from the department asking their sources of income & reasons forSEE DETAILS

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

Are you filing income tax return for FY 2017-18?Then you surely are in a rush because the deadline is already on head i.e. 31st July, 2018.But as the wise one’s said, “Relax! Take a break & recharge yourself”.That’s why we are here, to recharge & introduce you with some common income tax breaks 2017 which will help in saving taxes.Many of us, in a hurry to file ITR, forget about various income tax benefits which we all are eligible for. But we just don’t know about them.So buckle-up your seat-belts,SEE DETAILS

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

If someone who owes you money, give a cheque without his/her signature, will you take it?It’ll be a direct No! A cheque’s worth, without the owner’s signature, is nothing.Similarly, have you ever thought, we send/ receive many documents online through emails etc. So what’s the surety that person on the other end is the one we trust?Especially in important tasks like filing income tax return (ITR), uploading of documents by a company as compliance with MOC rules etc.Hence, to solve this issue of authenticity, the concept of a Digital SignatureSEE DETAILS

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

I recently caught up with a school friend of mine.What a great time we had! Recalling all those funny moments, making fun of teachers, sports day fun & sometimes getting into trouble.And then our topic shifted to politics, economics and other random stuff. All of a sudden my friend asked me, “I am facing troubles in filing my tax return, can you help?”.As he knew I am a tax consultant, so that question was pretty obvious on his part.I said, “Sure why not, tell me what’s the problem”. To whichSEE DETAILS

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