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Income Tax Learning

Though it is always beneficial to file your Income tax Return before the due date i .e. 5th August rather than filing it after the due date as it entitles you to avail the perks of early filing like faster refund process.In case you still miss the deadline.Then, the next big question is, can I still file my IT return after 5th August?. And the answer is Yes! you can.Even after the due date has passed, you can furnish your return for at any time before the end of theSEE DETAILS

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Income Tax e-Filing, Income Tax Learning

How to file an Income Tax Return? This question has been creating a lot of buzz for quite some time now as the tax filing season is at its peak. Also, tax return filing is a lot different this year as for all taxpayers this is their first return post demonetization.However, the last date for filing the Income Tax return for Financial Year 2016-2017 (Assessment year 2017-18) is 31st July, so now you have a day left to file your ITR. Below are listed all the important links which wouldSEE DETAILS

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15G and 15H, 15G /15H
Blogs, Income Tax Learning

Is bank deducting TDS on fixed deposit interest even if your earnings are below basic exemption limit?Are you confused about the form to be given to bank for non-deduction of TDS?If you have ever filled the form for opening fixed deposit with the bank, you must have seen a line printed at the end of form, “If you don’t submit 15G/ 15H form to the bank, fixed deposit interest shall be paid/ credited after deducting TDS thereon.”  Many of the persons don’t know about 15G/ 15H; others who know remainSEE DETAILS

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Will the Income Tax Act 1961 be scrapped?Will Direct Tax Code replace the Income Tax that was there in the government box since 2009? The answer is still not known.How Direct Tax Code will impact me?If you are one of those who is unaware of direct taxes code then you are at the right placeFirst of all What exactly is Direct Tax Code?To begin with Direct Tax Code, it is an attempt by the GOI . DTC main aim is to simplify, revise and consolidate the structure of direct taxesSEE DETAILS

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Blogs, Income Tax Learning

Did you just get a Mail/SMS from Income Tax Department to explain the cash deposits?Don’t Worry!In this blog, we will discuss everything you need to do when you get such a communication from the Income Tax Department.You must be wondering why The Income Tax Department selected only ‘’me“ to explain the cash deposited in bank account?Well, to answer that you are amongst approx 18 lakh persons, who have done suspicious cash deposits over Rs. 5 lakhs between 9th Nov to 30th Dec, 2016. These persons have been selected after analyzingSEE DETAILS

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Blogs, Income Tax Learning

We are all set to bid farewell to the year 2016, a year that was nothing short of a roller coaster ride thanks to Demonetization, one of the most radical decision in the history of Indian Economy. The withdrawal of the legal tenders of Rs 500 and Rs 1000 notes created a swirl in the nation. This further led to panic when the Modi government announced that deposits in banks accounts will be monitored by the Income Tax Department. Long queues outside Banks & ATMs, rural distress, debates and discussionsSEE DETAILS

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Blogs, Income Tax Learning

You may have heard this term a lot of times, in fact an amount in the name of Provident Fund is already been deducted per month from your salary but you may be still unsure as to what exactly it is! We hope you understand the same till the end of this article. So what exactly is provident fund? In nutshell, it is a kind of an investment fund contributed to by you and your employers per month, out of which a lump sum amount is paid to you inSEE DETAILS

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Blogs, Income Tax Learning

As discussed in our previous blog, Gratuity is one of the incomes which are partially tax-free. In general terms, gratuity is a sum of money paid by an employer to its employee at the end of the period of his/her employment as a tip for contributing to the company and is one of the many retirement benefits offered by an employer to an employee upon leaving a job. While the whole amount of gratuity is not exempted for all employees, a part of the income is exempted u/s 10(10) forSEE DETAILS

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Blogs, Income Tax Learning, Income Tax Saving

We hope that you have already gone through the part one of the two blog series on tax-free income but there’s much more left then you thought, so here we have tax free incomes in store.We all love saving taxes and getting income tax refund!!!At the time of income tax filing, double check to see you have not paid any online income tax s on any of these incomes.Provident Fund (PF): Exemption / Tax treatment in respect of amount received from public provident fund/ statutory provident fund/ recognized provident fund/SEE DETAILS

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Blogs, Income Tax Learning, Income Tax Saving

Ever cringed about the big figures of taxes deducted from your salary! Well, it goes unsaid that we all want as much cash inflow as possible when we are working and the first thing that comes to our mind is to save that tax paid “TDS”. A common man is sometimes clueless as to how to e file taxes, how to save taxes and where to invest to get that tax relief. Let us tell you about income tax savings journey of Manoj Kumar.Manoj Kumar, aged 35 years, hailing fromSEE DETAILS

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