Category: Income Tax Learning
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7 Must Have Documents While Filing ITR 1 Sahaj Form
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…
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Do I need to file ITR if TDS is already paid?
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…
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Taxation on the Long term Capital Gain from 1st April 2018
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…
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Penalty for Under-reporting or Misreporting of Income u/s 270A
Recently, Income Tax Department has issued a advisory for the salaried taxpayers to report correct income while filing the returns . Due to this cautionary, penalty for under reporting or misreporting of income u/s 270A came into light. Further, department has also made major changes in the ITR Form 1 (Sahaj) for F.Y 17-18 in…
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Fees for Delay in Filing Income Tax Return u/s 234F
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.,…
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Four Easy Steps towards Filing Paper Income Tax Return
While we see India taking big steps towards digitalization there are still people who struggle with the online procedure. Therefore, the government gives us both electronic and manual methods to fill Income Tax Returns (ITR). First is the paperless way through filing ITR online and the second is a paper form that has to be…
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Tax changes affecting your life from April 2018
There were a number of tax regimes pronounced by budget 2018. Where corporates got a good news, share traders didn’t seem to be happier. The hassle of filing income tax returns till 31st March has finally rested. And, what you should focus on next are the Tax changes affecting your life from April 2018. Reintroduction…
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How To Check If My ITR Is Filed With Income Tax Department
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…
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Is It Mandatory to file Income Tax Return?
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…
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Charging Interest u/s 234B and 234C in your ITR
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…