Any amount due or received by an employee from an employer or former employer during the financial year ending 31st march will be chargeable to income tax in the next assessment year following the financial year. For example if your financial year ends at 31st march 2013 (i.e. income generated during the financial year starting from 1st April 2012 to 31st march 2013) and an … [Read more...] about Income tax liability while working for more than one employer
Top 10 reasons for investing in Public Provident Fund Scheme
Public Provident Fund or PPF scheme is a very attractive fixed income investment option for small investors because of its low risk and high return compare to other investment options available in market. Here are the top ten reasons for investing in a public provident fund scheme or PPF account; Public Provident Fund or PPF offers attractive interest rate of 8.7% per … [Read more...] about Top 10 reasons for investing in Public Provident Fund Scheme
E Filing of IT return must for income over Rs. 5 Lakh
Efiling of your IT return is now mandatory for individual, including salaried taxpayers having taxable income of more than INR 5 Lakhs during the financial year ended March 31st 2013. Prior to this notification, efiling was mandatory for individuals having a taxable income for more than INR 10 Lakhs. Because of this amendment, most of the taxpayers having taxable income of … [Read more...] about E Filing of IT return must for income over Rs. 5 Lakh
How to send ITR V after filing income tax return online
Filing your income tax return online is only half done if you are e-filing it without your digital signature. You should make sure that the process of e-filing is completed for the assessment year. Following things one should consider after uploading income tax return online; Make sure that the ITR V generated after efiling provides your correct details. Double check the … [Read more...] about How to send ITR V after filing income tax return online
Are you liable to file your Income tax return
Most of the Indians do not know that they have to file there IT return if there income exceeds the basic limit of exemption to file IT return. Earlier to the amendment, if an individual’s income exceeds the basic limit of Rs. 2,00,000 before allowing any deduction then such person has to file their IT return with the IT department. Now the IT act has been changed by … [Read more...] about Are you liable to file your Income tax return
All Your high Value financial Transactions are reported to IT Department
If you have more than Rs. 10, 00,000 in your saving bank account or you have spent more than Rs. 2, 00,000 through your credit card then be ready to get an income tax notice if there is a mismatch between the income you have declared in your income tax return and your investment or expenditure. All Banks, mutual fund, credit card companies and other establishment covered … [Read more...] about All Your high Value financial Transactions are reported to IT Department
Frequently Asked Questions on Public Provident Fund scheme or PPF Account
Anyone can open a PPF Account either through a post office or through a authorized bank. Visit any authorized bank or post office and submit a opening form with relevant documents. There are banks like SBI and ICICI which also offers online facility for having a PPF account with them. Through this facility you can transfer money from a saving bank account to your public … [Read more...] about Frequently Asked Questions on Public Provident Fund scheme or PPF Account
Simple Steps for Efiling your Income tax return online
The last date of your income tax filing is 31st July. From now onwards, all the taxpayers with a taxable income of over INR 5 lakh are required to file IT return online. Electronic filing of your IT return can be done by using the facility of efiling website or through the online facility of efiling intermediaries approved by IT department You can file your income tax return … [Read more...] about Simple Steps for Efiling your Income tax return online
How to file your income tax return correctly
Every individual having has to file there annual IT Retrun with the IT department if there income does not exceed the basic limit as prescribed by IT department for not filling a ITR. You can file your ITR voluntarily even though you are not liable to do so according to IT act. You can file your ITR either by filling it electronically or in paper format. … [Read more...] about How to file your income tax return correctly
Income tax return filing due dates for FY 2021-22
For different assesses based on their nature of income and complexity of books of accounts, the government of India has specified the due date for filing income tax returns. The due date for filing income tax return is the date by which asessee can file the return without paying any late fee or penalty If you file your income tax return after the due date as applicable to … [Read more...] about Income tax return filing due dates for FY 2021-22