If you missed the deadline of filling your income tax return then don’t be panic. You can still file your IT return before 31st march of the assessment year. That means, if you are filling your ITR for the income earned in the year of 2012-2013 (i.e. from 1st April 2012 to 31st march 2013) then the last date of filling your ITR is 31st March 2014. But you have to be ready … [Read more...] about What if I Missed the due date of filling income tax return
Consequences of filling Income tax return after the due date
Due date of filling income tax return or ITR has been specified by the IT department. If it has not been submitted within such time allowed then it will be treated as a belated return. Such belated return will have following consequences; You will be liable for a penal interest @1% per month under section 234A of IT actIf you have submitted the belated return after the … [Read more...] about Consequences of filling Income tax return after the due date
How to raise a Rectification Request for your Income Tax Return Online
Any person who has filled his income tax return online can rectify it within the rules and regulations of IT act, 1961. If there is any mistake in the income tax return which is apparent and the perosn or assessee has received an order under section 143 (1) of IT act 1961 then the changes to the mistake can be done online. Rectification of your ITR means, correcting the … [Read more...] about How to raise a Rectification Request for your Income Tax Return Online
5 things to remember while efilling your income tax returns
It’s a general tendency of human beings to wait till the last minute to file their IT return. Due to the recent changes, an individual having taxable income exceeding INR 5 Lakhs have to compulsorily file their IT returns online. This will result in a significant increase to the number of online fillings. Here are some of the points that you should remember for a error free … [Read more...] about 5 things to remember while efilling your income tax returns
How to get PPF payments on death of subscriber
If a subscriber to public provident fund scheme has died then the nominee as specified in the application form will get all the payments that is laying subscriber's account. It’s risky for the nominee to continue the Public Provident Fund account of the deceased person after the death because the nominee can not appoint another nominee. Where nominee is a minor, amount … [Read more...] about How to get PPF payments on death of subscriber
How to withdraw from Public Provident Fund or PPF Account
Investment tenure for a public provident fund scheme is 15 years. Investors can not withdraw their entire invested amount from PPF account for a period of 15 years. Withdraw from a public provident fund account can be done only after expiry of 15 years from the end of the year in which you make your initial subscription to public provident fund scheme. As per the PPF … [Read more...] about How to withdraw from Public Provident Fund or PPF Account
How to Invest in Public Provident Fund Scheme
Public Provident Fund or PPF scheme is a safe long term investment option for an individual in India with attractive returns. Income from PPF account is fully tax exempted and yearly investments are eligible for tax deduction under section 80C of Income Tax Act, 1961. Both salary individuals as well as self employed persons can invest into a public provident fund scheme … [Read more...] about How to Invest in Public Provident Fund Scheme
How to avail Loan from your Public Provident Fund (PPF) Account
A subscriber or investor of public provident fund, can avail loan facility between 3rd financial year to 6th financial year i.e. from the third financial year up to end of fifth financial year. Loan from your public provident fund account can be availed by applying in Form D or in a form near thereto together with the PPF passbook. The maximum loan that can be availed … [Read more...] about How to avail Loan from your Public Provident Fund (PPF) Account
PPF – 5 Reasons to Invest in a Public Provident Fund Scheme
Public provident fund or PPF scheme is introduced by the Central Government in 1968 to enable the members of the public to make contributions to it and at the same time avail tax exemptions under section 80C of the Income Tax Act. Public Provident Fund or PPF is a safe Investment option with attractive returns @ 8.7% per year that are fully tax exempted. Both salary as well … [Read more...] about PPF – 5 Reasons to Invest in a Public Provident Fund Scheme
Assessment year and previous year – How Income tax is charged to tax
Income is taxable on the net income that is earned during the previous year (PY). It is assessed in the immediately succeeding financial year which is known as assessment year (AY). All taxpayers are required to follow a uniform Previous Year. As per present tax laws, Assessment Year means the period 12 months commencing on the first day of April. That means it’s the … [Read more...] about Assessment year and previous year – How Income tax is charged to tax