Missed the due date – You can still file your income tax return

Most of us missed the deadlines of filling income tax return every year due their busy schedule or lack of time or for some other reasons. Tax due date for the financial year ending 31st march 2013 (FY 2012-2013) was 31st July 2013 which has been extended by CBDT till 5th of august 2013. In … Read More » "Missed the due date – You can still file your income tax return"

What is efilling in income tax

Efilling means electronic filling of your income tax return via internet to the tax authority. Submitting your IT return by e-file or in paper format at IT office are the only two options available in India. Efilling in India is faster, safer and will speed up the process of getting refund. All companies registered in … Read More » "What is efilling in income tax"

Salary received from more than one employer – Multiple form16

During the financial year, an assessee can be employed simultaneously under more than one employer or can change the employment during the financial year. In both cases, employee can furnish details of salary due or received by him to either of the employer of his choice. Such company after getting employee’s salary details has to … Read More » "Salary received from more than one employer – Multiple form16"

Rounding off of taxable income and tax in India

Rounding off of taxable income and tax has been prescribed under section 288A and 288B of IT act, 1961. According to section 288A you need to round off your taxable income to the nearest multiple of 10 rupees. While deriving paise should be ignored. Section 288B talks about rounding off of tax payable or refund. … Read More » "Rounding off of taxable income and tax in India"

No Need to file Income tax return if you have only Salary Income up to Rs. 5, 00,000

If your earning is up to Rs, 5, 00,000 during the financial year then you may not require filing your income tax return. From the financial year ending 31st march 2012, if an individual’s total income does not exceed Rs. 5, 00,000 and consists of only salary and/or interest from a bank saving account not … Read More » "No Need to file Income tax return if you have only Salary Income up to Rs. 5, 00,000"

How online efiling of your income tax return works

Efiling of your income tax is mandatory for those individual whose income during the previous year increases Rs. 5, 00,000. For efiling of your income tax return you can either avail the services of one of the e-return intermediaries or free online services available at IT web site. Followings are the popular efiling intermediary who … Read More » "How online efiling of your income tax return works"

Incomes to be disclosed in addition to your Salary

Most of the individuals do not disclose certain incomes as those are not noticed by them while filing there IT return. As per the provisions of IT act, all incomes are taxable if it’s not exempted specifically under the act. When you get your form 16 from your employer, it will contain only your salary … Read More » "Incomes to be disclosed in addition to your Salary"

Income Tax Rate for Last 15 years – for Individual, HUF, AOP and BOI

Income tax rate is a percentage specified in the finance bill as a rate to be charged on the taxable income of financial year to which the finance bill is relevant. For different assessee different rates are been specified and accordingly they are charged to income tax. Following lists are specified for individual (like salaried … Read More » "Income Tax Rate for Last 15 years – for Individual, HUF, AOP and BOI"

Debunking 5 common income tax return efiling Myths

Efiling of your income tax return has become mandatory if your taxable income generated during the financial year 2012-2013 has crossed Rs. 5, 00,000. Earlier to this the limit was Rs. 10, 00,000. By doing this change central board of direct taxes has widened the scope of e filing of IT return. Due to this … Read More » "Debunking 5 common income tax return efiling Myths"