Most people missed the deadlines of filing income tax returns every year due to their busy schedules, lack of time, or for some other personal reasons. The tax filing due date for the financial year ending 31st march 2020 (FY 2019-2020) was 31st July 2020 which has been extended by CBDT till the 30th of November 2020 due to the COVID-19 outbreak. In case you have missed … [Read more...] about Can you file your income tax return after the due date
IT Return Filing
How to e-file Your income tax return
E-filing of income tax return is easy like paying electricity bills online or using net banking facility. You just need to have the right details to fill up the form that is required to be filled with IT department. In the first step you need to gather all the details that are relevant for efilling of your income tax return. Following things will be required for an … [Read more...] about How to e-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 India and business persons having turnover of Rs. 1 Crore … [Read more...] about 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 compulsorily deduct TDS after considering … [Read more...] about 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. According to this section, any amount of tax payable or … [Read more...] about 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 exceeding Rs. 10, 000 then he is exempted from filling his IT return. … [Read more...] about 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 provides online efiling … [Read more...] about 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 for the financial year and not the other incomes that you are receiving … [Read more...] about 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 person, self employed person or any other … [Read more...] about 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 change a salaried person having taxable income of more than Rs. 5, … [Read more...] about Debunking 5 common income tax return efiling Myths