Income tax

All tax payers are required to send their ITR copy (i.e. ITRV) to IT department, CPC office, Bangalore if they have e-filled their return without digital signature. As per IT act, IT Return copy has to be sent on or before 120 days of e-filling your ITR (i.e. uploading your IT return). If you are e-filling your ITR on 31st July then the due date of sending IT receipt is 31st … [Read more...] about Tax return copy to be sent to CPC, Bangalore Office – ITRV

After filling your income tax return (ITR) online for getting refund, you need e-verify your uploaded return by using any of the mode available to you online. If it's not possible to e-verify, then government has provided option to send your ITR-V to IT department CPC Bangalore office within 120 days of uploading your ITR. On receipt of such ITR-V, IT department will … [Read more...] about How to avoid delays in getting income tax refund

ITRV stands for income tax return verification form and treated as an acknowledgement of efilling your income tax return. Each individual who has e-filled his IT return without using digital signature certificate is required to compulsorily send their ITRV to IT department’s CPC Bangalore office. However, if you have filled your IT return with digital signature then it’s not … [Read more...] about Guidelines of sending ITRV to CPC, Bangalore

As per IT act, an individual is required to file his IT return if his/her income before deduction exceeds the basic exemption limit. In chapter VIA, deductions like investment in LIC, PPF and EPF are listed, anyone fulfiling the required criteria as mentioned in respective sections of chapter VIA can claim those deductions from his her total income. However for ITR filing … [Read more...] about Income tax return – is filing ITR compulsory in India

Email address is the most important thing that an individual or a company need to look in while registering at income tax site or filing tax return. Most of the tax payers in India use their office email id for tax e-filing. We suggest them not to use their office email address while filing ITR form. What you get on your email address ITR V receipt Intimation or notice … [Read more...] about How a wrong email address can impact your tax return filing

We all know, Income tax return (ITR) has to be filled before the due date of filling IT return i.e. 31st July of the assessment year following the financial year for which you are filling your tax return. But this is not the end. If you missed the deadline of filling your tax return then it can still be filled after such date.  … [Read more...] about IT return can always be filled for two preceding financial year

Form 16 is issued by your employer to you as a TDS certificate showing the entire tax that are deducted from your salary and other incomes as declared by you. As per IT act, employer needs to deduct tax from employee’s salary if such employee’s salary is taxable for the financial year. After such deduction, employer required to deposit the tax amount so deducted within 7th of … [Read more...] about Form 16 and Income tax return – Use and requirement

NRI having income during the financial year from any Indian source will be liable to tax. Any income which is incurred outside and received in India will also be taxable in India. Incomes like salary for services rendered in India, sale of any capital asset are liable to tax even though the individual is a non resident Indian. … [Read more...] about How a Non resident Indian is taxable in India

Individuals like employee, self employed persons are required to file their tax return on or before the due date of filling tax return. Such returns are required to be filled either online or in paper format with the IT department as prescribed in the IT act. Sometime CBDT use to extend the due date based on number of factors. If such due dates are extended then IT return has … [Read more...] about Due date and income tax filling for an individual