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
income tax return
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
What is defective income tax return and how to rectify it
After filling your income tax return (ITR), its time for the governement to go through the ITR and pass a order accordingly. During this process if the assessing officer finds your income tax return (ITR) as defective then they can consider your ITR as defective and accordingly issue a notice to comply. Such notice sent to rectify the defect in your tax return is generally … [Read more...] about What is defective income tax return and how to rectify it
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
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
When can a person revise his income tax return in India
In this article, we will be discussing tax provisions related to revise income tax return i.e. when and how you can revise your income tax return or how to rectify mistakes in a ITR. Provisions related to filing of revised income tax return are specified in section 139(5) of income tax act 1961. As per section 139(5), if an assessee discovers any omission or any wrong … [Read more...] about When can a person revise his income tax return in India
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