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 filling
Format of Filing Your Income tax Return
IT act provides two ways to file your income tax return and also provides different forms for different category of person. Before filing your ITR you need to first decide which provision of IT act is applicable to you. There two ways of filing your income tax return; Submitted electronically Submitted in paper format IT act specify certain category of person to … [Read more...] about Format of Filing Your Income tax Return
What if I Missed the due date of filling income tax return
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
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