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"

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 … Read More » "E Filing of IT return must for income over Rs. 5 Lakh"

Defective return – When your Income Tax Return Will be treated as Defective

After filling your income tax return with the IT department its time for the IT department to go through the ITR and pass a order accordingly. During this process if the assessing officer of IT department finds your ITR as defective then he can consider your ITR as defective and accordingly issue a notice to … Read More » "Defective return – When your Income Tax Return Will be treated as Defective"

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 … Read More » "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 … Read More » "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 … Read More » "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 … Read More » "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 … Read More » "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 … Read More » "How to file your income tax return correctly"

Income tax return filing due dates

Due date for filing your income tax return has been specified by IT department for different assesses based on their nature of income and complexity of books of accounts. Due date for income tax return filing is 30th November 2013 where an assessee is required to furnish a report under section 92E in form no. … Read More » "Income tax return filing due dates"