Income Tax

Income Tax Return filing: What is Form 60 and when is it required?

There may be situations when the applicant may not have a PAN card. Form 60 can be submitted in lieu. It needs to be produced by an individual who does not have a PAN card but gets involved in some tr

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Income Tax Return filing: 10 tax filing mistakes that can land you in trouble

In a rush to file their income tax return on time, some taxpayers end up making some mistakes. Here's a list of 10 common tax-filing mistakes which can land you in trouble.

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Income Tax Return filing:How to apply for a PAN Card

PAN is a 10-digit number and alphabet combination code issued by the Department of Income Tax. one can apply for a PAN card and also get it rectified online. This is how it can be done.

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7th Pay Commission and Income Tax efiling: Here is how government employees need to file ITR for AY2018-19

Have you received arrears of salary as per the 7th Pay Commission recommendations? Here's how to report those in your income tax return.

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High earning individuals! Here is how you can optimize tax deductions

Availing tax benefits under chapter VIA is a common knowledge. If you are a high earning individual then you need to adopt different tax saving strategies.

Income Tax News

TDS, Self-Assessment Tax, Advance Tax: How to handle these in your income tax return for AY2018-19?

Taxes are collected from taxpayers in the form of TDS, Advance Tax and Self-Assessment Tax. How would you report these in your ITR?

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Income Tax department to re-assess ITRs of HNI buyers of Nirav Modi jewellery: Officials

The Income Tax Department has decided to re-assess the ITRs of over 50 high net-worth individuals (HNIs) who purchased costly jewellery from firms owned by absconding diamantaire Nirav Modi, official

Income Tax News

Fixed Deposits: 5 things you must look at before investing in FDs

Looking to invest in fixed deposits? Here are the 5 most important aspects to consider while planning to start an FD.

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Filing Income Tax Return? You must keep these key documents handy

With the July 31 deadline for income tax returns filing only a few weeks away, it is time to gather all your tax-related documents for a smooth filing process.

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Good news for taxpayers! Government to hike threshold limit for filing departmental appeals

Now, the CBDT and CBIC will be able to file appeals at the tribunal level if the tax amount involved is Rs 20 lakh or more. This move has been advanced in order to reduce the taxpayer litigation burde

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ITR filing: How to link Aadhaar number with PAN card? Here’s everything you need to know

A taxpayer has to do two compliances – linking of Aadhaar number with PAN card and quoting of Aadhaar number in income tax return.

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ITR filing: Received a notice of defects and errors in the return filed? Do this

Income tax department sends to the taxpayers an intimation when the department finds an error with the ITR filed. Failing to respond to the notice within the allotted time for notices under section 13

Income Tax News

Income Tax Return filing: How to disclose mutual funds capital gains while filing ITR

Here's what constitutes capital gains for mutual funds and how your existing investments need to be accounted for in your IT return.

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Income Tax Return filing for AY2018-19: How to declare Exempt Income in tax return

As per the income tax law, there are certain types of income that are exempt from taxes, referred to as 'Exempt Income'. However, how to report these income in your ITR?

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Income Tax Return filing: What is clubbing of income in IT returns?

Clubbing of income arises when someone tries to pass off their income as someone else's. Income tax department seeks full disclosure and transparency. Hence, clubbing provision curbs gainful transfer

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Income Tax Return filing: What is Electronic Verification Code, How to generate EVC to e-verify return?

The income tax return is deemed to be filed as per the requirement of law only if the taxpayer, after filing of return, verifies it

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CBDT to I-T Department: Curb high-pitched assessments; take action against erring assessing officers

The CBDT has issued a stern directive to Income Tax Department (ITD) offices in the country, asking them to curb "high-pitched" assessments against taxpayers and ensure that assessing officers who iss

Income Tax News

Does having a PAN make ITR filing mandatory?

Due date of filing your Income Tax return is just three weeks away. Having a PAN does not mandate filing ITR.

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What is Income Tax Clearance Certificate? For whom is it a must?

There are a few transactions where obtaining an Income-Tax Clearance Certificate is currently required under the Income-Tax Act.

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Income Tax Return filling: 10 benefits of early filing of ITR for AY 2018-19

Income Tax return filing gives a legal sanction to your income and filing it before the due date saves you the gargantuan hassles, which you may have to face as consequences to the late and defective

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ITR filing for AY2018-19: How to use Digital Signature for e-filing of income tax return?

It is mandatory for an individual, HUF and firm to file income tax return using the Digital Signature Certificate. Here's how to do it.

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What is the last date for filing IT returns for AY 2018-19?

The last date to Income Tax Return filing is just 26 days away. Collect all the necessary documents and file your ITR in time in order to avoid fee and penalty.

Income Tax News

Income Tax Return efiling for AY2018-19: Inherited property? You must file in ITR form; Here’s how

Income Tax rules require the legal representative to pay tax and file ITR in case property is inherited from the deceased. This article discusses in detail the various tax compliances arising after th

ITR Financial express News

Income Tax Return filing: What is Form 26AS and why should you care about it?

While Filing our ITR, we tend to ignore the details captured in Form 26AS. It contains details about the tax deducted on your behalf by various institutions. It is relevant for you and you should care

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Income Tax Return filing: How an Indian techie deputed for offshore client should file ITR

Residential status of a taxpayer as per the Income-Tax Act can be different from his citizenship. Total income of a taxpayer can't be computed unless his residential status is determined as per the I-

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5 different ways to e-verify Income Tax Return

Assessees using the e-filing mode have the option to file their return with or without using a digital signature or using the Electronic Verification Code (EVC). Here are 5 ways to e-verify your ITR

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Bad news for salaried! Your daily travel allowance will be taxed now if you fail to submit actual bills

Are you a salaried person and get daily allowances from your company while on official tour either in India or abroad? Then better keep the evidence of actual expenses incurred, otherwise you will hav

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