Income Tax

Good News! Income Tax Department launches e-Filing Lite; Check features, other details

E-filing of Income Tax Return 2019-20: Being a lighter version, the 'e-Filing Lite' will not carry the same links as available to the taxpayer on accessing Portal Login on I-T E-filing website.

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Income Tax Return 2019: Wrong Income Tax Return Filed? Here is why it will be treated as invalid filing of ITR

Income Tax Return 2019: Any mistake in the income tax return may be rectified by filing a Revised Return if one has filed the Original Return within the due date.

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Deductee can claim credit on TDS on sale of property on basis of Form 26AS

By Chirag Nangia We sold our house in October last year and purchased a new one in February 2019. TDS was deducted by purchaser on the sale and we have deducted TDS for builder. Consideration price of

Income Tax News

Income Tax Return 2019: Unverified Return can no longer be used as proof of having filed ITR

Income Tax Return e-Filing for AY 2019-20: Returns may be e-verified through Aadhaar OTP, net banking or via Electronic Verification Code (EVC) on the e-filing site of the Income Tax Department.

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ITR Filing for AY2019-20: 4 tax filing mistakes which can cost you dearly

If you are amongst the newly-added tax filers during FY 2018-19, make sure you do not commit the following mistakes while filing your ITR for AY2019-20.

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Income Tax Return 2019: Redeemed or switched MF last year? You can’t file ITR-1

Income Tax Return e-Filing for AY 2019-20: Any capital gain last year from any category of MFs would make a taxpayer disqualified to file ITR-1.

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ITR Filing 2019: First-time taxpayers, here is why you should file your ITR before the due date

Income Tax Return e-Filing for AY 2019-20: It is mandatory for an individual below the age of 60 years to file tax returns if his taxable income is above the exemption limit of Rs 2.5 lakh.

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Income Tax Return 2019: Salaried people beware! Fake rent receipts may attract Income Tax Notice

Income Tax Return e-Filing for AY 2019-20: Over a period of time, fraudulently claiming tax deduction by submitting fake rental receipts has become a trend.

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ITR Filing for AY2019-20: How to save tax if you have missed the deadline for submitting proof of investments

Income Tax Return e-Filing for AY 2019-20: Here are the exemptions and deductions that you can claim while filing ITR even after missing the deadline for submitting proof of investments.

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4 new PAN card rules you must know to avoid any penalties

PAN essentially helps the tax department 'identify' the person or a company undertaking a transaction.

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Income Tax Return 2019: Donations may get you tax rebate! But how much to claim? An 80G dilemma

Income Tax Return e-Filing for AY 2019-20: There is a confusion on where and how much amount of donations to show in the 80G page of the Income Tax Return (ITR).

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Income Tax Return 2019: How ‘Sahaj’ is filing ITR-1 compared to other return filing forms?

Income Tax Return e-Filing for AY 2019-20: ITR-1 has six pages, out of which only three pages are relevant for majority of salaried people and hence are commonly filled.

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Income Tax Return 2019: All you need to know about filing ITR under Presumptive Taxation Scheme

Income Tax Return e-Filing for AY 2019-20: A taxpayer can file ITR under the presumptive tax method complying with section 44AD, 44AE, and 44ADA of the I-T Act.

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Income Tax Day: Tax paying should be a pleasurable experience, says CBDT chairman Pramod Chandra Mody

Income tax was introduced for the first time in India on July 24, 1860, by James Wilson to compensate for the losses incurred by the British regime during the first war of independence against British

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Income Tax return 2019 filing date extended to August 31

The Central Board of Direct Taxes extended the ‘due date’ for filing of Income Tax Returns from 31st July 2019 to 31st August 2019.

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Income Tax Return 2019: Redemptions make ITR filing a tough task for ELSS investors

Income Tax Return e-Filing for AY 2019-20: ELSS is considered as one of the most attractive tax-saving investments, because of its capacity to generate higher return in the long term, as well as for i

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Sending gifts to children, relatives abroad? You may have to pay tax

Non-residents in India are taxed in respect of income that accrues or arises in India or is received in India or is deemed to accrue or arise in India or deemed to be received in India.

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ITR Filing: Here is how to pay tax via Challan 280 on SBI e-tax

Income Tax Return: Even though for a salaried taxpayer, the tax liability is taken care of through TDS by the employer, there could be certain other income other than salary income on which the indivi

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Filing ITR? Factor in income from other sources

Taxpayers usually take into consideration only the income from their main occupation while filing their ITR. However, it is also important to factor in the income from “other sources”.

Income Tax News

Government targets to add 1.3 crore income tax filers this fiscal

For achieving this target, various measures are being taken including identification of potential non-filers through centralized Non-filer Monitoring System (NMS), formulation of region-specific strat

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How to save tax up to Rs 1.5 lakh by acquiring movable, immovable assets

India's first woman Finance Minister Nirmala Sitharam in her Union Budget 2019-20 has provided a reason for you to buy a house and an environment-friendly car.

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ITR Filing: Good News! Income tax return filing process simplified; Big relief in LTCG from CBDT

How to file income tax return: Reporting LTCG details while filing the income tax return (ITR) for the assessment year 2019-20 has now been simplified.

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Income Tax Return 2019: What consequences you may face if due date to file ITR is missed

After the end of a financial year, earning individual and entities need to calculate total income earned during the year and report it through Income Tax Return (ITR) within the due date.

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ITR filing date may get extended for AY 2019-20

Income Tax Return e-Filing for AY 2019-20: The due date for ITR filing may get an extension for the taxpayers to file the returns of income well beyond the last date even without bearing any fine.

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Income Tax Return 2019: Do this to avoid late fee, penalty and prosecution while filing ITR

Income Tax Return Last Date: In order to avoid a fee or penal interest, make sure you have paid the due taxes and filed the ITR by the due date.

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E-assessment: How it will provide a level playing field to income tax assessments

E-assessment will change the landscape of assessment proceedings and the future of tax litigation and can build a corruption-free nation so long as the entire scheme is suitably crafted.

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Income Tax Return 2019: How to arrange for tax money if you don’t have adequate funds

Income Tax Return e-Filing for AY 2019-20: Filing ITR is important. So, make quick, informed financial decisions to ensure you don’t miss the deadline.

Income Tax News
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