Income Tax

Filing tax returns? Here’s why you shouldn’t forget to mention these incomes

With the due date for filing income tax return for the financial year 2017-18 approaching fast, taxpayers across the country are busy filing their returns.

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Income Tax efiling: Mistakes to avoid while filing I-T return before July 31

In 2010, the Indian government declared July 24 the National Income Tax Day. This is just six days before July 31, which is the last date for filing an income tax return (ITR) which is mandatory for a

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Income Tax Return filing: How to file tax return if you have two Form 16s

Salaried employees have traditionally relied upon the details available in Form 16 for filing their income tax returns.

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Income Tax: Use ITR4 for business income offered to tax on presumptive basis, else file ITR3

Taxability of income as business income or other income depends upon regularity of transaction, volume of transactions and time and efforts devoted based on various judicial precedents.

Income Tax efiling: What is Form 26AS and how does it help in filing ITR?

To make sure that you calculate your tax outgo correctly and declare all information as required, you must have all important documents handy. One of these documents is the Form 26AS.

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Millennials! Use your parents to reduce your tax liability; Here’s how

Life insurance premiums, Health insurance premiums and bank deposits can be used to the maximum to optimize the tax liability. This is how millennials can reduce their liability.

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Unexplained Income, Investments: What do they mean and how to deal with them in income tax return?

You won't only have to pay tax on unexplained and unaccounted income and investments at substantially higher rates, but you may also have to face penalty and prosecution, depending on the case.

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Income Tax Return: Common mistakes to avoid while filing ITR-1

The income tax department issues different Income Tax Return forms (ITR) every year for varied categories of the taxpayers depending on their source of income.

Gold and ITR: How different forms of gold investment and sales, purchase need to be shown in tax return

Gold is one of the precious chemical elements for the mankind. It was first discovered in the form of shining and yellow nuggets. Since its discovery, gold is always used as a benchmark to determine t

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Hurry up! Only 12 days left to file TDS for 1st quarter; check step-by-step process

TDS filing: The Income Tax department has notified that the last date for filing the Tax Deducted at Source (TDS) for the quarter ending June 30, 2018, the first quarter of the financial year 2018-19,

Hurry up! Only 12 days left to file TDS for 1st quarter; check step-by-step process

Income Tax Return Filing: Avail these tax deductions to reduce your tax liability

The Income Tax Act allows deductions under various sections to plan your tax-incidence. As individuals, the awareness of these deductions comes in handy in order to reduce the tax liability.

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Income Tax Return: How to choose the right ITR to report salary, freelance income – Explained here

Under the Income Tax Act, 1961, income earned during the year must be classified under appropriate heads for the purposes of computation of taxable income.

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Watch Video: Income Tax Return Filing: How to file ITR Form-1(Sahaj) in less than 15 minutes

A fine of Rs 5000 will be levied if you file ITR after July 31st and till December 31st. A fine of Rs 10,000 will be charged if the ITR is filed after December 31st and till March 31st. Follow these s

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ITR filing: 5 terms you must be aware of to know the status of your income tax return

A taxpayer should regularly check the status of his income tax return to ensure that the ITR has been accepted and processed by the Income Tax Department as it is.

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Income Tax Return Filing: How to fill and submit Form 60?

Income Tax department requires Form 60 in the absence of PAN. It is done to restrict an individual from entering into certain transactions and enabling the income tax authorities to track financial

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Income Tax efiling: Received gifts during the year? Here is what that means for your ITR

Gifts are taxable under the Income Tax Act, unless they fall under the category of exemption. Hence, gifts should be duly disclosed in the income tax return.

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Income Tax Return Filing: 6 things one should keep in mind when hiring a professional to file ITR

The final accountability of your ITR is yours; the responsibility doesn't end at hiring a professional to file your Income Tax Return. So, it is prudent to consider a few things beforehand.

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Income Tax: Benefit of capital gains not available on commercial property

Benefit of capital gains not available on commercial property

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Income Tax: Did you get notice under Section 143(1) (a) of I-T Act? Here is what it means

As per latest amendments and provisions of the Income Tax Act, 1961 with the Assessment Year 2018-19, there are various new provisions related to income tax proceedings and assessment procedure being

Withdraw by August 20 appeals pending before tribunals/courts exceeding threshold, Income Tax dept orders

The Income Tax department has directed its field offices to withdraw by August 20 the appeals pending before tribunals and courts that are below the fixed monetary threshold.

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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.

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

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