Income Tax Return

One should not keep any unaccounted or undisclosed money, property or income popularly known as black money. If such a disclosure is made before its detection by the Income Tax Department, the chances of being trapped in a tax raid are minimized. A tax raid may also be conducted against a person in possession of undisclosed income or property not belonging to him but to someone else. It is therefore important for a person who is in possession or in custody of someone els.. Full Article

An assessee who is required to file a return of income is entitled to revise the return of income originally filed by him to make such amendments, additions or changes as may be found necessary by him. Such a revised return may be filed by the assessee at any time before the assessment is made. There is no limit under the income tax Act in respect of the number of time for which the return of income may be revised by the assessee. However, if a person deliberately files .. Full Article

According to a CBDT Notification, only a specified class of persons has been exempt form the requirement of furnishing a return of income for the assessment year 2012-13 subject to certain conditions. Class of persons implies an individual whose total income for the assessment year 2012-13 (in financial year 2011-12) does not exceed Rs. 5 lakh (i.e. it is Rs. 5 lakh or below Rs. 5 lakh) for the whole of 2011-12 and consist of only incomes chargeable to income tax under t.. Full Article

Not filing a return on time does have financial implications, especially if you have a net income tax payable and / or if you have losses to be carried forward. This can really hurt especially if the losses to be carried forward are significant. Therefore, your best option is to ensure that you file the income tax return by the deadline. Full Article

Under the existing provisions of section 139, every person is required to furnish a return of income if his income during the previous year relevant to the assessment year exceeds the maximum amount which is not chargeable to tax. The return of income has to be furnished in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed. Full Article

The new software, which allows taxpayers to access details of his ITR on smart phone, is being developed with the help of TCS. The new service will be part of the upgraded online return filing portal which will be launched in the next couple of months. The department already hosts services like viewing of tax credits, Annual Information Return (AIR), Tax Deducted at Source (TDS) status, various tax related forms and Tax Return Preparer Scheme (TRPS). Full Article

What is an ITR-V? ITR-V stands for ‘Income Tax Return – Verification’ form. This form is received when you e-file without using a digital signature. Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature. On receipt of ITR-V you have to sign the copy and submit to the Income Tax Department to complete the filing process. Full Article

You need to file an Income Tax Return if your Total Taxable Income exceeds the basic exemption limit before taking into account deductions, i.e., tax saving investments. The basic exemption limit for financial year 2011-2012 and 2010-2011 is as under: - Full Article