Income Tax : Hello readers, After a long time, today I will discuss important points to keep in mind before filling out ITR: 1. Firstly, don’...
Income Tax : Learn essential tips for hassle-free filing of income tax returns like a pro. Maximize deductions and minimize errors with these e...
Income Tax : Understand who must submit an income tax return for AY 2023-24, due dates, forms to use, and late fee provisions. Essential tax fi...
Income Tax : Avoid common mistakes while filing your ITR. Select the correct form, match income with Form 16 and Form 26AS, disclose necessary ...
Income Tax : Discover the advantages of filing your return of income, contributing to national development, validating creditworthiness, acces...
Income Tax : These instructions are guidelines for filling the particulars in Income-tax Return Form-5 for the Assessment Year 2022-23 relating...
Income Tax : Annexure 1 Important points to remember while filing return of income in ITR utility for ITR-3 (online or offline) Validation Rule...
Income Tax : Instructions to Form ITR-3 (A.Y 2021-22) Instructions for filling out FORM ITR–3 These instructions are guidelines for filli...
Income Tax : Instructions to Form ITR-7 (A.Y. 2021-22) Instructions for filling out Form ITR–7 These instructions are guidelines for fill...
Income Tax : These instructions are guidelines for filling the particulars in Income‐tax Return Form‐6 for the Assessment Year 2021‐2 rel...
Income Tax : After notification of the ITR forms various queries have been raised by the stakeholders in respect of filling-up of the ITR forms...
Income Tax : Notification No. 1/2016 Where the EVC (Electronic Verification Code) is generated by giving bank details to the e-filing website h...
Income Tax : The Central Board of Direct Taxes has vide Notification No. 41/2015 dated 15.04.2015 in cases of categories of 'persons' specifi...
Income Tax : Central Board of Direct Taxes (CBDT) vide its Notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees fr...
Learn how to register on the new income tax website for individuals and HUFs. Follow the step-by-step process to create your e-Filing account and access important tax services.
Learn how CAs can easily download income tax forms and upload XML files for electronic filing. Streamline your tax filing process with this step-by-step guide.
Learn how Chartered Accountants can register on the Income Tax e-filing website as professionals. Step-by-step guide to complete the registration process.
Data Inconsistency issues which need to be avoided for accurate processing. 1. Set off of brought forward loss claimed, but Schedules BFLA / CFL not filled ……. Year of loss not indicated in CFL. 2. Profit before tax (at serial No. 43 of Sch. P & L Account) differs from Profit from business at serial 1 of Sch. B P 3. Depreciation claimed in Sch. BP – but Sch. DEP / DPM / DOA not filled in / Depreciation debited in Sch. P & L Account not added back in Sl. 11 of Sch. BP. 4. Special benefit for female claimed – Gender in PAN database is Male.
1. Salary income shown at higher figure than entered – In Salary Schedule higher figure is reported under Gross salary which should be excluding Exempt income (such as transport allowance etc). Taxpayer may have mentioned Transport allowance in Exempt Income and may have deducted the same to arrive at a lower net figure in the final calculation. However, the Exempt income is to be mentioned only for reporting purposes and should not be used in any calculation.
Central Board of Direct Taxes (CBDT) vide its Notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for assessment year 2012-13. The exemption is applicable only if all the following conditions are fulfilled:- • Employee has earned only salary income and income from savings bank account and the annual interest earned from savings bank account is less than Rs. 10 thousand. • The total Income of the employee does not exceed Rs. 5 Lakh (Total Income means Gross Total Income Less deductions under Chapter VIA).
Q.1. If there is mismatch between the actual tax deducted and the amount shown in form 26AS, how to get it rectified and claim the balance? It is advised to claim the actual tax deducted in the return. Such mismatch will be handled in accordance with Instruction No. 4/2012, in the following manner: (a) Where difference between claim and amount reported in AS-26 does not exceed Rs. 5,000, the claim shall be accepted; (b) Where zero claim is matching, the credit shall be allowed only after due verification by department; (c) Where there is claim with invalid TAN, the TDS credit for such claim is not to be allowed; and d) In all other cases, the credit shall be allowed after due verification by the department.
Learn about the exemption from filing income tax returns for salaried individuals with total income not exceeding Rs.5,00,000. Find out the eligibility criteria and details.
FAQ on Exemption from filing of Income-tax Return for Salaried having total income not exceeding Rs. 5,00,000 The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing income-tax returns, who have (i) total income not exceeding Rs. 5,00,000, and (ii) the total income consists only of income chargeable to income-tax under the head ‘Salaries’ and interest income from savings bank account if such interest income does not exceed Rs. 10,000.
July is the month of the year which provides us lots of rains after dry hot days, when freshness and life retunes to schools and college, when mangos are in plenty and there is happiness all around. July is also the month when one has to file his or her annual income tax returns for the previous year ended in March. 31st July is the last date to file tax returns for individuals and those whose accounts are not subject to any audit. The options available to assessee is to do it himself or to call on his chartered accountant who can file the tax returns by just asking for few informations and papers. Tax returns are however, now a days an easy job as returns can be filed with case and online.
