Income Tax Tips

Fees for delayed filing of Income Tax return for AY 2018-19 onwards

Income Tax - Finally due date for filing of income tax returns (ITR) for Assessment year 2016-17 and 2017-18 is over. Now its time to get ready for AY 2018-19 ITR to avoid penalty of late filing of income tax return. Government has introduced new income tax forms for AY 2018-19. Rules are getting tough day by day or […]...

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Why Should You File Your Income Tax Returns

Income Tax - The income tax department in its advertisements has clearly mentioned that non-filing of returns or incorrect filing of income may result in penalty and prosecution and always encourages everyone to accurately submit their financial details to the department every year by filing returns. A certain category of persons have been selected b...

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New Financial Year!! New Challenges!! New Hopes!!…

Income Tax - Inspite of various changes in budget 2018, following are the highlights of some of the key changes which everyone should aware of. We hope that these changes will bring the positive results and let’s welcome new financial year!!...

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How to File own Personal Income Tax Return Online

Income Tax - Filing of income tax returns is recommended to everyone because of its various benefits such as you can get future loans processed easily, easy VISA processing, benefits while choosing life/health insurance, easy refund of tax deducted by employers/payers, you get to verify your salary with what company shows to the government and most im...

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15 Important tasks of Income tax to be done before March end!

Income Tax - Following are the 15 important tasks of income tax which should be done before march end: 1. Last chance to file returns for the financial year 2015-16 and 2016-17 – If the taxpayer has not yet filed the income tax return for the financial year 2015-16 and 2016-17, then it is last chance to file the returns upto 31st march. After that t...

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Investors – Don’t Miss to watch Plan F program on CNBC TV 18

Income Tax - CA Sandeep Kanoi I just came to know about one very interesting investor education initiative called “Plan F- your financial fitness plan” and thought of sharing the same with you all. My very dear friend and blogger Manish Chauhan of www.jagoinvestor.com shared the program details with me and I would like to pass on details about t...

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Taxability of IIFCL Tax Free Bonds – Issue opening on 26 Dec 2012

Income Tax - India Infrastructure Finance Company Limited Issue Period: 26 Dec 2012 to 11 Jan 2013 Key Benefits: Credit Ratings: AAA by CARE, AAA (Stable) by ICRA and BRICKWORK Interest on these Bonds is Tax-Free, no TDS is applicable, Wealth Tax is not levied No lock in period and no upper limit on investment amount Issue Size: […]...

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Sell Investment in shares made less than a year ago to lower tax burden

Income Tax - If you are sitting on unrealised losses on equity investments made less than a year ago, here is some consolation. Those unrealised losses can be used to lower tax liabilities for the current financial year. Tax experts are advising investors to book their losses on or before March 31 this year and buy back those […]...

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Recent Posts in "Income Tax Tips"

Fees for delayed filing of Income Tax return for AY 2018-19 onwards

Finally due date for filing of income tax returns (ITR) for Assessment year 2016-17 and 2017-18 is over. Now its time to get ready for AY 2018-19 ITR to avoid penalty of late filing of income tax return. Government has introduced new income tax forms for AY 2018-19. Rules are getting tough day by day or […]...

Read More
Posted Under: Income Tax |

Why Should You File Your Income Tax Returns

The income tax department in its advertisements has clearly mentioned that non-filing of returns or incorrect filing of income may result in penalty and prosecution and always encourages everyone to accurately submit their financial details to the department every year by filing returns. A certain category of persons have been selected b...

Read More
Posted Under: Income Tax |

New Financial Year!! New Challenges!! New Hopes!!…

Inspite of various changes in budget 2018, following are the highlights of some of the key changes which everyone should aware of. We hope that these changes will bring the positive results and let’s welcome new financial year!!...

Read More
Posted Under: Income Tax |

How to File own Personal Income Tax Return Online

Filing of income tax returns is recommended to everyone because of its various benefits such as you can get future loans processed easily, easy VISA processing, benefits while choosing life/health insurance, easy refund of tax deducted by employers/payers, you get to verify your salary with what company shows to the government and most im...

Read More
Posted Under: Income Tax |

15 Important tasks of Income tax to be done before March end!

Following are the 15 important tasks of income tax which should be done before march end: 1. Last chance to file returns for the financial year 2015-16 and 2016-17 – If the taxpayer has not yet filed the income tax return for the financial year 2015-16 and 2016-17, then it is last chance to file the returns upto 31st march. After that t...

Read More
Posted Under: Income Tax | ,

7 Common Reasons Why You Get Income Tax Notices

1. Due to TDS You may be slapped with a notice by the department if there is any mismatch in the amount of TDS which you have shown in your return and the actual TDS that has been deducted during the year. For example, In case, your employer forgot to file TDS return but the […]...

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Presumptive taxation U/s. 44AD, 44ADA, 44AE with FAQs

To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE....

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Profits and Gains from Business and Profession – Brief Study

In this Article we have discussed briefly Different Provisions Applicable to Income from Business and Profession at one place. In coming articles we will also discuss Income Tax provisions related to Capital Gain & Income from Other Sources. ...

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Tax Benefits Available to Senior Citizens

A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that financial year, gives him some relief .There are not many income tax exemptions available for senior citizens. ...

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Computation of Income Tax – FAQs & Examples

Q.1 Under how many heads the income of a taxpayer is classified? ​​​Ans: S​ection 14​ of the Income-tax Act has classified the income of a taxpayer under five different heads of income, viz.:...

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