Income Tax Tips

Common Misconceptions of Salaried Income Tax Payer

Income Tax - Common Misconceptions or Doubts with Salaried Persons About Income Tax While conversing with many of my friends who are having job but do not belong to CA/taxation background I often come across few of the common misconceptions or doubts they have regarding filing of their income tax returns, I am sharing the same below in […]...

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Common mistakes in filling of Income Tax Return

Income Tax - The accurate and complete filling up of the relevant column or detail in the Income Tax Return (ITR) form is most crucial for correct calculation of income. In case the computation of Income or refund is different than what had been entered or what is expected, please verify the accuracy of the data entered by […]...

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How to Reset Password on Income tax Website

Income Tax - Registered user can reset the password using one of the following options: 1. Answer Secret Question. 2. Upload Digital Signature Certificate 3. Using OTP (PINs)...

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Points to be Kept in Mind before filing Income Tax Return

Income Tax - As we all are aware that the return filing season for AY 2020-21 has been started. Now everyone are geared up for filing there Income Tax Return on time. Hence today I am writing this article to mentioned some important points which we all need to keep in mind at the time of filing the […]...

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8 Common Errors resulting in Defective Tax Return & Solutions

Income Tax - 1. Error Code 1: Tax computed but GTI(Gross Total Income) is nil or 0? Description: No tax can be computed without providing the details of income. The Assessee should maintain consistency in providing details of income and tax computation in the return of income in the new xml which will be filed in response to […]...

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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"

Common Misconceptions of Salaried Income Tax Payer

Common Misconceptions or Doubts with Salaried Persons About Income Tax While conversing with many of my friends who are having job but do not belong to CA/taxation background I often come across few of the common misconceptions or doubts they have regarding filing of their income tax returns, I am sharing the same below in […]...

Read More
Posted Under: Income Tax |

Common mistakes in filling of Income Tax Return

The accurate and complete filling up of the relevant column or detail in the Income Tax Return (ITR) form is most crucial for correct calculation of income. In case the computation of Income or refund is different than what had been entered or what is expected, please verify the accuracy of the data entered by […]...

Read More
Posted Under: Income Tax | ,

How to Reset Password on Income tax Website

Registered user can reset the password using one of the following options: 1. Answer Secret Question. 2. Upload Digital Signature Certificate 3. Using OTP (PINs)...

Read More
Posted Under: Income Tax | ,

Points to be Kept in Mind before filing Income Tax Return

As we all are aware that the return filing season for AY 2020-21 has been started. Now everyone are geared up for filing there Income Tax Return on time. Hence today I am writing this article to mentioned some important points which we all need to keep in mind at the time of filing the […]...

Read More
Posted Under: Income Tax | ,

8 Common Errors resulting in Defective Tax Return & Solutions

1. Error Code 1: Tax computed but GTI(Gross Total Income) is nil or 0? Description: No tax can be computed without providing the details of income. The Assessee should maintain consistency in providing details of income and tax computation in the return of income in the new xml which will be filed in response to […]...

Read More

Tax Saving Investment Options & Deductions for Individual & HUF

Tax Saving Investment Options and Deductions under Income Tax for Individual and HUF I have brief the deductions available to Individual and Hindu Undivided Family for Assessment Year 2020-21. To claim deduction in any year, it is necessary to invest in that year. Due to Covid Pandemic, Govt. has extended the date to 31.07.2020 for [&hell...

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Posted Under: Income Tax |

How to file response to notice u/s 139(9) of defective return notice

An e-filed Income Tax Return can be defective for Many reasons and common reason among them are Gender Mismatch, Non-filing of P&L & BS details in ITR, Sales/Gross receipts of business or profession is greater than 100 lakhs and AUDIT INFORMATION not completely filled, In case of ITRS Presumptive  Income is less that 8% and [&hel...

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3 Mistakes that can lead to an Income Tax Notice

Those who are working and fall under a tax slab as per their annual income get TDS deducted by their employers on a monthly basis, whereas small business owners are often seen escaping the tax demon by hiding their actual annual income. Correspondingly, they save thousands on taxes, which is not a very good idea to save the taxes because...

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How to Maintain Safe Distance from Income Tax Department

Do you want to keep an Arm’s Length Distance from the Income Tax Department? Obviously the Answer is YES!!! But the question here is HOW??? Here are a list of expenses/ investments, which at any point of time performed by you may invite undue attention from the Income tax Personnel....

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Things to do before 30th June 2020 for Tax Saving, ITR filing & Avoiding any Penalty

Things to do before 30th June 2020 for Tax Saving, ITR filing & Avoiding any Penalty: I would like to remind you about 3 important things which you should do before 30th June 2020. 1. Link your Aadhar with PAN: You can link your Aadhar Card with your PAN by visiting this website- https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Se...

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Posted Under: Income Tax |

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