Following are some of the common misconceptions regarding taxes; i will share detailed info on each point in further articles.
I need a CA to file my returns as filing taxes is a complex process!
With technology becoming so advance gone are the days when you have to fill up the form manually and [...]
Selecting the wrong ITR form:
This is the first thing you have to be careful about as if you make a mistake in choosing the right form, the entire exercise of filling will be of no use. There are five forms that you need to choose from, depending on your sources of income. For instance, [...]
E-Payment or Online Payment of tax through the internet facilitates payment of direct taxes for the taxpayers. To avail this facility all you need is a net-banking account with any of the Authorized Banks. This system of e-payment of tax is beneficial as compared to manual payment (deposit in bank branch) as one does not [...]
The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing income-tax returns, who have:
1. Total income not exceeding Rs 5,00,000 &
2. The total income consists only of income chargeable to tax under the head Salaries and Interest income from Savings Bank A/C, if such interest [...]
Filing income tax returns is not a difficult task anymore. E-filing or filing tax returns online has made the process a whole lot simpler and more especially when only few days are left.
Steps by step guide to file Income Tax Return online
ü You need to go to the website www.incometaxindiaefiling.gov.in and [...]
As the July 31st deadline for filing income tax returns is fast approaching, there is usually a huge rush among the taxpayers. To avoid the long queues and complications, City based Chartered Accountant Rishabh Parakh and a Director of Money Plant Consulting explains various important questions pertaining to Income-tax Return filing:
1. Know your [...]
What is ITR-V?
ITR-V stands for ‘Income Tax Return – Verification’ form. Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature.
For whom is it applicable?
Person who are not using digital signature while e-filing the Income Tax return have to print out ITR-V and send it to IT dept. [...]
Can you afford to file returns after 31st July!
Most of us pay the taxes before the deadline of 31st March, but when it comes to filing the return many times we miss the deadline to file the same which is 31st July. As per IT Department; “a tax [...]
Save more in Taxes by investing in Rajiv Gandhi Equity Savings Scheme (RGESS)
What is RGESS?
In the last Union Budget, Finance Minister announced a new Section 80 CCG, which would give you deductions in respect of investments made under the Rajiv Gandhi Equity Savings Scheme. The scheme is designed exclusively for the first [...]