What NRIs need to know about filing Income Tax Returns
Posted Date : 29-Jul-2013 , 05:38:20 pm | Posted By
Vimmi
Filing of income tax returns is no rocket science, thanks to e-filing options available out there. And you must already know that 31 July is the deadline to file your returns for 2012-13. But what if you are a non-resident Indian (NRI) or a person of Indian origin (PIO), does the 31 July deadline ap...
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Category : Income Tax |
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How to Use Pre-Filled Income Tax Return Forms?
Posted Date : 29-Jul-2013 , 01:17:40 pm | Posted By
Vinay Sharma
Pre-filled Income Tax Return Forms
To simplify the procedure of efiling of income tax return, department has come up with new facilities this year, one of which is Pre-filled income tax return forms.
What is a Pre-filled I-T return form?
Pre-filled XML is a ...
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Category : Income Tax |
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0 | Hits : 1148 |
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Steps for E-filing of tax returns
Posted Date : 28-Jul-2013 , 12:41:39 pm | Posted By
Vinay Sharma
As July 31 - the last date for filing your income tax returns - approaches, it's time to brace yourself for the annual ritual. However, this year, you will not have the luxury of simply gathering all the relevant documents and handing them over to your tax consultant. You will have to adopt a m...
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Category : Income Tax |
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0 | Hits : 254 |
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What is Portuguese Civil Code mentioned in Income Tax Return?
Posted Date : 28-Jul-2013 , 12:35:11 pm | Posted By
Vinay Sharma
The Income Tax Return Forms from A/Y 2013-14 onwards have inserted a new column which asks – Are you governed by the Portuguese Civil Code? A screenshot of the same is shared hereunder
What is Portuguese Civil Code?
The Portuguese Civil Code in India is applicable only to the s...
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Category : Income Tax |
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Mistakes To Avoid While Filing Online Income Tax Return
Posted Date : 26-Jul-2013 , 11:54:22 am | Posted By
Vinay Sharma
Mistakes To Avoid While Filing Online Income Tax Return – 05 Days Left To File It
As human beings, we are accustomed to not act until the eleventh hour.
Hence, the same behavior is reflected while filing our tax returns. 99% of the mistakes occur because we wait for 31st&...
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Category : Income Tax |
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0 | Hits : 1010 |
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Additional Deduction Of Interest On Home Loan (Section 80EE)
Posted Date : 26-Jul-2013 , 11:47:28 am | Posted By
Vinay Sharma
Additional Deduction Of Interest On Home Loan (Section 80EE)
A new section has been introduced in Budget 2013. It provides that while computing the total income of an assessee, being an individual there shall be deducted interest payable on loan taken by him from any financial institut...
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Category : Income Tax |
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0 | Hits : 691 |
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How To Reset Forgotten Income Tax E - Filing Password
Posted Date : 26-Jul-2013 , 11:38:46 am | Posted By
Vinay Sharma
Reset Forgotten Income Tax E - Filing Password
To file income tax return online, one has to get themselves register on the e-filing portal of income tax. In case you have already got registered but forgot the password then there is no need to panic.
There are only two ways of resetting the...
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Category : Income Tax |
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Sending Multiple ITR-V in one Envelope to CPC
Posted Date : 23-Jul-2013 , 02:31:10 pm | Posted By
Gaurav Dhamija
Sending Multiple ITR-V in one Envelope to CPC – Bangalore
Filing of non-digitally signed tax return is considered complete only when ITR-V reaches the CPC in Bangalore within 120 days of filing of return.
Earlier, sending multiple ITR-V was not acceptable but now you can put more than one IT...
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Category : Income Tax |
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0 | Hits : 3642 |
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Revised FAQs on income tax returns
Posted Date : 22-Jul-2013 , 07:58:18 pm | Posted By
Vimmi
Q 1. What are the modes of filing return of income?
Return of income can be filed in paper mode or in e-filing mode. If return of income is filed through electronic mode, then the assessee has following two options:
(1) E-filing using a Digital Signature
(2) E-filing without a Digital Sig...
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Category : Income Tax |
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0 | Hits : 1320 |
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HOW TO SAVE TAX BY FORMING HUF
Posted Date : 10-Jul-2013 , 12:34:38 pm | Posted By
Gaurav Dhamija
HOW TO SAVE TAX BY FORMING HUF: Common question which a taxpayer usually asks at the time of filing his Income Tax Return is – How can I save my Tax? It is our moral duty to educate our fellow Indians about various options available to them by which they can save their tax legally. We...
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Category : Income Tax |
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Usefull forms for EPF
Posted Date : 10-Jul-2013 , 10:37:40 am | Posted By
Gaurav Dhamija
FORMS FOR CLAIMING BENEFITS UNDER THE EMPLOYEES' PROVIDENT FUND SCHEME
FORM NO.
PURPOSE
13(revised)
For transferring the Provident Fund account of a member from one establishment to another establishment covered under the act / scheme.
Preview anddo...
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Category : Income Tax |
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0 | Hits : 590 |
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Micro, Small and Medium Enterprises Development Act, 2006-
Posted Date : 10-Jul-2013 , 10:33:17 am | Posted By
Gaurav Dhamija
Micro, Small and Medium Enterprises Development Act, 2006-”Implications for Annual Financial Statements”
The Micro, Small and Medium Enterprises Development Act, 2006 (“the Act”) has been notified and has received the assent of the President on 16th June 2006. Subs...
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Category : Income Tax |
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0 | Hits : 333 |
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10 precautions for filing your personal tax return
Posted Date : 09-Jul-2013 , 02:30:26 pm | Posted By
Gaurav Dhamija
10 precautions for filing your personal tax return
Taxing Issues
The due date for filing personal tax returns for the financial year 2012-13 is July 31. Taxpayers need to be aware of various points while filing their returns. Filing incorrect details may result in interest, penalty or dela...
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Category : Income Tax |
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0 | Hits : 1193 |
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How investing for parents can help you save tax
Posted Date : 07-Jul-2013 , 09:50:38 am | Posted By
Vimmi
Most of us end up paying more taxes even after exhausting all possible ways of tax exemption, while few of us are aware that dependent parents could be a boon in tax planning.
Here's how wise tax planning could save you from the tax demon:
Investing surplus in a parent's name
You can take a...
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Category : Income Tax |
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0 | Hits : 1348 |
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How to become a Crorepati with a normal income
Posted Date : 06-Jul-2013 , 06:29:34 pm | Posted By
Vimmi
Becoming a Crorepati with a normal income is possible, but it depends on three things:
The amount invested every month/year
Rate of returns
Time period the amount stays invested
A disciplined approach towards saving and sensible investing choices will take you to your first crore as ...
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Category : Income Tax |
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1 | Hits : 2282 |
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Income tax returns: 7 incomes you shouldn't forget to declare
Posted Date : 06-Jul-2013 , 08:39:10 am | Posted By
Vimmi
The idea of filing income tax would give many of us nightmares. With the last date for filing income tax soon approaching, most of us would have already begun the process of filing our returns. The due date for filing personal income-tax returns for the financial year 2012-13 is July 31, 2013.
Gene...
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Category : Income Tax |
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Deduction from tax liabilities
Posted Date : 04-Jul-2013 , 09:54:03 pm | Posted By
Krishna Kumar Choudhary
A tax payer can claim tax rebate under section 86, 87A,89, 90, 90A
Rebate under sec 86 - share of profit from association of person
Rebate under sec 87A - in case of resident individual whose total income does ...
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Category : Income Tax |
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0 | Hits : 355 |
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International Taxation and Transfer Pricing Update
Posted Date : 04-Jul-2013 , 04:29:43 pm | Posted By
CA Priyanka Gupta
We are pleased to inform you that CBDT vide Notification No. 47/2013, Dated 26-06-2013, have notified Form 10FC & Rule 21AC in relation to Sec. 94A of the Income Tax Act, 1961. The said notification has been attached herewith for your perusal. Sec. 94A empowers the tax authorities to ...
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Category : Income Tax |
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1 | Hits : 625 |
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Popular ways of earning Tax Free Income
Posted Date : 04-Jul-2013 , 11:40:06 am | Posted By
Gaurav Dhamija
Popular ways of earning Tax Free Income1. Interest on Savings Bank AccountA deduction of Rs. 10,000 is allowed for Interest earned under Section 80TTA. This new deduction was introduced by the Finance Minister in Budget 2012 and this is applicable from 1st April 2012.Although, the Interest earned on...
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Category : Income Tax |
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0 | Hits : 928 |
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10 Things you may not know about PPF
Posted Date : 04-Jul-2013 , 11:37:36 am | Posted By
Gaurav Dhamija
10 Things you may not know about PPF One of the popular, preferred, and preeminent tax saving investments is PPF – Public Provident Fund. We all know about PPF. 1) Where to open the PPF account? PPF accounts can be opened in a post office or in a SBI/PNB bank branches . The re...
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Category : Income Tax |
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0 | Hits : 1518 |
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