Browsing: ITR

Tax Return Filing

Reading Time: 5 minutes 5 things to know when filing tax returns online Start Valuing for your Income Tax returns and refund receipt you are liable of, as five weeks are left for Income Tax filing cutoff date. As per current guidelines, if the earning is more than Rs Five Lakh per annum, online tax filing or e-filing is compulsory .Even if your refund claim or interest income from saving bank account is above 10k,e-filing become compulsory. Form 16 is what Salaried person need for Filing their returns, usually Human resource department must have distributed, if not received yet it can be availed from…

Reading Time: 2 minutes Claiming tax relief on salary arrears Your tax situation might change if you receive salary or pension in arrears. Most of us worry and assume that it will move us up in the tax slab or tax rates might increase in the year arrears are received as compared to the year to which they belong. However, the tax laws allow a relief under Section 89(1) in order to protect you from any additional tax burden due to delay in receiving income. If you have received any portion of your salary in arrears, this relief can be directly claimed on your…

Reading Time: 4 minutes 7 Advantages of Filing Income Tax Return The month of July is approaching and so is the time for filing your income tax return. The aforementioned statement is not meant to make you anxious or nervous about filing your income tax return, rather it is a step towards assisting you in fulfilling your mandatory obligations and responsibilities within the given time. You must be wondering how are we going to achieve this through this blog? This blog is an attempt to lessen your worries by clearing out the misconceptions that most of us hold regarding filing our income tax return…

Reading Time: 3 minutes Penalty and Prosecution for non filers of Income Tax Returns Penalty and prosecution for non filers of income tax returns With an exponential increase observed in the number of non-filers of income tax returns in past few years, the I-T Department of India has decided to impose a penalty and initiate prosecution in order to ensure compliance in such cases. The number of non-filers with potential tax liabilities has taken a huge leap from 22.09 lakh in 2014 to 58.95 lakh in 2015 whereas it was 12.19 lakh in 2013. Following these statistics, the I-T Department has decided to take…