ITR Forms for AY 2020-21 asks for new disclosures like – passport number, expenditure on foreign trips, electricity bill paid, cash deposited in account, tenant & employer details, etc… Continue reading →
How to Save Income Tax – a question that is often asked by my friends, family and blog readers. The problem is there are multiple sections for people to know and if they have heard about it to check if its applicable to their case or not? To help both salaried and professionals to plan their tax, we have come up with the eBook “How to Save Tax for FY 2019-20”. This is a short 41 slide power point presentation (in pdf) which covers all the tax saving sections and investments applicable for tax payers. Continue reading →
Most people would have filed their Income Tax Return (ITR) by now. But do you know your tryst with ITR does not end with here. This post we discuss what awaits you after you have filed your tax returns? Expect mail from IT department u/s 143(1) Once you file your ITR, the income tax (IT) department […] Continue reading →
Tax payers can download and use pre-filled income tax return (ITR) forms ⬇️⬇️⬇️ from https://www.incometaxindiaefiling.gov.in. We have the steps on how to download and import the XML in ITR Forms. Continue reading →
A few days back (on April 16, 2018) Income Tax Department issued cautionary advisory to Salaried Taxpayers about under-reporting of income and inflating deductions/exemptions while paying taxes. This was prompted by some of the recent cases of salaried caught by income tax officials. You can read the advisory below: Also Read: Everything you need to […] Continue reading →
The income tax return (ITR) forms for AY 2019-20 (FY 2018-19) were notified on April 9, 2019 by CBDT . In this post we tell you which is the right ITR Form for you for AY 2019-20 (FY 2018-19). The choice of ITR Form mainly depends on the source and amount of income. Continue reading →
There are times when some salaried tax payers are not able to claim tax exemption as they were not able to submit the required documents within timelines. Generally companies start asking for the tax exemption documents like investment proof, rent receipt, Loan payment certificates etc from January on wards. But in case you were not […] Continue reading →
One of my friends called me in a worrying voice telling me he had received an email from Income tax department with subject “Intimation U/S 143(1) for PAN ABCxxxxx4A AY:2019-20”. As with most of us, any communication from taxmen makes us worried and it was not much different for my friend. Are you in the […] Continue reading →
Step by Step Instructions (with screenshots) on how to fill Details of Income from Salary in ITR Forms using revised Form 16 Format. Continue reading →