For tax payers with income from salary, the ITR (Income Tax Return) Forms applicable for AY 2018-19 (FY 2017-18) asks for salary details and breakup. Until last year the ITR forms only asked for the taxable part of salary but this year it asks for following 5 salary details: Salary excluding allowances, perquisites and profit […] Continue reading →
The income tax return (ITR) forms were notified on April 5 by CBDT . Thankfully there is No change in the number and name of Forms as compared to last year. In this post we tell you which is the right ITR Form for you for AY 2018-19 (FY 2017-18). The choice of ITR Form […] 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 →
The last day for filing the income tax return without penalty for AY 2018-19 is July 31, 2018. The good thing is most of things are similar to last year. However, as it happens every year, there are some changes in these forms and information sought. Overall income tax department wants to know more details […] Continue reading →
Talk to any expert on tax return filing and he would suggest you to “verify your Form 26AS”. Form 26AS is consolidated statement of all your TDS, Self Assessment tax, advance tax, tax refunds, and high value transactions for relevant assessment years. The post gives an overview and structure of Form 26AS, why it’s so […] 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 →
Once the ITR is submitted and verified by the tax payer, the department goes through every return in automated/manual fashion to check if everything was correct and matches with the data available with them. In case they find a wrong/doubtful entry or have further questions about any declared or undeclared income or deduction or exemption, […] Continue reading →
July 31, 2018 is the last date to file income tax returns (ITR) for last financial year FY 2017-18 (AY 2018-19) without penalty and many people are still confused if they should even file their ITR. Who needs to file ITR Mandatorily? If your total gross income in FY 2017-18 was more than the taxable limit, […] Continue reading →
Income Tax Return Filing is an annual process and so the website is not used frequently by most people. So many tax payers tend to forget the password for https://incometaxindiaefiling.gov.in . Also there are cases where someone else like your CA or tax consultant used to file ITR for you and now he does not […] Continue reading →