The due date for filing income tax returns for individuals was July 31, extended to August 31, 2018 (for Kerala the due date is extended to September 15 due to floods). Most taxpayers have already filed their ITR or in process of doing so. However there are people who may not be able to file their returns […] 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 →
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 →
We are approaching the last date for filing income tax returns (August 31) and most of you might have already filed your ITRs. But what if you realize that you skipped some income or did not take the benefit of investments made or missed some disclosures? Worry not, you can revise your tax returns. We discuss […] 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:2018-19”. 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 →
In the last few weeks, I have got queries asking if people can file their last year (AY 2017-18) tax returns? This question makes sense as many people are not aware of the change in rules. Also, when people try to file the last year tax returns, they seen an option to do so in the […] Continue reading →
While filing Income tax return there might be case that you need to pay additional tax. We have stated in an earlier post about how to pay this Self-Assessment tax using Challan 280. The problem is sometimes people forget to save the receipt and later cannot find the details to fill up in the ITR […] Continue reading →
After you fill up your income tax return forms, the last section asks for Verification. The statement reads as: I, (full name in block letters), son/ daughter of solemnly declare that to the best of my knowledge and belief, the information given in the return and the schedules thereto is correct and complete and […] Continue reading →
Since the amount disclosed in income chargeable under the head salaries is less than 90% of Salary reported in TDS 1, please ensure to fill details in Others in Exempt Income – an error that many of salaried tax payers are facing while filing their income tax returns. In this post we tell you why […] Continue reading →