This year the income tax return (ITR) Forms have been notified and released on April 9th. However we suggest you to wait at least till May 31 before you start filing your returns. This might sound unusual because in most cases recommendation is to complete things as soon as possible. The due date for filing […] 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 →
The good thing is most part of ITR Form for AY 2019-20 is similar to last year, only with increased disclosures for some cases. The new forms incorporate changes in tax laws last year. 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 →
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 →
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 →
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 →
The due date for filing income tax returns for individuals is July 31, 2019. Most taxpayers may be preparing and be in process of filing their tax returns. However there are people who may not be able to file their returns before due date or are too lazy to file their returns. The question is what […] 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 →