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 →
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 →
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 →
Step by Step instructions (with screenshots) to file income tax return using ITR-1 for Pension and Fixed Deposit Income for Senior Citizen for AY 2019-20. Continue reading →
I have received some queries asking, “Is it compulsory to file income tax return (ITR) if the income is less than Rs 5 lakhs?” I understand why there is so much confusion. We explain who needs to compulsorily file tax return and who are exempted from the same. Continue reading →
Budget 2018 has made some changes to Income tax for individual. There has been no changes in the income tax slab, however there have been some changes related to salaried/pensioner tax payers and senior citizens. We highlight the changes and give you the new tax calculator for FY 2018-19 [AY 2019-20]. Changes in Income Tax Rules: […] Continue reading →
Every budget makes some changes to tax laws every year and Budget 2018 was no different. We must be aware of these changes and plan our taxes and investments accordingly. Below are the 13 changes that Budget 2018 made and all of these would be applicable from April 1, 2018: 1. Reintroduction of Standard Deduction […] 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 →