The earlier you file your return, the quicker would be the processing of your refund if any.
The Central Processing Centre (CPC) of the department in Bengaluru, that receives and processes the Income Tax Returns (ITRs), has issued an advisory specifying such taxpayers should not "fall prey" to unscrupulous tax advisors or planners who help them in preparing wrong claims to get tax benefits.
The single Income Tax Return (ITR) form, notified by the CBDT on April 5, has been put on its website, https://www.incometaxindiaefiling.gov.in, yesterday.
TDS represents part of Income-tax that is already paid by the assessee, which can be set off against Income tax and balance tax liability to be paid.
As a taxpayer, it is necessary for you to keep abreast of the latest amendments to enable a salaried individual to compute taxes and file individual tax returns.
While filing ITR, it is always better to keep few things readily available with you like - Aadhaar number, PAN Card, Bank details and other investment documents
Form 26AS, also known as Annual Statement, is a document that provides details of TDS, refunds associated with a PAN in a particular financial year
You can still file your returns following few steps even if you do not get Form 16 from your employer.
The department today issued an advisory asking taxpayers to furnish their latest information such as personal and secondary email and mobile phone numbers, address and bank account details.
The Court admitted the matter and passed an interim order, directing the concerned income tax officer to allow the petitioner to file IT Returns manually, without quoting Aadhaar number or Aadhaar enrollment ID
Here’s all you need to know about the process for filing ITRs for NRIs.
The five-day ITR extension is meant to address issue of seeding PAN and Aadhaar, in a major relief to scrambling taxpayers.
Missing ITR filing in time will attract a penalty of up to Rs 10,000, but from AY 2018-19.
Filing your tax return is one way of having a legitimate proof of your income. It also helps you establish a good record with the I-T Department.
A taxpayer may not have Form 16 due to reasons such as employer closing operations, employee quitting without completing the exit formalities and when the employer is not traceable.
If you have multiple unused accounts and you maintain the minimum balance in each of them, you are paying an opportunity cost.
With rapid computerisation, an individual‘s PAN (Permanent Account Number) has become an important document, for many financial and non-financial transactions. It is equally important for buying or selling properties or leasing it out. R
All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period post demonetisation will have to be disclosed in the new one-page Income Tax return form.
Finance Act, 2017 has made it mandatory to enrol for Aadhaar to file tax returns in India or apply for a PAN or keep the existing PAN active effective July 1. This means that expatriates will have to obtain Aadhaar number to file ITR, reports Economic Times.
The government has done away with two forms ITR 2A (used by individuals & HUFs not having income from business or profession and capital gains and who do not hold foreign assets).
Almost all the public sector and private banks, offer loans against future rentals. With this facility, home owners can avail of a line of credit, on the basis of future rentals for their house R
The 'e-nivaran' module, a senior official said, will work on the lines of the internet-based Income Tax Returns (ITRs) filing system and taxpayers can register all complaints related to delay in refunds, filing of e-returns, Tax Deducted at Source (TDS), PAN issues, and those pertaining to their Assessing Officer (AO).
As per the latest data, over 1.02 crore Income Tax Returns (ITRS) have been verified by the internet-based electronic filing system of the department.
The tax payer has to provide the cost of these assets in case the same are not reflected in the balance sheet of the partnership firm in case of a partner and in the balance sheet of the proprietor business or profession.
Offering the "final opportunity", the department has said taxpayers whose refunds and tax issues are pending for assessment years (AYs) 2009-10, 2010-11, 2011-12, 2012-13, 2013-14 and 2014-15, should immediately authenticate their Income Tax Returns by using either the electronic verification by Aadhaar or bank account-based facility