Filing your income tax return and paying the tax you are due to pay are two different responsibilities and both have to be discharged appropriately
The inclusion of natural gas and aviation turbine fuel under the ambit of GST may not be taken up for the time being in the Saturday meet.
Selection of the right form is vital as choosing the wrong form will make your return invalid.
While filing the ITR, the salaried people generally disclose their salary income only and forget to disclose other incomes
Make sure that you do not commit the mistake of ignoring the rules of taxation.
Here is how you should choose the right ITR form to file your income tax returns.
The process can be quite cumbersome in the absence of efficient financial planning, and any negligence on the tax payer's part can lead to undue payment of tax
If you wait till the last minute to file your returns, you may commit mistakes in a hurry and will have to file a revised return
You should not be hesitant in filing your income tax returns yourself. There are several websites which can also help you file your returns effortlessly following certain steps.
This year salaried taxpayers using ITR Form-1 are required to provide a break-up of their salary
You have to disclose the details of immovable properties i.e. land and building owned by you in schedule AL
On one Electronic Verification Code, only one online income tax return can be verified
The most important change in ITR 1 is that it can only be used by ‘Residents’ having income from salaries, one house property and income from other sources.
The GST, which celebrated one year of roll out on July 1, has been a mixed bag for the hospitality and restaurant sector, and firms are expecting further rationalisation of the tax structure.
The deduction for HRA is generally availed by the employee through the payroll by providing requisite supporting documents and also, meeting the necessary conditions.
Here are a few seemingly less important things that all salaried individuals should take in account while filing their income.
The tax reform consolidated 17 central and state taxes like excise duty, VAT and octroi into a single levy: GST
While you can claim up to Rs 150000 deduction for investment in ELSS scheme during the financial year, there are other tax implications on mutual funds which one should be aware of while filing their ITR.
The United States, the world's biggest exporter of the fibre, has cornered the bulk of Chinese imports for at least a decade. But China's decision to impose a 25 percent import tax from July 6 on American farm commodities, including on cotton, in retaliation for tariffs enacted by the administration of U.S. President Donald Trump will allow India to grab a bigger share of the Chinese market.
Don't forget these changes while filing tax returns this year.
Watch the accompanying video…
Unilateral trade actions can be disruptive and may even prove counterproductive.
The form for filing appeals to the Income Tax Appellate Tribunal (ITAT) is being amended after 25 years. The last amendment was made in 1993.
Presently, the equalisation levy has been made applicable only to certain specified services, which include online advertising, any provision for digital advertising space or any other facility or service for the purpose of online advertisement
The article discusses taxability of the pension received overseas.