Author Archives: myITreturn Team - BP

E-SAHYOG PROJECT OF GOVERNMENT

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With constant efforts of the Government  of e-enabling the various services for the benefit of the taxpayers, here comes one more supportive and a thoughtful step by our Government for minimizing the efforts of the taxpayers. E-sahyog is a Project to provide an online mechanism to resolve mismatches in income Tax return… Read more »

Why do I have tax payable?

myITreturn

Before filing your return, make sure you have entered all the details correctly. Starting from the basic information like PAN, bank details etc to entering all the income details, if any mistake is committed, it may lead to confusion and huge tax demands. Let us find those error prone areas… Read more »

How to file Income-tax Return as a legal heir?

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They say, nothing in Life is certain except death and taxes! There are taxes and legal formalities involved even after death such as transfer of property, distribution of assets, filing of returns and other cumbersome procedures. All these formalities have to be done by legal heir. However not everyone is… Read more »

What’s New in ITR’s of Financial Year 2015-16?

myITreturn

The only constant thing in the world is “Change”. And it seems that the Income-tax department is a keen follower of this saying. The Income-tax department brings new changes and improvements in Income-tax Return forms each year, to simplify return filing process for taxpayers as well as to get relevant… Read more »

Disclosure of Bank accounts in new ITR forms

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CBDT has made certain changes in ITR forms and disclosure requirements. Click here to know the changes in ITR forms (directly link with the article- whats new in ITR froms). From AY 2015-16, it has become mandatory for the taxpayers to provide the details of all the bank accounts held by… Read more »

How to easily file Income-tax returns Online cost effectively?

“Income-tax returns are the most imaginative fiction being written today”, says, Herman Wouk, an American author. As soon as we talk of Income-tax returns, somewhere down the line, there is a strain in the brain. Well, not anymore! Because now you can file return online through all new myITreturn mobile… Read more »

Valid email-id while filing IT return

myITreturn

Entering mail-Id of anyone other than the taxpayer himself/herself is an incorrect practise as the Income-tax department may send updates,  notices or intimations. IT Department is emphasizing on use of mail-ids for sending notices, intimations etc. instead of physically copies. Also, when you file your return, you receive your ITR-V… Read more »

My Income-tax refund is less than expected?

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Taxpayers receive Income-tax refund and many times it is less than expected. Let us understand why this may have happened. This issue may arise due to several reasons, some of them are explained below- It might happen that Income-tax Department has adjusted your tax refund of current Financial year with any Income-tax payable of… Read more »

What is a Nil return? When should I file it?

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When your taxable income is below the maximum amount not chargeable to tax  i.e Rs.2,50,000, your tax liability comes to zero and therefore you pay no taxes. Therefore, income tax return having tax liability as “Zero or nil” is called a nil return. Here, many a times people get confused… Read more »

Save tax by paying rent to your parents?

myITreturn

A salaried person can claim HRA exemption by paying rent to parents, if  he is staying with parents. Click here to know about House Rent Allowance (HRA). What is essential to claim HRA exemption? It is not essential to submit any document to the Income-tax department for claiming HRA exemption. However… Read more »