Author Archives: myITreturn Team - BP

Adding Savings Bank Interest in your Income-tax return

myITreturn

Generally taxpayers do not evaluate or disclose interest earned from saving bank account while filing Income-tax returns. It is taxable under ‘Income from other sources, however savings bank interest is exempt upto Rs. 10,000/-. It is always better to disclose this and take advantage of deduction available under section 80TTA. Click… Read more »

Make sure you have included these incomes in your Income-tax return

myITreturn

When we file our Income-tax return, we tend to specifically include our main Sources of Income like Income from salary, Income from business or profession, etc. But many a times, we skip to include some Incomes which come under the head “Income from other sources”. Some of these incomes which… Read more »

Deduction of Interest on Savings Bank account u/s 80TTA

myITreturn

Interest on savings account is taxable as per the applicable slab rates for individuals. However considering the genuine hardship faced by middle class taxpayers. Income-tax department has provided relief to them by introducing a new section 80TTA for deduction of interest on savings account with effect from 1st April, 2012. Taxpayers can enjoy this benefit… Read more »

Is Minor child’s Income taxable?

myITreturn

As per the general principles of tax laws, a child who is below 18 years of age is said to be a minor. Many a times, people are confused about whether minors are liable to pay Income-tax or not. Let us make it simple to understand. A minor child may be… Read more »

“E-filing tax returns is convenient and easy”

myITreturn

“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 your return online. Earlier, one had to… Read more »

Did you receive a gift from your employer? Do remember to pay tax

myITreturn

Many companies gift their employees with Smartphones, tablets, laptops etc. as a reward for their endeavours. Employees may also receive free holiday, bonus or a performance increment, as gifts. However, employee should remember that such gifts are absolutely taxable if the monetary value of gifts exceeds  a certain limit. Income Tax Act provides… Read more »

Make sure you enter your name is correct in your Income-tax return!

myITreturn

What’s the big deal in entering the name correct in your Income-tax return. Well, many a times, it happens that Income-tax return does not get through, just because of incorrect name. Wrong name does not only mean wrong spelling, it means that name in the Income-tax return should match with… Read more »

How to register on the Income Tax Department website?

myITreturn

Income-tax returns can be filed only after getting registered on Income-tax website. After such registration, a taxpayer can have access to various Income-tax related services such as Refund status, Request for intimation/rectification etc. Here are some easy steps to follow for registration:- Step 1: Go to  https://incometaxindiaefiling.gov.in  and click  on… Read more »

Checklist of documents required for Tax saving investments

myITreturn

It is a good habit to maintain a file or a folder of documents required for Income-tax return filing as well as for tax saving investments. If documents are already submitted to the employer for claiming deductions and he has issued Form 16, then it may not be necessary to… Read more »

Living in a rented apartment? Hope you have taken your landlord’s PAN

myITreturn

Finding a rented place for living is not an easy task, we should atleast not let go off the perks involved like HRA exemption. As far as taxation is concerned, various things such as rent agreement, HRA benefits, TDS provisions on payment of rentals etc are all taken care of. However many… Read more »