Author Archives: myITreturn Team - DP

How to check if you have e-filed previous years return?

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If you do not remember whether you have  e-filed your return for a particular year or, have sent your ITR-V to CPC for processing, you can follow a simple procedure.  Electronic Verification Code  (EVC) is now introduced, earlier it was compulsory to send your  ITR-V to CPC, Bangalore. Click here… Read more »

Declaration of Assets, liabilities in ITR Forms

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The Income-tax department has taken a welcoming step by notifying the new ITR Forms for A.Y. 2016-17 in early April. And it seems that this year there are not many changes made. An important change made in ITR Forms is introduction of Schedule AL (Assets and Liabilities). Schedule AL is… Read more »

ITR Form 1 (SAHAJ) also covers Assets and Liabilities of a taxpayer

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ITR Form 1 is simplest Income-tax form; hence it had been termed as “ITR 1 SAHAJ” by Income-tax department. This Form is applicable mainly to salaried taxpayers, however taxpayers having other incomes like Bank Interest, etc. are also covered here. ITR 1 SAHAJ Form is applicable to Taxpayers having- Income… Read more »

Revise IT Return for FY 2013-14 if you have not included Interest Income

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The Income-tax Department has recently advised the taxpayers to file correct details of Interest income in Income-tax Returns. As Income-tax Return for AY 2014-15 (FY 2013-14) can not be filed/revised after 31st March 2016, Taxpayers are advised to revise the return before said date to include the Interest Income. Some… Read more »

How to deal with a notice u/s 245 of the Income-tax Act?

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An Intimation or Notice from Income-tax department tends to put the receiver in a lot of stress. One can deal with this situation by understanding the purpose of the Notice and why was it served. In this write up , we will be focusing on intimation received under section 245… Read more »

eNPS -A golden opportunity to save tax.

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Only few days left for 31st March deadline and still thinking of any tax saving resort? Here’s a saviour then!  Introduction of eNPS have made things so much easier and so much faster that you can invest in NPS with a click of mouse without having to physically visiting any… Read more »

Importance of 31st March 2016

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It is mandatory for a taxpayer to file Income-tax return if his total income exceeds the basic exemption limit (i.e. Rs 2,50,000/- for FY 2013-14 & FY 2014-15). Also, if you want to claim refund or carry forward certain losses for FY 2013-14, you are required to file Income-tax return. Moreover,… Read more »

How to check online status of your ITR-V?

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To check the status of  return filed? Follow the steps given below: Step 1- Go to  www.incometaxindiaefiling.gov.in .There is no need to login. Just click on “ITR-V receipt status” given on left side of the Home Page. Step  2:  There are two options available. Enter the e-filing acknowledgement number of… Read more »

Presumptive taxation for professionals

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Budget 2016 has come up with various reliefs for the taxpayers from many angles. The reliefs may be in form of enhanced limit of rebate U/s. 87A or increased deduction for house rent U/s. 80GG of the Income Tax Act. In addition to these, a new section 44ADA has been… Read more »