Category Archives: How to?

Why do I have tax payable?

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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 »

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 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 »

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 »

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

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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 »

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 »

FAQs on Income from house property

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Q. What if fair value of a property cannot be determined? Ans. :-  Fair value means market value of the property. So if the fair value is not available or cannot be ascertained, fair market value of  similar property in the same location shall be taken as the fair value… Read more »

Loss of Income from House Property

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House property loss can be possible in following 2 cases- Self occupied property:- Gross Annual Value of self occupied property is always NIL. If the taxpayer has borrowed a housing loan against his self occupied property, then the interest paid on such loan is deducted from his Net Annual Value… Read more »