Category Archives: Default

No TDS on Rent for Nil Taxpayers

The provisions of TDS on Rent, state that, if amount of rentals paid during a financial year exceed Rs. 1,80,000/-,  then the lessee is required to deduct TDS while paying Rent to the owner of the asset. The rate of TDS is 10% for Land, Building or Furniture whereas 2%… Read more »

Gold Monetization Scheme, 2015

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We Indians are crazy about gold and golden ornaments. Most of us have ancestral gold jewellery; however it is mainly used in traditional functions such as marriages, poojas, etc. A research of Government states that we have over 20,000 tonnes of gold but this is neither traded not monetized. This… Read more »

Submission of Tax saving declarations to Employer

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New Financial year has just begun and April is the month of tax planning for the whole year. Employers ask all their staff to submit Tax saving declarations in this month. However some taxpayers might not be conversant about what exactly is to be shown in such declarations and what… 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 »

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 »

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 »

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 »