Category Archives: Taxation

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 »

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 »

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 »

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 »

Adding Savings Bank Interest in your Income-tax return

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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 »

Is Minor child’s Income taxable?

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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”

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“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 »

Employees Provident Fund (EPF)

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Provident Fund is a scheme designed and controlled by Government of India for the Indian taxpayers. The primary purpose of this scheme is to secure post-retirement tenure of taxpayers. Investment in Provident Fund is classified in 2 broad types- Employee’s Provident Fund (EPF) – For salaried taxpayers only. Public Provident Fund (PPF)… Read more »