We have little less than three months to complete the income tax return (ITR) filing process for the financial year 2019-20. However, ITR filers can start preparing by collecting TDS certificates, if subject to any TDS, from deductors because the…
Are you really saving your taxes? Know your Tax slabs and review your investment plans now!
It’s that time of the year again, when our investments come again to the forefront. The investment receipts are all out, our inbox is full of mails urging us to claim our tax-saving investments and most of us are once…
How to file ITR-1 with salary, house and other incomes for FY 2019-20
For FY 2019-20, ITR-1 can be filed only by an ordinarily resident individual whose total income is Rs 50 lakh or less. This ITR form can be used to report income from salary, one house property, residuary income (interest, etc.),…
The pitfall to avoid while availing extra time to file Tax Returns
A rider that the government inserted in June while giving extra time for filing income tax returns for FY20 could cost high net worth individuals additional interest outgo if large tax dues were not paid by July end, cautioned tax…
Income tax refund status: Here’s how you
Taxpayers become eligible for refunds if higher taxes — either through advance tax, self-assessment tax or tax deducted at source (TDS) — are paid in comparison with the total tax liability. The refund can be claimed by filing the income tax…
Here’s how to correct mistake in your Income Tax Return
When a tax payer discovers any mistake or omission of important details or making a wrong statement in the original income tax return submitted, she can rectify the same through e-filing portal of income tax department within prescribed time limit….
Who is eligible to file which tax return for FY 2019-20?
All individuals having taxable income or those who satisfy other prescribed conditions are required to file annual income tax return (ITR) within the specified due date. For the financial year (FY) 2019-20, the specified due date for individuals (as extended…
7 Money and Tax tasks you should complete by July 31, 2020
Since March 2020, the government has extended various tax-related deadlines and relaxed terms and conditions of certain post office investment schemes. This was done to help the common man tide over financial problems caused due to the coronavirus pandemic. Many…
Income tax return filing deadline for FY 2019-20 extended to Nov 30, 2020
The government in a press conference dated May 13, 2020 announced that the income tax return (ITR) filing deadline for financial year 2019-20 has been extended to November 30, 2020 from July 31, 2020. “Due date for all income-tax return for FY…
Income Tax changes expected in this year’s Budget
Tax experts expect some rationalisation as there is a steep jump in tax rate when income exceeds ₹5 lakh Some tweaking in dividend distribution tax, long term capital gains tax on listed shares are also high on the wish list…