Income tax rates for Financial year 2015-2016

1). Individual resident aged below 60 years (i.e. born on or after 1st April 1955) or any NRI / HUF / AOP / BOI / AJP* Income Tax : Income Slabs Tax Rates i. Where the total income does not exceed Rs. 2,50,000/-. NIL ii. Where the total income exceeds … Continue reading

ITR V can be sent till 31-3-2014 for AY 2009-10, 2010-11 and 2011-12

CBDT has extended the date of filing iTRV till 31.03.2014 for  2009-10, 2010-11 and 2011-12. ITR V needs to send to Banglore CPC within 120 days of filing income tax return. If ITR V is not sent within 120 days then it is considered that return is not filed at all. … Continue reading

ITR 1 or ITR 2 which return should be filed for salaried tax payer

Income tax Returns for Assessment year 2013-2014 has started. New Income tax forms has been released by income tax department. There is major change for use of ITR 1. ITR–1 Form is to be used by an Individual having income from following sources: Income from Salary/ Pension Income from One … Continue reading

What is ITR V

What is an ITR-V? ITR-V stands for ‘Income Tax Return – Verification’ form. What is the significance of ITR V? ITR V  is received when you e-file Income Tax Return without using a digital signature. Income Tax Department verifies the genuineness of income tax return when filed online without using … Continue reading

eFiling Compulsory if income exceeds 5 Lakhs

From Assessment year 2013-2014 ( Previous year 2012-2013) eFiling is mandatory for those income taxpayers whose income exceed Rs. 5 lakhs. Last year 2012, the Central Board of Direct Taxes (CBDT) had made it mandatory for all individuals and Hindu undivided family (HUF) having annual income of more than Rs … Continue reading

Due date for filing income tax return and Impact of late filing of Income tax return

Due date of filing of income tax return for Assessment Year 2012-13, Financial year 2011-12 is as under 1) Non Audit cases: In case of person who are not liable to get their accounts audited is 31.08.2012 . 2) Audit cases: In case of person who’s accounts are liable to … Continue reading

Income Tax Return Form for Assessment year 2012-13

Income Tax form for assessment year 2012-13 has been released by Income Tax department .ITR-1 (Sahaj) ,ITR-2 ,ITR-3, ITR-4 and ITR-4S( sugam) has been released . ITR-5 and ITR-6 can only be filed through e filing mode . Important points to be noted; 1) Due date to File income tax … Continue reading

Benefit of filing Income Tax Return

Why should you file Income tax Return? All Salaried employees are under impression 1) that  employer has already deducted Income tax, and I am not required to file Income tax return; or 2) My Total Income is below taxable limit, so i am not required to file Income tax return … Continue reading

Income tax refunds hit record high

Despite dismal tax collections, the government disbursed close to Rs one lakh crore in income-tax refunds during 2011-12 financial year, the highest ever payment to tax-payers, recording a 32.4 per cent increase from the Rs 74,000 crore refunds during 2010-11. The figure is estimated to touch Rs 1.20 lakh crore … Continue reading