Impact of Missing deadline and filing Late Income Tax Return

For Year ending Mar 13, Income tax return filing due date was 31 st July. Due to heavy load on income tax efilling site the last date was extended to 05.08.2013. Still there are some of us who have missed the deadline of 05th August 2013. What is the impact … 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

Cost Inflation index for financial year 2013-14

Income tax department has notified Cost inflation index(CII) for the financial year 2013-14. Income tax department issued every year CII figure which shows the inflation figure and it is very useful for calculating capital gain on the sale of the property. Income tax department has issued a notification no. 40 … Continue reading

How to File Correct Incorrect Income tax Return

Income Tax Return Filing for FY 2012-13 has started. Filing Correct Income tax return is necessary to ensure that you don’t get income tax notice. Therefore it is necessary that assistance of Income tax experts and Chartered Accountants is taken. Incorrect filing of Income tax return could result in return … 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

PPF rate of interest is 8.7 per cent with effect from April 1, 2013

  The Reserve Bank on Thursday notified a 0.1 per cent reduction each in interest rates on the Public Provident Fund (PPF) and the Senior Citizen Savings Scheme (SCSS), to be effective from the financial year beginning April 1. The rate of interest on PPF has been lowered from 8.8 … Continue reading

Income tax rates for Financial year 2013-2014

The Income rates and slabs for year 2013-2014 (Assessment year 2014-2015)are as follows: Annual Income Tax Slab Up-to Rs  200,000 (for senior citizens 250,000) Nil Between Rs 200,000 to 500,000 10% Between Rs  500,000 to 1,000,000 20% Above Rs  1,000,000 30% No enhanced limit for women. Men and women are … Continue reading