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

Highlights of Union Budget for 2015-16

INTRODUCTION: Credibility of Indian economy has been re-established in the last nine months. Indian economy about to take-off on a fast growth trajectory. Most growth forecasts have upgraded Indian economic growth while downgrading global economic growth. Economically empowered States are equal partners to Indian economic growth. Round the clock, round … 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

Extension of Time Limit for Filing of ITR-V Forms for AY 2010-11 and AY 2011-12

ITR- V can be send to Bangalore office upto 31.12.2012 for assessment year 2010-11 and 2011-12.   Relevant notification is given below: In exercise of its powers under clause (ii) of Para 14 read with clause (7) of Para 4 of the Centralized Processing of Returns Scheme 2011 issued vide CBDT Notification … 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

How to check Income Tax Refund Status Online

How to Check Income Tax Refund Status Online Log in to the NSDL website Enter your Permanent Account Number (PAN) in the available box. Choose the assessment year for which you desire to know the status and then click on submit. The NSDL website is a secure website, so … Continue reading