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How to Link Aadhaar number with PAN

Last updated : 21st July, 2017 From 1st July 2017,  quoting Aadhaar (Aadhaar number / enrolment ID) has become mandatory for income tax return filing and for applying for Permanent Account Number (PAN). The central government has notified that the requirement of quoting Aadhaar for income tax returns filing and application for PAN shall not apply to an individual who is residing in the states of Assam, J&K, and Meghalaya; a non-resident as per the Income tax Act, 1961; of the age of 80 years or more at any time during the previous year; not a citizen of India. All ... Read More »

How to quick e-file ITR 1 & ITR 4S online – Step by step guide

Last updated : 13th September, 2017 You can file ITR 1 & ITR 4S online (without using the excel ITR file). In this post, I am providing step-by-step guide to file these returns on Income tax efiling website. Filing returns on Income tax wesbite is completely free and easy. Must Read –  Step by Step Guide to file Income tax returns online Things to note: Make sure that you choose right ITR form. ITR forms depends on what kind of Income you have. See my other post on Which ITR form to use? Check your Form 26AS to see the ... Read More »

[How to] View your Form 26AS online – Check Tax Credit Statement

Last updated : 19th July, 2017 The last date for filing return is quite near (31st July). Before filing the returns, check your Form 26AS to make sure that TDS deducted are appropriately credited to your account. When your employer deducts TDS from your Salary or your bank deduct TDS on your FD Interest, they need to deposit this amount to Government against your PAN. If they enter your PAN incorrectly, you will not get credit for that TDS amount. So, It is always better to check your Tax Credit Statement (Form 26AS) before filing your Income Tax return. What ... Read More »

Cost Inflation Index Chart Table – 1981 to 2016 2017 – For Income Tax Capital Gain Purpose

Last updated : 4th May, 2017 Cost Inflation Index is used for Calculating Long term Capital Gain. Every year, Income Tax department notifies Cost Inflation Index.  CII is very useful to calculate Long Term Capital Gain Tax. Budget 2017 changes:  Budget 2017 has changed the base year of Indexation from 1981 to 2001. Read details & impact on Investors & capital gain. Capital Gain = Sales Consideration – Indexed Cost of Acquisition Indexed Cost of Acquisition = Actual Purchase Price *  (Index in year of Sale / Index in Year of Purchase)    The cost inflation index notified are as under ... Read More »

Income Tax Return ITR forms for FY 2016-2017 (AY 2017-2018)

Last updated : 1st April, 2017 The Income Tax Department has released the  ITR (Income Tax Return) Forms for Financial Year 2016-2017 (i.e. Assessment Year 2017-2018). These ITR forms will be applicable for income tax returns for income earned from 1st April 2016 to 31st March 2017 i.e. FY 2016-17 (AY 2017-18).  The due date of submission of these ITR Forms will be 31st July 2017. The Government has made changes to the ITR forms and tried to make it simple. The number of ITR Forms have been reduced from the existing nine to seven forms.  Some changes to IT Forms ... Read More »

Cost Inflation Index for Capital Gain – Base changed in Budget 2017

Last updated : 16th February, 2017 In Budget 2017, the base for Cost Inflation Index is changed. lets see what the change is and how it wil impact the investors. Currently, for cost inflation index, the base year is 1981. which means if you have any property acquired before 1981, you need to get the fair market value in 1981 and then apply indexation. Now, with the proposed changed, the base year will become 2001. This means, if you have any property acquired before 2001, you need to get the fair market value in 2001 and then apply indexation. In ... Read More »

[How to ] check and respond Income Tax Notice for large Cash deposit

Last updated : 11th February, 2017 Income Tax department has launched “Operation Clean Money / Swachh Dhan Abhiyan initiative., to investigate the large cash deposits made after demonitization. They are sending notices to more than 18 lakh people. If you have deposited large cash after demonitoization, the chances are that you will or may already have got a notice from Income Tax. You need to respond within 10 days of getting the message. If you have made large deposit, but have not received any message yet, please check your e-filing account to see if there is any notice for you.  You ... Read More »

Income Tax Rates / Tax Slab for FY 2017-2018 (Budget) AY 2018-2019

Last updated : 8th February, 2017 Cheers!!! In Budget 2017, the government has made some positive changes to tax slabs.  – Read the Budget announcement for Personal Taxation Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI) Applicable for FY 2017-2018 (AY 2018-2019)   For Individuals below 60 years age (including Woman Assessees) (born on or after 01-Apr-1957)     upto Rs 2.50 Lakh NIL Rs 2.50  lakh – Rs 5 Lakh 5% on amount exceeding Rs 2.50 lakh Rs 5 lakh – 10 Lakh  Rs ... Read More »

Key Highlights Summary of Indian Union Budget 2017-18

Last updated : 13th September, 2017 Key Points & Highlights of Indian Union Budget 2017-18  –  presented on 1st Feb 2017 Personal Taxation  Income tax for individuals for Rs 2.5 lakh to Rs 5 lakh lowered to 5% Individuals having income less than Rs 5 lakh will have to file a return with a one page form. Surcharge of 10% on those with income of Rs 50L to Rs 1 cr Reduction in timelines for revising return of income and completing scrutiny assessments. Read full details on the impact on personal taxes in more details. Fiscal Information India’s FDI increases ... Read More »

80C Tax Saving Options & deductions (FY 2016-2017)

Last updated : 2nd January, 2017 In the month of March, most tax payers rush to invest their money in tax saving instruments. Though it is better to do the tax planning at the start of year & plan your investments over the whole year. Many salaried taxpayers has to submit the investment proofs etc to their employer in Jan.  Section 80C of the Income tax Act 1961 provides list of Investments / expenses which is allowed as Deduction from your taxable Salary. 80c tax exemption limit from FY 2016-17 is Rs 1.5 Lakh. Under 80C, you can claim maximum deduction ... Read More »

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