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Taxation

Notice received from Income tax department re Compliance – What to do ?

Last updated : 16th September, 2016 Many people are now receiving notice from Income tax department regarding non filing of income tax returns for last few years ( 2012-2013, 2011-2012, 2010-2011, 2009-2010.) . Income tax department asks them to reply within 10 days . Income tax department is collating information from various sources and sending notices to non-filers. they are requested to submit the Compliance Form on efiling website. Also Read News – Income Tax Dept to send notices to further 21.75 lakh “non-filers” There is no need to Panic just because you have received the notice. A notice does ... Read More »

[How to] Save Capital Gains Tax on Sale of Property in India

Last updated : 19th September, 2016 Over the years, property is one of the high ticket items in one’s investment portfolio. Now the buying / selling are more frequent with good appreication. However, the investor needs to consider taxation aspects when buying & selling properties. Any profit earned on sale of property is taxed as Capital Gains. The amount of tax depends of holding period of the property.   Short Term Capital Gain Long Term Capital Gain Holding Period Asset Held of less than 3 years Asset Held of more than 3 years Tax Added to Income and taxed at ... Read More »

Last date for filing returns for FY 2015-2016 (AY 2016-2017) extended to Aug 5

Last updated : 6th September, 2016 The last date for filing income-tax returns has been extended to August 5. Tax returns for 2015-16 (assessment year 2016-17) were originally to be filed by July 31. But in view of the day-long strike at public sector banks, the deadline has been extended to August 5. For Jammu and Kashmir, the deadline will be August 31 in view of the ongoing turmoil in the state. Later, the Finance Ministry in a statement said, “As per provisions of Section 139(1) of Income-tax Act 1961, Central Board of Direct Taxes extends the due date for ... Read More »

How to File Income Tax return (ITR) online – Step by Step Guide for eFiling

Last updated : 6th September, 2016 As last date for filing the income tax return for FY 2015-2016 (AY 2016-2017) is approaching (Last date is 31st July 2016),  there is usually a huge rush among the taxpayers to file Income Tax return. To avoid the long queues and complications, most people prefer to delegate the task to tax consultants or chartered accountants. E-filing of return is easy, fast and secure. You can file your return online without much bother if you take care of a few things. In this post, we will explain – How to file Income Tax return ... Read More »

How to File Income Tax return (ITR) online for FREE (using excel upload)

Last updated : 21st July, 2016 Must Read –  Step by Step Guide to file Income tax returns online Step to File Income Tax return Online  for FREE on Official Website  (using excel upload) 1. Go to Income Tax India Website –  https://incometaxindiaefiling.gov.in 2.  Download the relevant Income Tax form On the Right Had Corner, you will see the Excel Files to Download 3. Extract the Excel file into a folder. ( using Winzip / Winrar software) These files are in ZIP Format. You need to extract these files to a folder using free software like WinZIP, WinRar etc  Normally ... Read More »

Income Tax Return ITR forms for FY 2015-2016 (AY 2016-2017)

Last updated : 20th July, 2016 CBDT has issued the Income tax return (ITR) forms for the financial year 2015-2016 (AY 2016-2017). Normally the last date of filing returns in 31st July. ITR No Eligibility Forms       ITR 1 For Individuals having Income from Salaries, One house property, Other sources (Interest etc.)  itr12016 ITR 2 For Individuals and HUFs not having Income from Business or Profession  itr22016 ITR 2A For Individuals and HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets  itr2a2016 ITR 3 For Individuals/HUFs being partners in firms and ... Read More »

Income Tax Rates / Tax Slab for 2015-2016 and 2016-2017

Last updated : 20th July, 2016 In Budget 2016, there is no change in the tax slab for FY 2016-2017 . The tax rates are same as FY 2015-2016. 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 2015-2016 (AY 2016-2017)  & FY 2016-2017 (AY 2017-2018)   For Individuals below 60 years age (including Woman Assessees)     upto Rs 2.50 Lakh NIL Rs 2.50  lakh – Rs 5 Lakh 10% on amount exceeding Rs 2.50 lakh Rs 5 lakh – 10 ... Read More »

Tax deduction (TCS) threshold for cash purchase of gold jewellery rolled back

Last updated : 31st May, 2016 The government has rolled back its budget decision to apply 1% tax collection at source on cash purchase of gold jewellery of Rs 2 lakh and above and raised the threshold to the earlier Rs 5 lakh with effect from June 1. Earlier, the threshold for tax collection at source (TCS) was applicable for cash jewellery purchase of above Rs 5 lakh. In the Budget, the government proposed to reduce the threshold to Rs 2 lakh. As a result, 1% TCS was applicable for cash jewellery purchase of above Rs 2 lakh. Jewellers went ... Read More »

No TDS for PF withdrawals of up to Rs 50,000

Last updated : 7th October, 2016 The government has now changed the rule on  TDS deduction on PF withdrawal. Now, no tax would be deducted at source for PF withdrawals of up to Rs 50,000 from June 1 2016. So no TDS if your withdrawal is upto Rs 50000. The Finance Act , 2016 has amended section 192A of Income Tax Act, 1961 to raise the threshold limit of PF withdrawal from Rs 30,000 to Rs 50,000 for Tax Deducted at Source (TDS),” the notification stated. The provision will come into effect from June 1, 2016. Earlier in the budget, the ... Read More »

Home Loan Tax Benefits – Section 24, 80C, 80EE

Last updated : 26th July, 2016 Buying a house without home loan is distant dream for most of the people.  But even if you have required funds to buy house, taking home loan can be tax efficient. You can save significant amount of tax on the principal repayment of home loan as well as Interest paid on home loan. In this post, I will try to explain the tax benefits associated with home loan. Section 80C – Deduction upto Rs 1.50 lakh for Principal repayment Under Section 80C, you can claim deduction upto Rs 1.50 Lakh by way of investment ... Read More »

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