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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 »

Now prevalidate your bank account for online ITR filing

Last updated : 7th May, 2016 The Income Tax department has launched another option for online validation of tax returns and to enhance paperless regime of filing the annual IT returns.  This new option is –  Bank account-based validation system for filing e-ITRs.  This option is helpful for taxpayers who donot have or use net banking facility.  Electronic Verification Code (EVC) can be generated by pre-validating your bank account on the e-filing website.  Punjab National Bank (PNB) is the first bank to do so and other banks are also “expected to launch this facility” for those taxpayers who have not availed e-banking ... Read More »

10% dividend tax only on dividend income above Rs 10 lakh

Last updated : 7th May, 2016 The new 10% Dividend Tax will be payable only on dividend income over and above Rs 10 lakh threshold in a year, according to an amendment to the Finance Bill 2016 approved by Lok Sabha. It is clarified that tax shall be chargeable on dividend income only to the extent it is in excess of Rs 10 lakh in aggregate as received from a domestic company or companies. This essentially means, tax payers whose dividend income crosses Rs 10 lakh would now have to pay an additional dividend tax on the excess income besides ... Read More »

New Income Tax form 12BB for claiming HRA, LTA, 80C deductions

Last updated : 4th May, 2016 CBDT vide its notification no 30/2016 dated 29-04-2016 has inserted new rule 26C in the Income tax rules and notified form 12BB for furnishing to the employer. The income tax department has come out with a standard Form 12BB for salaried taxpayers to claim tax deduction on leave travel allowance concession (LTA/LTC), house rent allowance (HRA) and interest paid on home loans. claiming tax deduction under Chapter VI-A. (that includes popular 80C deduction) Sl. No. Nature of claims Evidence or particulars 1 House Rent Allowance. Name, address and permanent account number of the landlord/landlords ... Read More »

How to pay TDS on Property (Form 26QB & 16B)

Last updated : 3rd May, 2016 From June 2013, when a buyer buys immovable property costing more than Rs 50lakhs, he has to deduct TDS @1% when he pays the seller.  Read more details in my other post – TDS on buying/selling of property Buyer has to deduct TDS @1% on the entire sale amount (if the property value is more than Rs 50 lakhs) This TDS has to be deposited along with Form 26QB within 7 days from the end of the month in which TDS was deducted. After depositing TDS to the government, the buyer is required to furnish ... Read More »

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