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Received notice from the income tax department for non-filing of Form 26QB (TDS on property)

Last updated : 30th April, 2016 Taxpayers are receiving notice from Income tax department for non filing of Form 26QB which is for TDS deducted when buying property. The income tax department has received Annual Information Return (AIR) submitted by registrar/sub-registrar, that you have done a property transaction exceeding Rs 50lakhs. Buyers of property must deduct TDS from payment made to seller, if the sale price exceeds Rs 50lakhs. TDS has to be deducted @1% at the time of making payment to the seller. (as per section 194IA of the income tax act) – Read my previous post on – ... Read More »

Taxation on Sale of Shares – Business Income or Capital Gain? – new CBDT circular

Last updated : 1st April, 2016 Over the past few years, there were lot of uncertainly and litigation around this point – whether the sale of shares is treated as Capital gain or Business Income. Despite of various court rulings as well as CBDT clarifications, disputes continues to exist on the facts related to individual case since the taxpayers find it difficult to prove the intention in acquiring such shares/securities. In a recent CBDT circular, tax payers are allowed to decide whether their gains/losses from sale of listed shares/securities should be treated as business income or as capital gains for ... Read More »

How to pay balance Income Tax online

Last updated : 15th August, 2015 As you know the last date for filing income tax returns for AY 2015-2016 (FY 2014-2015) is 31st Aug 2015. For many Individual salaried taxpayers, the TDS is deducted by employer. Bank also deduct TDS on interest payment.You can check how much TDS is deducted by them by checking your Form 26AS online. However, at the time of filing IT returns, when you add all your incomes and you may realise that there is a tax due which needs to be paid. In that case, you should NOT submit the return before filing the ... Read More »

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

Last updated : 15th August, 2015 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] get Electronic Verification Code (EVC) to e-Verify Income tax return for AY 2015-2016

Last updated : 15th August, 2015 Now you can e-verify your Income tax returns and there is no need to send physical ITR-V to Income Tax office.  As per new notification by Income Tax department (Notification 02/2015 dates 13th July 2015),  you can online verify your Income tax return using Electronic Verification Code (EVC). Presently, individual taxpayers had to send the physical copy of ITR acknowledgment (ITR V) to CPC Banglaore. Only taxpayers having digital signatures could sign it online. But with this new Electronic Verification Code (EVC) facility, tax payers can e-verify their Income tax rteturns. In this post, ... Read More »

New simpler ITR forms for AY 2015-2016 (FY 2014-2015) and last date extended

Last updated : 15th August, 2015 The Finance Ministry on Sunday came out with new three-page simpler income tax return (ITR) forms and also extended the last date of filing to August 31. Download New ITR Forms for AY 15-16 (FY 14-15)  –  ITR 1, ITR 2, ITR2A, & IYT 4S http://www.incometaxindia.gov.in/Pages/downloads/income-tax-return.aspx https://incometaxindiaefiling.gov.in/ ——-  (Right hand side – “Download” section) Which ITR form to use ? ITR1 (Sahaj) Only for Individual This form can be used if you have; Salary or Pension Income Income from one house property (excluding cases where loss is brought forward from previous years) Income from ... Read More »

Income Tax Rates / Tax Slab for FY 2014-2015 (AY 2015-2016)

Last updated : 15th August, 2015 Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI): 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 Lakh  Rs 25000 + 20% of amount exceeding Rs 5 Lakh above Rs 10 akh Rs 125000 + 30% of amount exceeding Rs 10 lakh   For Individuals aged 60 years and above but below 80 ... Read More »

[How to] claim tax or TDS refund for last six assessment years

Last updated : 15th August, 2015 As you know, currently income tax returns can be filed for last 2 assessment years. So you could file returns and claim the refund (TDS refund) for last 2 years only. Now in the latest circular (09/2015), Income tax department has allowed the assessee who has failed to file return and claim Refund according to section 119(2) (B) to make an application and get Refund due up to last 6 Assessment years. Steps to claim refund for the last 6 years: 1. You need to file an application to the concerned Income tax official ... Read More »

Hurry – you can file income tax returns for last 2 years by 31st March

Last updated : 15th August, 2015 Update June 2015 –  As per new circular, you can file application to claim refund for last 6 years. Read the post at the link.  You must be aware that due date for filing your income tax returns in 31st July. However, sometimes taxpayers fail to file their returns on time.  But you can file the belated returns for last 2 years by 31-3-2016. If you have received compliance notice for non-filing of returns, please read the post below http://wealth18.com/notice-received-from-income-tax-department-what-to-do/ What are your options, if you have not filed returns by due date of ... Read More »

Income Tax Rates / Tax Slab for FY 2015-2016 (AY 2016-2017)

Last updated : 29th April, 2015 Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI): 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 Lakh  Rs 25000 + 20% of amount exceeding Rs 5 Lakh above Rs 10 akh Rs 125000 + 30% of amount exceeding Rs 10 lakh   For Individuals aged 60 years and above but below 80 ... Read More »

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