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[How to] get Electronic Verification Code (EVC) to e-Verify Income tax return for AY 2015-2016

EVC-e-verify-itr-electronic-verification-code

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

ITR-changes

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)

tax-slab-rates-india

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

tax-refund

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

it-return-deadline

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)

tax-slab-rates-india

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 »

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

tax-slab-rates-india

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 »

ITR V hard copy physical filing is not required for Aadhar Card holders

aadhar-itr-v-exempt

Last updated : 29th April, 2015 CBDT recently announced that taxpayers who file their income tax returns online & have Aadhar card, they will no longer need to send the ITR V paper acknowledgement by post to CPC Bangalore. This will make the online filing procedure truly paperless even for those who don’t have digital signatures. Current Process Till now, online filing was paperless only if the person had a digital signature. Taxpayers who did not have a digital signature had to post a physical copy of the ITR-V to the CPC Bengaluru within 120 days of filing tax returns ... Read More »

TDS on PF withdrawal before 5 years – Budget 2015 – new Section 192A

tds-pf-withdrawal

Last updated : 7th October, 2016 Update – May 2016 – No tax would be deducted at source for PF withdrawals of up to Rs 50,000 from June 1 2016.    http://wealth18.com/no-tds-for-pf-withdrawals-of-up-to-rs-50000/ In Budget 2015, new Section 192A of Income Tax Act is proposed to deduct tax (TDS) on PF withdrawal before 5 years. To discourage premature withdrawal of provident fund by subscribers, Union Finance Minister Arun Jaitley has proposed a tax deduction on such early closures. Under the proposed tax law (new Section 192A of Income Tax Act), provident fund withdrawal before five years of continuous service will attract a TDS ... Read More »

New TDS rules on fixed deposit interest (Budget 2015)

new-fd-tds-rule-budget-2015

Last updated : 25th April, 2015 Budget 2015 has made TDS rules on fixed deposit interest more stringent.  Till now, TDS was deducted by bank or post office when the interest is more than Rs 10000.There was a loophole as the limit of Rs 10000 was calculated with reference each of the branch and not all the branches together. So many taxpayers were using this option to create FD in different branches of same bank, so that the interest per branch doesnot exceed Rs 10000 and thereby no TDS is deducted. Now, in Budget 2015, this loophole is plugged.  The ... Read More »

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