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Taxation

Which ITR Forms to use for FY 2012-13 (AY2013-14) to file Income tax returns in India?

Last updated : 23rd April, 2014 So we are now in Income Tax return filing month – July.  Last date to These Income-tax Returns in most cases for AY 2013-2014 (FY 2012-2013) is 31-July-2013. However, for the Corporate Sector as well as for persons who are having the requirement of tax audit, the last date of filing Income-tax Return happens to be 30th September 2013. Now, you must be thinking, which Income Tax return (ITR) Form is applicable for you ? Salaried employees will normally need to file their Income Tax returns in ITR 1 or ITR 2 (depending on ... Read More »

Rajiv Gandhi Equity Savings Scheme – RGESS – Tax Saving Option

Last updated : 9th April, 2014 Rajiv Gandhi Equity Savings Scheme (RGESS) – this new tax saving scheme was introduced in 2012 Budget to attract retail investors to invest in Equity, directly or indirectly.  RGESS scheme was introduced in 2012 budget, but the details of this scheme were made available only in Sep 2012. Presently, only 3-4% of Indian household savings is going into equities as compared to  42% in the US and 14% in China   How much is the Tax Benefit? Under section 80CCG of the IT act 1961, an investor will get a tax deduction of 50% ... Read More »

When do you need a PAN Card?

Last updated : 23rd April, 2014 1.  What is PAN PAN is short form of “Permanent Account Number” . It is a 10 digit alpha-numeric unique number allotted by Indian Income Tax Department. It is issued in the form of a laminated card. The PAN is unique, national, and permanent. It is unaffected by a change of address, even between states. 1a. PAN Structure PAN structure is as follows: ABCPG9999K: First five characters are letters, next 4 numerals, last character letter First 3 characters – are running series – AAA to ZZZ Fourth character – depends on catergory og PAN ... Read More »

Last date for filing income tax return extended to 31 Aug 2012

Last updated : 23rd April, 2014 As 31-July is last date of filing Income tax returns, most of the people faced difficulties in the past week due to major power outage in North India. CBDT has extended the ‘due date’ of filing of returns of income for the Assessment Year 2012-13 to 31 August 2012. Due to collapse of Northern Grid, there was a massive power outage in Northern India affecting more than 300 million people. Services like metro, trains, airlines were also affected. CBDT has issued a  notification to extend the last date of filing returns to 31 August ... Read More »

Have a Bank Account outside India ? e-Filing of IT return mandatory

Last updated : 23rd April, 2014 Are you an Indian professional who has worked abroad on assignment and opened a bank account outside India ?  Even if you have $1 in that bank account,  it is now mandatory to file Income Tax return online. Latest Income Tax circular has made it mandatory to file Income tax return online, if  an individual or a Hindu Undivided Family (HUF), being a resident, having assets (including financial interest in any entity) located outside India or signing authority in any account located outside India. All resident people with bank account, financial interest in any ... Read More »

e-filing of Income tax return mandatory if income exceeds Rs 10 lakhs

Last updated : 23rd April, 2014 Whether your income for the Financial Year 2011-12 i.e for period of April 2011 – March 2012 (Assessment Year 2012-13)  is more than Rs 10 lakhs ??? If yes, You need to compulsorily file the Income tax return electronically. E-filing of Income tax returns has been made compulsory for the person who is an individual or a Hindu Undivided Family, if his or its total income exceeds Rs 10 lakhs. E-filing for such individuals was optional till 2010-11. For filing the return online, having Digital Signature is NOT Compulsory. Returns can be filed with ... Read More »

Comparison of Online Income tax filing / efiling sites

Last updated : 28th April, 2014 There are two options to file returns online. File your Income Tax return online for FREE at Income Tax Department website. Using an online e filing Service provider. If you need any help, there are online service providers / websites which helps & allows you to file your return online. The charges varies from Rs 150 – Rs 3000. Here is the comparison– Website For Fees TaxSpanner Individuals, NRI, Businessmen Rs. 249 – Rs 2499 TaxSmile Individuals, NRI Rs 250 – Rs 3100 TaxShax Individuals Rs 181 – Rs 524 myITreturn Individuals, NRI FREE ... Read More »

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