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

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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

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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

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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

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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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