Day: 1 July 2018

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 tax. If there is any tax due showing, then pay the tax first , then enter the tax paid details in ITR, and then submit the ITR.  Ideally when you finally submit your ITR, your TAX should either be "ZERO" or there is a refund. Important Posts How to file Income Tax Return online [How to] V...

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. As the due date for income tax is 31 July, you need to make sure that te returns are file on time. From April 2018, tax rules have changed and a penalty of upto Rs 10000 will be levied if the return is not filed on ti...