Author: wealth18.com

 The Central Board of Direct Taxes (CBDT) has made mobile number and email address mandatory for filing income-tax returns. This additonal contact details is expected to improve efficiency and add an extra layer of security. "A valid email ID and mobile number has to be registered/updated on the e-filing website of the Income Tax Department so that drect communication with taxpayer can be possible," the CBDT said in a release issued. A one-time password will be sent to the email address and mobile phone to be entered by the taxpayer after logging into his account for authentication. The password will be valid for 24 hours. One mobile number or email id can be used for 10 accounts as primary contact. This will help file returns of family members who may/may not have a personal e-mail id Ho...

e-Filing of Income Tax Returns/Forms is mandatory for : If Total income is Rs 5 Lakhs and above (from AY 2013-14 and subsequent Assessment Years.) A resident who has signing authority in any account located outside India. A person who claims relief under sections 90 or 90A or deduction under section 91. Individual/ HUF, being resident, having assets located outside India from AY 2012-13 and subsequent Assessment Years.   READ - 13 things to know before filing Income Tax Returns this July ----------- All companies. Firm (to whom provisions of section 44AB is not applicable), AOP, BOI, Artificial Juridical Person , Co-operative Society and Local Authority required to file ITR 5 from AY 2014-15 and subsequent Assessment Years. An assessee required to funish...

In this post, we are listing some important changes made in Income Tax Return ITR Forms for AY 2014-2015. last date for filing returns is 31-Jul. Direct Credit of Tax Refund  via ECS -  All refunds to be now received via ECS – no refunds via cheques 87A rebate -    Space added to claim relief under section 87A –  Read this to check - if you are eligible to claim Rs 2000  80EE deduction  -    Space added to claim deduction under section 80EE –  Read this to check - if you are eligible   Income from Salary - Allowances -  Details of Allowances or Exempt Income under section 10 under the head Short Term and Long Term Capital Gains details to be now bifurcated between Immovable Property – Equity Shares or Mutual Funds – Bonds Debentures.  Detailed information about capital gains ...

Many of our site visitors has this query - What is the Tax treatment for Interest earned on Sweep in FD ? When the Swep-in FD is matured or pre-matured at the time of withdrawal, the amount is credited to the Savings Account alongwith interest for that period. Sweep-In FD is a time deposit like any other Fixed Deposit. The only difference is that it is created automatically & matured / prematured automatically. The interest from such Sweepin FD will be treated the same way as interest from another regular FD. The interest earned on fixed deposit (including Sweep in ) will be added to your income under the head 'Income from other sources' and taxed as per your slab rate. As it is a term deposit, Section 80TTA is not applicable to Sweep-In FD. Section 80TTA is applicable only to sav...