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Author Archives: wealth18

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 »

Now you can transfer funds from NRO to NRE account

Last updated : 23rd April, 2014 The Reserve Bank has now allowed non resident Indians (NRIs) to transfer funds from non-resident ordinary (NRO) account to Non-Resident External (NRE) account a/c. ( May 2012) The maximum limit is $1 million in a financial year. As per the existing regulation, funds transfer from NRE account to NRO was allowed, but not from NRO to NRE.  Funds transfer from NRO account to Bank Account abroad was allowed. See my post – How to transfer funds from your NRO Account This new RBI notification allows to transfer funds from your NRO Account to NRE ... Read More »

How to transfer funds from your NRO Account

Last updated : 23rd April, 2014 Do you have balances in your NRO account and want to transfer abroad? Here is a quick guide related to remit / transfer funds from your NRO account to a Bank Account outside India. Balances in the NRO account are not freely repatriable. But the RBI does allow NRIs to remit up to USD 1 million per financial year from the NRO account, provided you follow certain procedure. Balances in the NRE account are freely repatriable  and  you do not need any permission for remittance abroad for any amount. Procedure to remit / transfer ... 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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