Taxation - Wealth18.com

Feb12019 by wealth18.comNo Comments

Key Highlights Summary of Indian Union Budget 2019-20

News, Taxation

Finance Minister Piyush Goyal presented the Budget for 2019-2020 in Parliament on 1st Feb 2019. Following are the highlights of his speech: Personal Taxation No income tax for those who earn up to Rs 5 lakh annually! (increased from current Rs 2.5 lakh) Hike in standard deduction from Rs 40,000 per annum to Rs 50,000 per annum TDS threshold for house rent to Rs 2.4 lakh per annum (earlier it was Rs 1.8 lakhs) TDS threshold on Interest income (bank and PO interest) has been increased Rs 40,000. This is more of a convenience, however note that Interest more than Rs 10000 (where applicable) would still need to be added to the total income and tax to be paid. Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in p...

Jul272018 by wealth18.comNo Comments

Deadline extended for filing Tax returns (ITR) for AY 2018-2019 (FY 2017-2018)

Taxation

The government on Thursday extended the deadline for filing income tax return for assessment year 2018-19. The deadline of July 31, 2018 has been extended by a month to 31st August 2018 Assessee can now file their income tax return (ITR) for financial year 2017-18 (AY 2018-2019) by August 31 without any penalty charges. Relief to the taxpayers: This will be a relief for taxpayers who are yet to file their tax returns as from this year, as per a budget provision, late filing of tax returns will attract a penalty of up to ₹10,000. Until last assessment year (AY) there was no penalty for filing belated income tax returns. However, this penalty is applicable from AY 2018-19. A new section 234F was inserted by the government in the Income Tax Act. As per the new prov...

Jul202018 by wealth18.comNo Comments

Important tax changes effective from April 2018

Taxation

Many income tax changes are applicable from 1st April 2018 that you need to know: 1. Penalty on late filing of Income Tax return (applicable 01 April 2018) Penalty of upto Rs 10000 will be charged if you file your ITR after the deadline (31st July) If return filed after due date but before 31st Dec: Rs 5000 Penalty If return filed after 31st Dec : Rs 10000 penalty As relief to small taxpayers, if your income is not more than Rs 5 lakhs, the maximum penalty levied will be Rs 1,000. 2. Reduction in time limit for ITR revision (applicable 01 April 2018) Previously, taxpayer was allowed to revise his returns up till 2 years from the end of the financial year for which the return was filed. However, from now on, he will be allowed to revise his return ...

Jul72018 by wealth18.comNo Comments

How to File Income Tax return (ITR) online for FREE (using excel upload)

Taxation

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 time. Also, the ITR revision time limit is also changed from 2 years to 1 year. See details Must Read - Step by Step Guide to file Income tax returns online Step to File Income Tax return Online for FREE on Official Website (using excel upload) 1. Go to Income Tax India Website – https://incometaxindiaefiling.gov.in 2. Download the relevant Income Tax form On the Right Had Corner, you will see the Excel Files to Download 3. Extract the Excel file into a folder. ( using Winzip / Winrar software) These files are in ZIP Format. You ...

Jul22018 by wealth18.comNo Comments

How to file Income Tax Return online – ITR 1 & ITR 4S quick e-file online – Step by step guide

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You can file ITR 1 & ITR 4S online (without using the excel ITR file). In this post, I am providing step-by-step guide to file these returns on Income tax efiling website. 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 time. Also, the ITR revision time limit is also changed from 2 years to 1 year. See details Filing returns on Income tax wesbite is completely free and easy. Must Read - Step by Step Guide to file Income tax returns online Things to note: Make sure that you choose right ITR form. ITR forms depends on what kind of Income you have. See my other post on Which ITR form to use? Check your Form 26AS t...

Jul22018 by wealth18.comNo Comments

[How to] View your Form 26AS online – Check Tax Credit Statement

Featured, How to Series, Taxation

The last date for filing return is quite near (31st July). Before filing the returns, check your Form 26AS to make sure that TDS deducted are appropriately credited to your account. As the due date for income tax is 31 July, you need to make sure that tte 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 time. Also, the ITR revision time limit is also changed from 2 years to 1 year. See details When your employer deducts TDS from your Salary or your bank deduct TDS on your FD Interest, they need to deposit this amount to Government against your PAN. If they enter your PAN incorrectly, you will not get credit for that TDS amount. So, It is always better to check your Tax Credit Statement (Form ...

Jul12018 by wealth18.comNo Comments

How to pay balance Income Tax online

Taxation

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...

Jul12018 by wealth18.comNo Comments

How to File Income Tax return (ITR) online – Step by Step Guide for eFiling

Featured, Taxation

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 time. Also, the ITR revision time limit is also changed from 2 years to 1 year. See details To avoid the long queues and complications, most people prefer to delegate the task to tax consultants or chartered accountants. E-filing of return is easy, fast and secure. You can file your return online without much bother if you take care of a few things. In this post, we will explain – How to file Income Tax return online for FREE in simple steps. 1) E filing of income tax return is mandatory – if your total Income is Rs 5 lakhs or more. Digital signature is not requir...

Jul12018 by wealth18.comNo Comments

[How to] get Electronic Verification Code (EVC) to e-Verify Income tax return for AY 2018 -2019

Taxation

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...

Jun302018 by wealth18.comNo Comments

How to Avoid TDS on Interest on Fixed Deposits (Bank FD)

How to Series, Taxation

Bank Fixed deposit is an all-time favourite investment in India as it provides a decent fixed return for the fixed period and relatively safer as compared to other forms of investment products. Specially, in current interest rate scenario, the fixed deposit rates are quite lucrative (8.5 – 10%). However, it is likely that rates will go down further, so it is advisable to lock-in your interest rates if you want to invest in FD for longer term. Banks are required to deduct Tax (TDS) @ 10 % if the interest earned on FD exceeds Rs 10,000 in a financial year. This could have a significant impact on the amount received at maturity. I am sure that everyone wants to save tax and to avoid any deduction from their hard earned money. Most common queries, I received from friends are: My Ban...