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13 things to know before filing Income Tax returns

Last updated : 20th July, 2014 Last date for filing returns in 31-July. Here are some tips & important points you should take care while filing your income tax returns.  (Link to all articles below open in New Window, so you can click directly without leaving this post) 1)      E filing of income tax return is mandatory – if your total Income is Rs 5 lakhs or more, you need to file Income Tax return online / electronically. Digital signature is not required to file e-returns.  Read this post to see when efiling is mandatory 2)      Enter Email Id and Mobile ... Read More »

Mobile Number & EMAIL ID must for filing online tax returns : CBDT

Last updated : 8th July, 2014  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 ... Read More »

eFiling of Income Tax returns ITR is must – For Whom ?

Last updated : 28th July, 2014 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 ... Read More »

Important Changes in ITR for AY 2014-2015

Last updated : 7th July, 2014 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   ... Read More »

Taxation on Sweep in FD Interest

Last updated : 4th July, 2014 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 ... Read More »

Which Income Tax Forms / ITR Forms to use for AY 2014-2015

Last updated : 8th July, 2014   As Last date for filing Income tax returns is approaching (31-July), you must to looking into your financials to prepare returns.  It is important to check in which ITR form you should file your IT return. You should check , which Income Tax return (ITR) Form is applicable for you ? Salaried employees will normally need to file their Income Tax returns in ITR 1 or ITR 2 (depending on the conditions below). So please read the specific conditions to determine whether you need to file your returns in ITR 1 or ITR 2 ... Read More »

[How to] Change PAN Card Address – Online & Offline Process

Last updated : 9th April, 2014 Have you moved house recently or joined in new company in new city, make sure you also update your current address in your PAN Card. Address on your PAN Card is your primary contact address for Income Tax department, so it is important that you keep it updated. Updating PAN card address is simple – You just need to submit the prescribed form with ID & address proof and nominal fees. Below are the steps / process for updating the address in your PAN Card. You an submit the PAN Change Form either Online ... Read More »

Who can submit Form 15G / 15H to avoid TDS on Bank FD ?

Last updated : 15th September, 2014  Banks are required to deduct Tax (TDS) @ 10 % if the interest earned on FD exceeds Rs 10,000 in a financial year. However, if you meet certain conditions, you can submit Form 15G / Form 15H to the Bank & they will not deduct any TDS. Read my post –  How to avoid TDS on Bank FD. Form 15G can be submitted by Resident, non-senior citizen investor if following conditions are fulfilled: 1) The final tax on his estimated total income should be NIL ; and 2) The aggregate of the interest etc. ... Read More »

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

Last updated : 26th April, 2015 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 ... Read More »

Mutual Funds – Taxation Aspects

Last updated : 10th July, 2014 In this post, I will explain the Taxation aspects of Income / Returns from Mutual Funds. The taxation depends on type of Mutual fund scheme you have invested in.  The taxation will be different for equity schemes, and non equity schemes ( for e.g debt schemes, money market etc) Broadly, there can be following 2 type of Income from Mutual Funds: Dividend Capital Gains A. Dividend Received  – Tax Free in hands of investor Any dividend received from Mutual Funds is exempt from Tax in hands of investor. So , if you have selected ... Read More »

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