Now Get your Income Tax Refund in 10 Days…

It will surely come as good news for the large number of tax paying populous in our country. The Income Tax Department will now be sending across refunds in just about 7-10 days. The department’s latest initiative to verify an income tax return (ITR) by Aadhaar or other bank database has received a positive response from ITR filers because of which the taxman, for Assessment Year 2015-16, was able to… Read More »

How would you Verify your Tax Return

The e-verification of returns, introduced this year by the Income tax department makes tax-filing a seamless process. Till last year, if you did not have a digital signature, you had to send a copy of the ITR V to the Central Processing Centre in Bengaluru. From this year, the tax department has introduced an alternate way of paperless e-filing via Electronic Verification Code (EVC). The electronic code generation process may… Read More »

Did you missed the income tax return (ITR) filing deadline

What happens if you missed the deadline of 31st August to file your income tax return?  While an assessee has paid advance tax and TDS (ideally) by 31st March of every year, 31st August is the last date for filing income tax returns (ITR) as set by the Income Tax department. Did you missed the income tax return (ITR) filing deadline In our current newsletter, we will try to analyse,… Read More »

Capital Gain account Scheme: All you need to know at this moment…

As the due date of filing ITR is approaching near, we encounter varied queries on diverse topics. Its always interest for us to research on complex topics and matters; however we always make an attempt to enlighten all our newsletter recipients on matter of general interest. One such matter which has gained importance in the recent year due to the real estate boom is Capital gains and its consequent tax… Read More »

Why you did not got your complete refund….

By now many of you would have already filed your Income Tax Return and many of you would be anxiously waiting for the Income tax refund. Has it ever happened with you that your refund amount was less than what was due to you…. If yes, then read on today’s article to find out why it happens and what you can do Today to ensure your complete refund is received… Read More »

Points to be note if you are filing your ITR yourself….

The due date for filing the Income Tax Return for AY 2015-16 is approaching fast, please find below certain important points which will be helpful in submitting a correct return and its processing at CPC, Bangalore. 1. E-filing of income tax return is mandatory for all taxpayers except for super senior citizen (Age above 80 years) if the gross total income is more than Rs. 5 lakh or if there… Read More »

Fast Track Exit scheme for Defunct Companies.

After the introduction of the Companies Act, 2013, many a small entrepreneurs have started feeling the burden of administrative compliances under the new Act. The financial penalties provided are huge and they multiply if not paid in time. Further many a times, a company is incorporated with a certain business vision and to explore an opportunity, however due to a multiplicity of reasons, such companies never get operational and remain… Read More »

How NRIs can claim tax benefits under DTAA

The Tax filing season is on it full swing. With Globalization, more Indians are staying abroad, yet many keep their roots in India alive while some come back in few years. At the same time, many MNC keep mobilizing their employees to several tax territories in line with their job descriptions. All-in-all becoming or being an NRI is no more an uncommon task. Every year, especially during Tax filing season,… Read More »

WHAT YOU NEED TO KNOW about the new rules for filing your ITR….

New Return forms, Additional information, Paperless filing…. the income Tax Department has introduced several changes, and all at the same time, in the way you need to file your returns this year. As a taxpayer you need to be aware of these changes lest you file an incorrect return that gets rejected or results in a scrutiny notice. Our week’s article looks at the changes in the ITR filing process… Read More »

E-Verification – First step towards Digital India…

The Income Tax Department brought a major relief to the common Taxpayer on Monday, by putting in place a new system of e-filing of returns using a 10-digit electronic verification code (EVC) or one-time password (OTP) that can be generated using net banking, ATMs, Aadhaar, your registered mobile as well as the income tax department’s website. This is expected to put an end to the practice of sending paper acknowledgement… Read More »