Those with annual income of more than Rs 50 lakh will have to furnish a lot of additional detailsFiling income-tax returns is not a pleasant job for most, even for those who have no income to show other than salaries. And, the continuous changes in the Income Tax returns form, often, makes the filing process more complicated. One has to be extremely careful about filling the various boxes in the Income Tax Return form and ensure that it matches the details mentioned in the income certificates. And, with filing possible only online, there is no scope for any error, or else you can expect a notice from the Income Tax department. This year might be a challenge for those who earn more than Rs 50 lakh (Rs 5 million). In addition to details of salary and various exemptions, these individuals also have to disclose the value of the non-financial assets they own. This value has to be the cost or acquisition value. The disclosures include particulars of assets like land, buildings, cash in … [Read more...] about Filing Income Tax returns gets more complicated
Spouses filing separate tax returns
नई दिल्ली. आयकर विभाग ने करदाताओं को बड़ी राहत दी है. अब करदाताओं को ईमेल, मोबाइल फोन नंबर, पता और बैंक खाता जैसी जानकारियों को भरना जरूरी नहीं होगा. केन्द्रीय प्रत्यक्ष कर … [Read more...] about Income Tax Return भरने वालों को राहत, मोबाइल नंबर और पता अपडेट करने का चक्कर खत्म
By Amarpal S. Chadha The new income tax return (ITR) form-2 requires tax payers to give their tenant's PAN while providing details of income from house property. This detail was optional till the last financial year. This reflects the Government's increased focus on combating tax evasion and ensuring that more and more tax payers honestly file their tax returns. Driven by the desire for greater efficiency and improved compliance, the Revenue Authorities are increasingly relying on digital tax data gathering and analysis of the same, to assess taxpayers. The Government's focus on e-assessments is another endeavour to use information technology to effectively assess tax returns and plug tax avoidance. The new tax return forms for Financial Year (FY) 2017-18, which were released on 3 April 2018, attempt to digitally collect as much information as possible, to process the tax returns efficiently. Here are some of the changes in the new ITR forms and their impact on salaried taxpayers: … [Read more...] about New ITR forms make it difficult to evade tax on HRA: Here’s why
Basically, entrepreneurs who start their new business have to apply for TAN. To know why you require this Tax Deduction Account Number, let us understand the meaning of this three letter words. 1. TAN stands for Tax Deduction Account Number or Tax Collection Account Number and is a 10-digit alpha numeric number issued by the IT department. 2. Every person liable to deduct tax at source or collect tax at source is required to obtain TAN except in case of transfer of certain immovable property where one can quote PAN. 3. TAN is mandatory for filing tax deducted at source returns and tax collected at source returns, challans and certificates whether filed in paper or electronic format 4. A single TAN suffices for all types of deduction and collection be it property, interest, salary etc. 5. Just as in case of a PAN, it is illegal to hold more than one TAN (The content is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and … [Read more...] about What is a Tax Deduction Number?
The New Year brings with it one of the most important quarter – the taxing time. As the financial year nears an end, we are often left in the same chaotic environment as we try to file our taxes and understand the deductions, rebates and returns process. In these taxing times, we often encounter a wave of myths that only add to the confusion. Whether it is the overall idea of not needing a financial plan at a young age or the notion that any life insurance premium can get us tax benefits, the tax myths that need to be busted are endless. However, the internet can always come to the rescue. Here are a few common myths on tax deductions that you probably believed. * Rent can be deducted from the HRA component in your salary. In case you don’t have HRA component, the rent paid can be claimed in Section 80 (GG). *You can also claim tax deduction for interest on Home Loan (Up to Rs 2,00,000) under Section 24. These myths often restrain people from making investments in … [Read more...] about Did you believe these myths on tax deductions?