2018-19: Annual income tax returns by June 30, 2020

Finance Minister (FM) Ms. Nirmala Sitharaman announced that tax payers could file their annual income tax returns by June 30 instead of the March 31 deadline for the financial year that ended March 31, 2019.  In this year’s Budget announced on February 1, 2020, the centre …

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FY 2017-18 DUE DATES OF FILING INCOME TAX RETURN

FY 2017-18 DUE DATES OF FILING INCOME TAX RETURN   Income Tax - Filing

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Beware of Phishing emails from fake Income Tax Dept. ids

Beware of Phishing emails from fake Income Tax Dept. Ids By Mr. Amarpal Chadha, EY India Mr. Akshay got an e-mail to complete his return of income by authenticating his bank account details so that a refund of Rs. 19,870 could be credited to him in a week’s time. He happily …

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Who needs to file INCOME TAX returns?

Who needs to file INCOME TAX returns? 1. If your income exceeds the basic exemption limit, you are required by law to file a income tax return 2. It also becomes compulsory for those who wish to carry forward a loss or /  claim a refund 3.  If you have long-term capital gains …

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What are Benefits of Filing Income Tax Returns on Time

What are Benefits of Filing Income Tax Returns on Time by Mr. Amarpal Chadha & Shanmuga Prasad The time for filing income tax (IT) returns is once again upon us. Most people regard this task as a burden. But filing returns will in the future help you account for certain …

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Rectifying income tax returns..!

Rectifying income tax returns..! After an income tax return is filed, it is processed by the CPC, Income Tax Department. However, after processing, if an assessee realises that some income was not reported, or some deduction was not availed of in the return computation, it i…

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Filed your Income tax Return? Do not forget to verify it..!

Filed your Income tax Return? Do not forget to verify it..! SURAJ GOEL & PREETI MOTIANI, ET Filing your tax return is not enough. You also need to verify it to complete the process. Here's how to do it. Though the tax filing deadline is still a week away, many taxpayer…

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Late filing of income tax returns: Mandatory fee applicable for Assessment Year 2018-19

Late filing of income tax returns: Mandatory fee applicable for Assessment Year 2018-19 By Mr. Suresh Surana, RSM Astute Consulting Group  Section 234F is a new provision introduced by the Finance Act, 2017 which states that fees shall have to be paid mandatorily for late fi…

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Less than 1% of Income Tax Returns Scrutinised .. Central Govt

Less than 1% of Income Tax  Returns Scrutinised ..  Who has ti IT File and  Who Has to IT E- file? Central Govt ADVT

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Mandatory to link AADHAAR with PAN from July 1, 2017 : CBDT

Mandatory to link AADHAAR with PAN from July 1, 2017 : CBDT The central government has made it mandatory for income taxpayers to link their AADHAAR numbers with Permanent Account Numbers (PAN) from July 1, 2017. “Every person who has been allotted PAN as on July 1, 2017, and …

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Mandatory Quoting of Aadhaar for PAN Applications & Filing Return of Income

Mandatory Quoting of Aadhaar for PAN Applications & Filing Return of Income Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of inc…

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SMS Alert on TDS to all Salaried Employees..!

The Union Finance Minister Mr. Arun Jaitley said that better facilities and services to the income taxpayers are the central to Direct Tax Reforms. He said, Te income tax payers have a right to know the deductions made from their salary / income on regular basis. More and mo…

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How to report Future and Options -F&O- trading in your Income Tax Return?

How to report  Future and Options (F&O)  trading in  your income tax (IT) return? Mr. Archit Gupta, Cleartax.in Income Taxpayers who deal in derivatives (example  Future and Options ), describe their experience with the income tax filing process as vague and confusing.  Here ar…

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