Have you switched your job in FY 2015-16? If yes, don’t forget about the tax implications that can arise due to more than one employer/Form 16. In case you fail to disclose your income from all the employers while filing returns, you may get a notice from the Income Tax Department. This will not only result in paying the tax shortfalls, but also interest at the rate of 1% or 2% … [Read more...] about 7 Tax Mistakes to Avoid if You Have Switched Jobs Last Year
Disclosing All Bank Accounts While Filing Returns is Mandatory
The current process of filing returns has been simplified by the Income Tax Department of India to a large extent through digitization. One of the significant step in this direction is making it non-mandatory for the taxpayers to attach supporting documents (unless specified in the ITR form or summoned later) at the time of filing returns. The IT department has access to … [Read more...] about Disclosing All Bank Accounts While Filing Returns is Mandatory
No Form 16? You Can Still File Your Return!
Form 16 is basically a detailed statement of salary paid and tax deducted for an individual in a year. It is issued by the employer and contains information like TAN and PAN of the employer which might not be readily available with you. If it is Form 16 that you have been awaiting till now for filing your returns, then there is a good news for you - you do not have to depend on … [Read more...] about No Form 16? You Can Still File Your Return!
Purpose of Form 12BB for Income Tax
All salaried people are required to submit an “income tax declaration” form to their employer at the beginning of the financial year. It is a provisional statement of proposed investments and expenses that are available as a deduction under the Income Tax Act. TDS is deducted from monthly salary after considering these proposed investments and expenses. At the end of the year, … [Read more...] about Purpose of Form 12BB for Income Tax
Reasons for Getting Income Tax Notice
With the digitization of the entire process of filing returns, the income tax department now has access to a comprehensive data of all taxpayers. This had enabled them to scrutinize each and every return carefully and pick discrepancies, if any. An income tax notice may not always ring a danger bell, but you should be aware of it to respond it accurately and avoid such mistakes … [Read more...] about Reasons for Getting Income Tax Notice
