Every year, individual taxpayers need to report their income for the previous financial year on 31st July by filing IT returns. It is advisable to file return well in time forthe last minute rush can sometimes lead to mistakes and omissions. Click here if you haven't filed your return yet. It is not only the income disclosure and other adjustments in the return but also … [Read more...] about 10 Mistakes to Avoid While Filing Your Returns
How to Pay Zero Tax on Income of up to Rs. 10 Lakh
(As Published in NDTV Profit on July 25, 2016) With an increase in income, our income tax liabilities also go up. Experts say there are provisions that can help a person cut down his/her tax outgo substantially. Sudhir Kaushik, CFO and co-founder of Tax Spanner, says, "The tax laws do have the provisions which can of help you to reduce your tax outgo to nil even if your cost to … [Read more...] about How to Pay Zero Tax on Income of up to Rs. 10 Lakh
How Income Tax Department Is Tracking Your Transactions
(As Published in NDTV Profit on July 20, 2016) To check tax evasion, the Income Tax Department has stepped up its vigilance against undeclared income. Now, you have to report PAN on all your high-value transactions. Property registrars and financial institutions with which you deal with like your bank, insurer, mutual fund company and credit card company feed the tax department … [Read more...] about How Income Tax Department Is Tracking Your Transactions
Donating for a social cause?Here’s an alternative to Section 80Gfor superior tax break
(As Published in Financial Express on July 20, 2016) Donations made to institutions that have got permission to solicit such funds under Section 35AC can get you deduction of 100 per cent of your donations, whereas most charitable donations (barring a few specified funds) under Section 80G can get you a maximum deduction of 50 per cent. Are you looking to donate for a social … [Read more...] about Donating for a social cause?Here’s an alternative to Section 80Gfor superior tax break
How to Choose ITR Form for an Individual Assessee
Here's a quick table to address all your ITR forms related woes. By the way, you need not worry about these if you e-file your return with us. Our system automatically selects the correct ITR Form for you based on a few simple questions. Click here to start e-filing now! Source of Income Applicable ITR Form for FY 2015-16 Return ITR 1 ITR 2 A ITR 2 ITR 3 ITR 4S ITR … [Read more...] about How to Choose ITR Form for an Individual Assessee
