Last year, approximately 50% of tax returns were filed electronically. The income-tax returns (ITR) e-filing project is an eminent e-governance and e-delivery measure taken by the income-tax department (ITD) for improving services. Notified in 2006-2007, it enables e-filing of returns, audit reports and other forms of income-tax by the taxpayers directly and through e-return … [Read more...] about E-filing gathering wider acceptance
India tax returns: Two important changes NRIs should note this year
As always, July is the time for filing tax returns in India. As a Non Resident Indian, you would typically need to file a tax return in India if you have income that arises in India. This year, the income tax department has made two important changes that you must be aware of. These changes apply to residents as well as non residents. Change number 1: Mandatory efile if taxable … [Read more...] about India tax returns: Two important changes NRIs should note this year
Mediclaim Premium for Family is Deductible
When you pay mediclaim premium up to Rs. 40,000 during a financial year, for self, spouse, dependant parents or children, it is considered as a deduction from income. The payment of the premium should be made out of taxable income, by any mode except cash. Hence, the taxable salary reduces up to maximum of Rs. 40,000 (view table). This makes mediclaim premium a tax benefit that … [Read more...] about Mediclaim Premium for Family is Deductible
Things to keep in mind before filing tax returns
Ensure details are filled correctly as it needs to be matched with the IT department’s database. Like every year, you must be preparing to file your income tax returns. Here is something that you should be careful about: ensure every detail is filled in correctly as it needs to be matched with the income tax department’s (ITD) database. Also, some norms have changed for you if … [Read more...] about Things to keep in mind before filing tax returns
Govt: No Proof for Rise in Tax Evasion
In a written reply to the Upper House of the Parliament, Minister of State for Finance SS Palanimanickam said that there is no evidence suggesting rise in the incidence of evasion of tax payments over the last few years. He added that the collection of direct tax has increased by more than six times over the last 10 years (2001-02 to 2010-11). Further, he said that the growth … [Read more...] about Govt: No Proof for Rise in Tax Evasion
