NEW DELHI: For many taxpayers, return filing is a dreaded activity which they put off until the last minute even beyond the due date. But this year, such procrastination will mean paying a huge price. The penalty for late filing is Rs 5,000, making it imperative to meet the 31 July deadline. If the delay is beyond 31 December, the fine is higher at Rs 10,000. Therefore, it’s … [Read more...] about Take the stress out of filing your income tax return
Efiling
Alternative to posting ITR-V after E-filing
Electronic alternative to posting signed ITR-V acknowledgement after e-filing is now possible. After your e-return has been uploaded by taxspanner to Income Tax Department e-filing portal, you can then e-verify the uploaded return (as an alternative to posting paper ITR-V). The time period for electronic verification of return is 120 days from the date of e-filing, same as the … [Read more...] about Alternative to posting ITR-V after E-filing
Submission of ITR-V within 120 days of Return Filing
A lot of taxpayers, especially those who have started e-filing in recent years, are not familiar with the complete e-filing process including ITR-V submission and e-verification. An income tax return (ITR) is not considered valid till a signed copy of ITR-V acknowledgement form has been submitted to Central Processing Center (CPC) – Bengaluru within 120 days of e-filing the … [Read more...] about Submission of ITR-V within 120 days of Return Filing
How NRIs can win the Tax 20-20
A guide to save tax for NRIs and optimize their tax outgo. Ever since India embraced globalization in the early 1990s, a large number of Indians have moved to foreign countries for work. Moving abroad also changed their tax status. Any Indian who stays in the country for less than 182 days in a financial year is categorized as a non-resident Indian (NRI). The tax rules for NRIs … [Read more...] about How NRIs can win the Tax 20-20
Precautions to take while filing Income Tax Return
Taxpayers can avoid most common filing mistakes by taking the below mentioned precautions while filing their Income Tax Return (ITR): New joiners/Inter Entity Transfer/Job Change/More than one Form 16 during the year 2016-17: It is mandatory to report income/TDS from both entities otherwise you might get tax due notice from ITD. Your employer would be issuing you Form 16 for … [Read more...] about Precautions to take while filing Income Tax Return
