Tax Compliance

Alternative to posting ITR-V after E-filing

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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

Precautions to take while filing Income Tax Return

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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

Reasons to e-File your Return Before Due Date

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The idiom “The sooner the better” is also true for tax return filing. However, we Indians being serious procrastinators, don’t actually believe one bit in it. We enjoy completing things at the last moment without realizing the consequences. Most of the tax return filers have all the information required for filing their income tax return in the months of May-June itself. But … [Read more...] about Reasons to e-File your Return Before Due Date

Common Mistakes while filing Income Tax Return

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Here are the most common mistakes taxpayers make while filing Income Tax Return (ITR): Not filing returns: Any individual earning above Rs.2.5 lakh per annum is required to file tax returns. Tax returns are required in case you are looking for a loan or applying a visa application. Not matching ITR data with income tax department’s database Not matching ITR data with … [Read more...] about Common Mistakes while filing Income Tax Return

Key Tax Return Filing Changes for FY 2016-17

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Here are the key changes w.r.t. Income Tax Return (ITR) filing for FY 2016-17: When and Who has to File ITR: Last date for filing of IT return is 31st July 2017. It is mandatory to file if your income is more than Rs. 250000 before claiming any deductions (except for senior or super senior citizen). Don't wait anymore, Start e-Filing Now!   Quoting of Aadhaar … [Read more...] about Key Tax Return Filing Changes for FY 2016-17