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
Tax Refunds
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
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
