Tax Refunds

eFiling is Incomplete without ITR-V Submission

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View quick summary Online filing of income tax returns (ITR) was introduced by the Government of India in 2007 as a step towards making the procedure easier for taxpayers. While the convenience of this solution has been embraced by people, it is important that assessees also ensure that they complete the process of eFiling their ITR. This completion is marked by the receipt of … [Read more...] about eFiling is Incomplete without ITR-V Submission

DTC delayed?

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View quick summary With the Winter Session of Parliament about to conclude, it has raised a question mark on the timely enforcement of the DTC. The DTC was tabled in the Lok Sabha in August 2010 with the objective to simplify tax rules and broaden the tax base. It is to supersede the current Income Tax Act, 1961. The DTC already missed its first deadline of April 2011 with the … [Read more...] about DTC delayed?

I-T department to track high value transactions

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View quick summary Due to the slowdown in economic growth, corporate earnings have decreased. This has impacted the tax collection; the April-December period saw a net growth in direct tax earnings by a miniscule 8%. So, to step up tax earnings, the I-T department has decided to track high value transactions, with a focus on those above Rs 10 lakhs. The Department can ask the … [Read more...] about I-T department to track high value transactions

Tax evasion checklist: Taking benefit of basic exemption limit twice in a year

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When shifting jobs, the new employer assumes that you didn't earn any income in the previous months. Tax liability will be calculated according to the income you earn for the following months that remain in the financial year. This concludes to paying lesser tax than what was supposed. Ensure that you actively declare that salary was received for the previous months prior to … [Read more...] about Tax evasion checklist: Taking benefit of basic exemption limit twice in a year