Tax Refunds

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

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

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

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

If we have some facts listed out in front of us, it may help us avoid making such mistakes. Though we need to file income tax returns (ITR) every year, we may still make mistakes. In fact, there are some mistakes that are commonly made by most individuals. But if we have some facts listed out in front of us, it may help us avoid making such mistakes. Here is a list. Not … [Read more...] about 10 common tax filing mistakes