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 Why to eFile Your Return Before Due Date!
Tax Refunds
Income Tax on Second House
View quick summary When tax officials conducted a raid at a prominent Bollywood star’s home, it was found that her home was not a single flat but five flats broken down and turned into one. So what went wrong here? The star avoided payment of taxes on the income earned from owning a second house. Owning a Second House: Tax on Property If one owns a second house, the owner has … [Read more...] about Income Tax on Second House
Tax To-Do list: Expand your investment portfolio
If you think 80 C is the section which can help you avail tax benefits. You are absolutely right. It has been a noticeable trend among taxpayers that their investment in public provident fund, national savings certificates and mutual fund schemes is most of the times less than the advised limit. These investment tools can help you maximize your return benefits to a very large … [Read more...] about Tax To-Do list: Expand your investment portfolio
Due Date to file ITR is Aug 1, 2011
Per Circular : No. 639, dated 13-11-1992, ITR can be filed till Aug 1, 2011. Read the entire circular below: 797. Where last day for filing of income/loss return is a day on which income-tax office is closed, assessee can file return on next day afterwards on which office is open and return will be considered to have been filed within specified time limit 1. Representations … [Read more...] about Due Date to file ITR is Aug 1, 2011
Govt Probes Irregularities in IPL, Recovers Income Tax from BCCI
Union Minister of Finance, Pranab Mukherjee, today said that the government is looking into the complaints related to financial irregularities in the organisation of the popular T20 cricket tournament, Indian Premier League (IPL). During the Question Hour in the Rajya Sabha, he replied to a query regarding foreign investments in some IPL franchisees by stating that the … [Read more...] about Govt Probes Irregularities in IPL, Recovers Income Tax from BCCI
