Tax Refunds

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

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

As Published in Economic Times on Jul 29, 2013. Paying more tax than is due is bad enough. It's worse if you don't even know you have overpaid and are eligible for a refund. Many youngsters are not conversant with tax rules and fail to fully utilise the deductions available to them. We studied last year's returns and found that nearly 51 per cent of salaried taxpayers had not … [Read more...] about Little-known tax deductions you might have missed while filing returns

One of the common mistakes made by tax payers while filing tax return is not reporting certain types of income. Non-reporting of exempt income, bank interest income or income from previous employer can not only invite penalty, but also a notice from the Income Tax department. Filing Tax return: Commonly Not Reported Income Exempt Income: Several incomes, such as dividends and … [Read more...] about Report All Income When Filing Tax Return

There has been a continuous effort in the past decade or so to make the income tax laws simpler, consistent and taxpayer-friendly. The effort has resulted in faster processing of refunds and improving compliance. However, no steps have been taken to reduce the discriminatory treatment meted out to the non-resident Indians (NRIs). They are not only charged a higher tax rate, but … [Read more...] about Indian tax laws give NRIs a raw deal