Tax Refunds

We all suffer from the habit of waiting till the very last hour to do any work. Waiting for the last due date to pay our bills, waiting for the last moment to reserve our tickets and so on. The application of this habit while filing your tax return can be quite harmful. The most important drawback of filing the ITR post its due date is that your refund gets delayed. Also, any … [Read more...] about Tax To-Do list: Deadlines matter – honor the due date to file your return

In succession to the second edition of ‘India Tax Ratio Report’, TaxSpanner is pleased to release the 2013 edition of the ‘India Tax Ratio Report’. The aim of this report is to identify tax-paying and returns-filing patterns of the salaried individuals in India. The new section included in this year’s report is tax trends of senior citizens. Another interesting addition is the … [Read more...] about India Tax Ratio Report 2013

CBDT has notified that the individuals with total income up to Rs. 5 lakh for fiscal 2010-11 are not required to file their income tax returns. While this is a positive move by the government, this exemption from filing ITR is NOT applicable to most of the taxpayers. Especially for those who fully comply with the tax laws and declare all their income, this exemption will bring … [Read more...] about ITR Filing Exemption: Checklist for Salaried Taxpayers

It has now become compulsory for companies to use digital signatures for filing their returns. Till now, firms could file the returns even without the digital signature. Filing returns electronically has been made mandatory also for the individuals whose accounts, under the I-T Act, have to be audited. Under the income tax law, accounts have to be audited if the turnover or the … [Read more...] about Digital Signatures Now Mandatory for Companies Filing Returns

It is a human tendency to hide what we have from others, to keep to ourselves and not share. However, it is very important for taxpayers to disclose the amount they receive from other sources than their primary source of income at the time of filing returns. The total tax payable by the taxpayers can be rightly calculated only if income from other sources in the form of rent, … [Read more...] about Tax To-Do list: All sources are good sources – report money from everywhere