Tax Refunds

Every year taxpayers not just in lakhs but in crores file their income tax return. Majority of them have done it more than once. For others, it is the first step towards their annual tax compliance journey. Whether you are a first time tax return filer or a seasoned one, there are some things that anybody can go wrong with. But if we have some facts listed out in front of us, … [Read more...] about Mistakes to Avoid while Filing Your Return

Twenty employees of a company sent a query regarding the employer who is neither depositing the TDS being deducted, nor issuing the Form 16 to the employer. Below are the exact question and the remedial measure against such erring employers: Reader: Your article on "Not Filed Last Year's Tax Return" in ET was very knowledgeable. Thanks for the same. But my/our (at least 20 in … [Read more...] about How to deal with employer who is not issuing Form 16

Old Wisdom for the New Age Once upon a time, the city of Damascus got all its sugar from India. The price of sugar in India was one rupee a kilo. So, the merchants in Damascus used to add the expenses they had incurred, along with a profit margin, and sell one kilo of sugar at two rupees in Damascus. But one day, a merchant in Damascus began to sell sugar for one rupee per … [Read more...] about How Free ITR Filing is Making a Hole in your Pocket

Beware of some of the commonly made mistakes while filing income tax returns. Here are some points that you must consider before filing tax returns: Compromising Confidentiality of Tax Data: While you should always seek financial advice from unbiased and reliable sources, some companies offer services of filing income tax returns simply to obtain the financial data from … [Read more...] about Filing Income Tax Returns: Precautions

Did you know that efiling income tax return saved around 100 million sheets of paper in 2010? On an average, preparation of every individual tax return on paper requires around 10 sheets for printouts and photocopies. E-filing income tax return, therefore, saves lakhs of rims of paper. What’s more? E-filing does not need any physical helpdesk, completely eliminating the trouble … [Read more...] about Efiling Income Tax Return – Save Paper, Save Time