The last date of filing income tax return for individuals was 31st July, 2016 which was extended to 5th August, 2016 later on, for income earned in the financial year 2015-16. If a taxpayer has not filed a return by this date then he can still do it under the “belated return” category. Income tax rules provide that a return can be filed anytime within two years from the end of … [Read more...] about Missed Return Filing Deadline? You Can Still File Return Till 31st March, 2018
income tax return
Reasons for Getting Income Tax Notice
With the digitization of the entire process of filing returns, the income tax department now has access to a comprehensive data of all taxpayers. This had enabled them to scrutinize each and every return carefully and pick discrepancies, if any. An income tax notice may not always ring a danger bell, but you should be aware of it to respond it accurately and avoid such mistakes … [Read more...] about Reasons for Getting Income Tax Notice
How to Pay Zero Tax on Income of up to Rs. 10 Lakh
(As Published in NDTV Profit on July 25, 2016) With an increase in income, our income tax liabilities also go up. Experts say there are provisions that can help a person cut down his/her tax outgo substantially. Sudhir Kaushik, CFO and co-founder of Tax Spanner, says, "The tax laws do have the provisions which can of help you to reduce your tax outgo to nil even if your cost to … [Read more...] about How to Pay Zero Tax on Income of up to Rs. 10 Lakh
