Individuals have the freedom to self assess income and pay taxes. That doesn’t mean that if you do not declare a particular stream of income to evade taxes, you will go scot free! Tax evasion is an illegal activity which entails not filing income tax returns altogether or misrepresenting the tax payable amount. It is… Read More »
By now you would have probably received a notification email from your company HR or from your local income tax filing support firm reminding that it’s time to start collecting your investment proof documents for filing the income tax for the current fiscal year. The details that you file regarding your income, investments and tax… Read More »
Aarush Velaga recently completed one year at his first job. Unlike his colleagues, he is new at filing Income Tax Returns. He is aware that every tax payer in India is required to declare, to the Income Tax Department, at the end of every financial year, in a form that is prescribed by the Government… Read More »
Filing tax returns is an annual activity which must be fulfilled as a moral and social obligation by every citizen of this nation. This is a means for the government to determine the amount and means of expenditure of the citizens and also provides a platform for the assessee to claim refunds and other forms… Read More »
Despite the innumerable advantages of filing tax returns online, many people still take the tedious route of filing returns on paper. This is primarily due to ignorance of the simple processes involved in filing online. Most people are yet to develop confidence in the online system and try to avoid it year after year. However… Read More »
Many people are ignorant about the fact that their tax refund status can be easily ascertained online with a few simple and easy steps by entering the PAN number. The ‘Refund Banker Scheme’, which was first introduced by the Income Tax Department in Jan 2007, can be used by tax payers all over the nation… Read More »
The end of July rush is the expected norm every year, when tax returns need to be filed! Most people wake up to the need of filing income tax returns only around this time! The IT department has over the years introduced many measures, which take advantage of the available technology to make the process… Read More »
No income tax return will be accepted without the PAN and incorrect PAN can result in a fine being levied. Communication address should be correctly stated as all notices or other communication from the IT department will be sent to the provided address. Also make sure that the MICR code is correct if you want… Read More »
Every year the Government opens up new options for tax savings to encourage the tax payers utilize their monies better! However, most of the time, tax payers tend to put off saving plans to the last minute and miss out the right investment opportunities. Here is a list of tax saving options that will meet… Read More »
There is a misconception among some salaried individuals that because the employer has deduced tax at source, they are not required to file tax returns. Even though tax has been deduced and there is no other source of income, or liability to pay tax, employees have to file income tax returns. Every individual has to… Read More »