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No penalty for late ITR this year but here are 4 important reasons to file it in time

Even if all your taxes are paid and with no penalty for delayed filing this year, you would still lose out on certain benefits in case of delayed ITR filing.

4 reasons why deadline to file ITR should be extended this year

This year there have been multiple changes which impact ITR filing. Therefore, there may be a case for extension of the deadline for individuals.

Tax queries: Can I claim Section 80C deduction for investment in PPF account of my minor son?

The total income of the minor is first to be computed as per provisions of the Act, which will be clubbed with your income.

Last minute checklist for filing income tax return

The most important thing for ITR filing is getting the required documents together. Documents you need would vary depending on the types of income you have.

Mistakes in filing income tax returns that may get you a tax notice

Mistakes in filing income tax returns that may get you a tax notice

Even a small mistake can land you in trouble with the tax department. You could end up getting penalised or even be served a tax notice.

Why rejig of financial year could upset your tax planning

Tax planning will have to start much earlier as companies ask employees for proof of Section 80C investments in the first week of October.

How to rectify income tax returns

If you realise that some income was not reported, or some deduction was not availed of in the return computation, it is possible to file rectification request.

Section of taxpayers looks for ways to not link Aadhaar to I-T returns

In a quiet display of dissent, numerous taxpayers across the country have opted to file their tax returns manually, via snail-mail, rather than get an Aadhaar card.

Here's what to expect from income tax department's app 'Aaykar Setu'

The app takes users to snapshots of info available on the income tax website. The app helps to zero-in to one's tax concern when away from desktop.

Tax queries: HRA wrongly calculated by employer? Here's how to rectify it

Tax queries: HRA wrongly calculated by employer? Here's how to rectify it

You can request your employer to compute the correct deduction in respect of HRA and incorporate the same in the TDS return of salary.

What you must check in your TDS certificates, Form26AS & why they should match

There are several specific things which should be correctly reflected on the TDS certificate issued to you. Discrepancies can land you in a soup.

6 ways to verify your income tax return

As per the existing tax laws, a return filed by the taxpayer is not valid until it is verified as filed by the concerned assessee.

Need PAN of your bank to avail home loan benefit? Here's the list

Here is a list of banks with their PAN to help you furnish complete details to your employer, in case you have taken a home loan.

Seven interest incomes you are likely to forget to include in your tax return

While most tax payers are aware that interest income is taxable, there are a few types of interest income that they are likely to forget to include.

Rented out your house? Here's how to calculate income from house property for tax purpose

Rented out your house? Here's how to calculate income from house property for tax purpose

If you own more than one house, then as per existing income tax laws you are required to pay tax on it. Here's how you can calculate income from it.

All India ITR offers free income tax filing assistance for personnel of armed forces

Tax-filing is a tedious and complicated process, and even though the income tax department is trying to make it easy for taxpayers, services of tax consultants are still needed.

7 changes that affect income tax return filing this year

Yet to file your returns? Here's a list of seven important things you should know that have changed in tax filing this year.

Tax Optimizer: Shift from bank FDs to debt funds, NPS can help Srikanth save tax

Taxspanner estimates that Srikanth can cut his tax by over Rs 58,000 if his company rejigs his pay package and he saves more for retirement.

Home loan tax reliefs often missed by taxpayers

Many of you who already own a second house or looking to buy a new house might give a look at the rules listed here to receive the often missed benefits.

Form 26AS: What is it and how does it help in filing income tax return?

Form 26AS: What is it and how does it help in filing income tax return?

Form 26AS is an annual tax statement that can be accessed from the I-T website by all taxpayers using their PAN.

How to claim tax exemption on HRA without landlord's PAN

As per the Rule 26C of the Income Tax Act, employee needs to fill and submit Form 12BB to one's employer, by mentioning the property owner's PAN.

Cut TDS from June 1 if paying rent over Rs 50,000 per month: Here's how to do it

The general thinking among people is that this process would just add to the overall complexity in the existing tax structure.

Tax queries: GST won't apply to transfer of immovable property

Every week, an expert selected by ET answers queries from our readers on income tax and other levies.

7-steps to file income tax returns without Form 16

The Form 16 contains the details of the TDS already deposited by your employer, so it helps you in estimation of your correct tax liability.

Relax! Penalty for filing income tax return after due date is only applicable from FY 2017-18

Relax! Penalty for filing income tax return after due date is only applicable from FY 2017-18

The Rs 10,000 fee is applicable with effect from April 1, 2018 and will not apply for returns filed for FY2016-17 for which the deadline is July 31,

What are the tax exemption limits for allowances, reimbursements paid to employees? Find out

The limit determines how much of these allowances/reimbursements are taxable with the conditions attached for claiming tax exemption.

How to calculate capital gains and tax liability on inherited property

There is no tax liability at the time of inheritance. However, any profits made on the sale of inherited land are taxable as capital gains.

Tax queries answered by Dilip Lakhani, Senior Chartered Accountant

Dilip Lakhani, Senior Chartered Accountant answers queries from our readers on taxation matters.

What to check in your Form 16

The new ITR forms for the assessment year 2018-19 mandate that salaried class employees provide their salary breakup while filing returns.

Tax Optimizer: How IT professional Gowda can reduce his tax by 40% using NPS

Tax Optimizer: How IT professional Gowda can reduce his tax by 40% using NPS

Taxspanner estimates that Gowda can cut his tax by over Rs 31,000 if he opts for the NPS benefit offered by his company and avoids tax-inefficient i

How to shift to the GST framework online

The process to move to the GST framework can be carried out online at aces.gov.in, provided all the required documents are in place.

Tax department notifies form for Aadhaar-PAN linking

The department has specified in detail the procedure for quoting of Aadhaar in new PAN application and for changes or correction in PAN data.

Income Tax scrutiny notices to be e-served

A pilot project, launched in the latter half of 2015, had covered 100 scrutiny cases of non-corporate taxpayers who had volunteered under the programme.

E-filing ITR: Govt's income tax website or private websites?

The private websites typically offer only the basic e-filing services at no cost but the more complex operations come at a cost.

Tax Queries: What is the tax treatment of NCD's?

Tax Queries: What is the tax treatment of NCD's?

Every week, an expert selected by ET answers queries from our readers on income tax and other levies.

Ten rules you must follow while filing income tax returns

There have been several changes in the tax filing rules. Here are 10 commandments for those who will be filing their returns in the coming weeks.

Tax optimizer: How salaried Ranjan's tax went up due to change in home loan rule

The entire Rs 4.6 lakh interest could be set off against the rent and salary income but from this year, the deduction against salary is capped at Rs 2 lakh.

How to claim income tax refund

As per the Income Tax Act, a person is required to file his/her return in the relevant assessment year by July 31 (unless deadline extended) to claim the refund.

Tax queries: Income received from provident funds outside India cannot be taxed

Income received from PFs outside India cannot be taxed, even if it is transferred to an Indian account subsequently. Our expert explains.

Here's how GST complicates the employee-employer relationship

Here's how GST complicates the employee-employer relationship

Employee and company should not be treated as different persons to charge tax on every transaction between them. But some GST entries defy this logi

E-filing income tax return: How individuals can upload any ITR using excel utility

There are two ways to file income tax return online. One is to download the applicable IT form, fill, save and then upload it. Another is filing the for online.

How to calculate capital gains

A proper step by step methodology can help an assessee calculate his capital gains instead of hiring the services of a chartered accountant.

Paying Rs 50,000 rent per month? Better cut 5% TDS

Section 194-IB introduced by the Finance Act, 2017 has widened the scope of withholding tax by making individuals also responsible for TDS on rental payments.

Which ITR form to fill for FY 2016-17 and tips on how to fill it

The government has mandated quoting of Aadhaar/ enrolment number while filing the tax return if the same is filed on or after July 1, 2017.

Tax queries: NRI in Germany has to pay dual tax on India income

Tax queries: NRI in Germany has to pay dual tax on India income

Dilip Lakhani, Senior Chartered Accountant answers queries from our readers on income tax and other levies.

How to file ITR for FY 2016-17 and all the links you need

Although the last date to file ITR for individuals is July 31, it helps to start work on your income tax return now so that one is not rushed at the last minute.

Jurisdiction-free Income Tax assessment of taxpayers on the anvil

Once a taxpayer registers on the web portal, he or she will get a confirmation SMS and email on their registered mobile number and email ID, indicating success.

I-T's just a click away; Tax scrutiny reply set to get easier

Instead of having to make the rounds of the tax dept to respond to I-T notices, tax payers can soon upload them on the dept's e-filing portal sitting at home.

I-T's just a click away; Tax scrutiny reply set to get easier

Instead of having to make the rounds of the tax dept to respond to I-T notices, tax payers can soon upload them on the dept's e-filing portal sitting at home.

ClearTax launches software for return filing under GST

ClearTax launches software for return filing under GST

The ClearTax GST software prevents mismatches and has separate versions for CAs and Enterprises -- GST Pro and GST Biz.

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