Myth: Interest on fixed deposit is not taxable This is incorrect. People have an assumption that interest on fixed deposit is exempt same as interest on savings bank account. But it is wrong. Interest on savings account is exempt under section 80TTA upto Rs 10000/- and any interest above in saving account will be taxable… Read More »
It is not true that income tax return once filed cannot be revised but only return filed after due date can’t be revised. Every person, being a person specified in S. 139(1), is required to furnish a return of his income on or before the due date. The due date for filing income tax return for corporate… Read More »
Section 269T explains the provisions relating to the mode of repayment of certain loans and deposits whereas Section 269SS deal with acceptance of Loans & Deposits and section 271E deals with penalty for failure to comply with the provisions. The provision says that no branch of a Co-operative bank, a Banking Company or any Company or… Read More »
List of Banks authorized by Income Tax Department for collecting E-Payment of Income Tax .i.e. Online Collection of Advance Income tax, Tax Deducted Source (TDS) and Self Assessment Tax under Income Tax Act through NSDL. Total 30 Indian Banks have been empanelled for online Tax Collection for Payment of TDS on Sale of Property (Form 26QB), Tax Deducted… Read More »
Download ITR–4 (Income Tax Return – 4) in PDF Excel and Java Schema for E-Filing of Income Tax Return for AY 2014-15 .i.e. FY 2013-14 The Income tax department of India has issued the updated schema for the ITR – 4 (Income Tax Return 4) for the Assessment year 2014-15 i.e. for the Financial year… Read More »
Download ITR–5 (Income Tax Return – 5) for E-Filing of ITR by Firm, LLP, AOI & BOI for AY 2014-15. Income tax department has issued the updated schema for ITR – 5 (INCOME TAX RETURN 5) for Assessment year 2014-15 i.e. Income Tax Return for financial year 2013-14 (For period 1stApril 2013 – 31st March 2014).… Read More »
Download Income tax department has issued the updated PDF Format & JAVA Schema for ITR – 3 (INCOME TAX RETURN 3) for Assessment year 2014-15 i.e. Income Tax Return for financial year 2013-14 (For period 1stApril 2013 – 31st March 2014). ITR- 3 (Income Tax Return 3) forms is essential for filling the Income tax… Read More »
While Filing the Income Tax Return, person get confused which ITR (Income Tax Return) Form is applicable to him/her. To avoid this confusion Income Tax Department has made the rules which are based on the source of income .i.e. Source of Income will decide which ITR is applicable to you. For Salaried person having income… Read More »
Download ITR –Income Tax Return – 4S (SUGAM) latest Excel & Schema for E-filing of ITR or PDF format for physical submission of ITR with Income Tax Department. The Income tax department of India has issued the updated schema for the ITR – 4S (Income tax returns 4 sugam) for the Assessment year 2014-15 i.e. for… Read More »
Income tax department has issued the updated schema for ITR – 1 SAHAJ (INCOME TAX RETURN 1) for Assessment year 2014-15 i.e. Income Tax Return for financial year 2013-14 (For period 1stApril 2013 – 31st March 2014). ITR-1 SAHAJ (Income Tax Return 1) form is essential for filling the Income tax Returns with the Income… Read More »