Income tax department has issued the Income tax return for FY 2016-17 i.e. for AY 2017-18 well on time and same can be downloaded for filling ITR for period 1st April 2016 to 31st March 2017. For Financial Year 2016-17 department has merged the different ITR and numbering of ITR has been changed and after… Read More »
Due Date for Filling Income Tax Return for year ending 31st March 2017 i.e. FY 2016-17 or AY 2017-18 is 31st July 2017 without any fine or penalty for Individual/HUF/Firm/LLP not required to be audited under the Income Tax Act and for person under Audit due date of filling Income Tax Return & Tax Audit… Read More »
ITR-1 Form: SAHAJ—Income Tax Return Form for Salaried Persons The SAHAJ ITR-1 form is an essential Income Tax Return form for Indian citizens filing their tax returns with the Income Tax Department. The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year. These returns should be filed… Read More »
Any amount paid by the employer other than a recognized provident fund or an approved superannuation fund or any other fund established under Miscellaneous provisions Act, 1948 or 1952 either directly or through a fund scheme to assure the life of the Assessee or as a contract of annuity, then that would be treated as… Read More »
As Per Income Tax Act, 1961- “Value of any fringe benefit” includes: i) The value of any medical treatment. ii) Any sum paid by the employer in respect of any expenditure actually incurred by employee. iii) Any portion of the premium paid by an employer in relation to an employee. iv) Any sum paid by… Read More »
Income Tax and Valuation of Rent Free House (Accommodation) provided by employer to employee under Section 17(2)(i) (ii) & Rule 3(1) of Income Tax Act, 1961 For purpose of valuation of the perquisite of unfurnished accommodation, all employees are divided into two categories: (i) Central Government & State Government employees; and (ii) Others. For employees of… Read More »
It is false statement. Income tax department has given two options to Assesses to file their return. Assesses can file their income tax return with a digital signature or without digital signature. If the Assessee files a return with digital signature, then the income tax return filling will be completed at the time he uploads… Read More »
E-filing of Income Tax Return is unsafe is myth and E-Filing of ITR is now compulsory for Income above Rs 5 Lakhs and refund for e-filed return is issued faster than those filed physically. Also E-Filing that is paper less filing is much more accurate, safer and faster and chances of error is very less… 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 »
Income Tax on Medical Reimbursement, Any Gift, Voucher or Token Given to Employee by Employer under section 17(2) (viii) & Rule 3(7) (iv) Income Tax Act, 1961 As Per Income Tax Act 1961 “Value of any gift, voucher or token Value of any gift, voucher or token” includes: i) The value of any gift, or voucher,… Read More »