FAQ on Cash deposit in Banks after Demonetisation

  After Demonitisation, we have been getting lot of queries on cash deposits in banks. We collated queries on cash deposit in your bank accounts. Please note that there is no challenge if deposit is upto Rs 2.5 lakhs. Query: I was getting salary income till last year, From this year, i … Continue reading

How to do Electronic Verification of ITRV

Good news! Income Tax payers are no longer required to sign ITR-V and send ITR V To Banglore CPC. ITR-V can not now be verified online using Aadhar card and / or net banking. This is a much awaited initiative from Income tax department which is welcomed by all income … Continue reading

Difference b/w TIN or TAN

Tax Deduction And Collection Account Number (TAN) TAN stands for Tax Deduction and Collection Account Number. It  is a unique 10 digit alpha numeric number allotted by the Income Tax Department (ITD) of India. Compulsorily required to all the persons who are accountable for tax deducted at source (TDS) or tax … Continue reading

Income Tax Form for Assessment Year 2015-2016

Income tax  forms for Assessment year 2015-2016 is released by income tax department. For Assessment year 2015-2016, every person (not being a co.) to e-file (Electronic Income tax Return) the income tax return if its total income exceeds Rs. 5,00,000. While filing the return care should be taken to ensure that you select correct … Continue reading

NPS is the best retirement option compared to EPF & PPF

NPS is the best retirement option: One of the cheapest pension products: – NPS charges just 0.25% as fund management fee making it one of the cheapest pension products in the world. Mutual funds can charge up to 2.25% and life insurers can charge up to 1.35%. Choice of fund … Continue reading

File tax returns before 31st march 2015

Why need to file tax returns before 31st march 2015? If you are yet to file income-tax return for the previous financial year 2013-2014 (assessment year 2014-15), you still have a chance to do so by March 31. The return for income earned in the financial year ending on 31 … Continue reading

Income Tax Rates for current year 2015-2016 (Assessment year 2016-2017)

Income Tax Rates for Assessment year 2016-2017: Income Tax Rates/Slab for Assessment Year 2016-17  Rates/ %age Up to 2,50,000 Up to 2,50,000 (for women) Up to 3,00,000 (for resident individual of 60 years till 80 years) Nil 250,001 – 5,00,000Up to 500,000 (for resident individual of 80 years and above, … Continue reading