Demonetisation and conversion of Black to White money and penalty

After Demonetisation on 8th november, also called surgical strike on black money many people have lost their sleep. People are looking at ways to convert their black money to white. They are all searching ways to minimise penalty and also avoid income tax. Impact of Demonetisation on 122 crore Indians Out of … 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

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

Late filing of Income tax Return after 31.07.2014

Due date for filing tax return was 31.07.2014 ( 31 st July ) for all Individuals getting salary and running their own business or profession or working as free lancer. Due date for assessee who are required to get their books audited, the last date for filing return is 30th September. … Continue reading

Income Tax Rates for current year 2014-2015 (Assessment year 2015-2016)

Income Tax Rates for Assessment year 2015-2016 (Previous year 2013-14) Income Tax Rates/Slab for Assessment Year 2015-16 (Previous Year 2013-14) 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 … Continue reading

Missed the deadline of 31st July, Don’t worry, you can file tax returns till 31st March

Every Individual whose income exceeds maximum taxable limit is required to file Income tax Return on or before the due date. Due date for Individuals getting salary and who are running their own business or profession or working as free lancer are required to file tax return on or before … Continue reading