income tax returns filing

Due dates for Compliance under Income tax for September 2019

30-09- 2019 – Annual return of income for the Financial Year 2018-19 (Assessment year 2019-20) for following assessee (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited 30-09- 2019 – Audit report under section 44AB for the assessment …

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New Aadhaar Card & PAN Card rules:- know to pay your income tax

Union Finance Minister  had announced that taxpayers who don’t own a PAN card (Permanent Account Number) can now file Income Tax returns with their Aadhaar Card also. The FM allowed the interchangeability of PAN and Aadhaar card for filing tax returns. Here’s all you need to know about new Aadhaar card, PAN  card rules:- 1. …

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How to Verify Income Tax Return: Here are 6 ways you can verify your returns

Here are six ways you can e-verify your ITR: 1. EVC generated through ATM:  There are some banks which are authorised by the Income Tax Department to provide e-verification facility. Check the list to see if your bank is listed there. Visit your bank’s ATM and swipe your ATM card. Select the ‘PIN for e-filing option’. …

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Know the details that will be automatically pre-filled in ITR-1 by Income Tax Department- ITR eFiling

In order to make the tax filing process easier for individuals, the income tax department this year is providing ITR-1 pre-filled with salary, FD interest income and TDS details of taxpayers. Earlier, these details were required to be manually entered by the individual in the form.  As per the latest updates of the income tax …

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Which salaried individuals cannot file ITR-1 for FY 2018-19.

The basic ITR form for most salaried people is ITR-1. The new ITR-1 form is applicable for salaried individuals with total income up to Rs 50 lakh from salary, one house property, and other sources such as interest income, etc. There are certain situations where ITR-1 will not be applicable to salaried individuals for the …

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Income Tax Return filing:- Income tax department makes disclosing LTCG from stocks, equity & mutual funds simpler.

CBDT has now clarified that you only need to disclose the net consolidated amount of LTCG from different equity-oriented investments in the ITR. This change will simplify the tax-filing process if you have earned LTCG amounting to more than ₹1 lakh from equity investments in financial year 2018-19.   LTCG on equity The Finance Bill …

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Filing of Income tax return for the first time – important tips.

TIPS FOR FIRST TIME TAXPAYERS:- #Tax payment period and related terms: Tax is calculated based on the income earned during the period from April 1 of the current year to March 31st of the following year. This period is called the financial year (FY) and the year in which the income is assessed is called …

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Income Tax Return filing:- Benefit of these 10 allowances (uniforms, children’s education to conveyance.)

 There are 10 special allowances which are offered under section 10(14) of the Income Tax Act. Here’s how they can help you avail tax exemptions:  1. Children Education Allowances: Under section 10(14) up to Rs. 100 per month per child up to a maximum of 2 children is exempted. 2. Hostel Expenditure Allowances: Similar to …

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Check income tax rates for Assessment Year 2019-20 before filing Income Tax Return – Income Tax Slabs

The last date for  filing  income tax return for the financial year 2018-19 or the assessment year 2019-20 is July 31, 2019. While the total income after after deduction upto Rs.2.5 Lakh per annum is exempt from income tax. For the gross total income that you have earned in financial year 2018-19, its assessed in …

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