Tag Archives: Income Tax Return

Penalty for inaccurate particulars in Income Tax Return

Penalty for inaccurate particulars on return The Mumbai Bench of the Income-tax Appellate Tribunal held that when a taxpayer claimed both a deduction for expensing the purchase of fixed assets and deprecation on the assets (thus, a double deduction), a penalty applies because the claim itself was not bona fide and lacked good faith. Information provided by… Read More »

Avoid Silly Mistakes in Filing Income Tax Return

Avoid Silly Mistakes in Filing Income Tax Return Avoid Mistakes in Filing Income Tax return : Select the Correct Income Tax Return Form  ITR Description ITR 1 (SAHAJ) For Individuals having Income from Salary & Interest. ITR 2 For Individuals & HUFs not having Income from Business or Profession ITR 2A For Individuals & HUFs… Read More »

Rectification of ITR (Income Tax Return) : FAQ’s

Rectification of ITR (Income Tax Return)   Can I make rectification or other correspondence with CPC in paper form? Answer: No What CPC reference number should I enter while filing Rectification request on incometaxindiaefiling.gov.in portal? Answer:You need to enter the Communication Reference Number as per the latest order/intimation received from CPC u/s 143(1) OR 154.… Read More »

Trouble Shooting on e-Filing of Income Tax Return

Trouble Shooting on e-Filing DSC Registration Problem Description: I am not able to register my Digital Signature Certificate. Or while trying to e-File Income Tax Return using Digital Signature Certificate, the ‘Select your .pfx file’ or ‘Select with your USB Token’ buttons are not displayed or are not clickable. Corrective Action: This occurs due to… Read More »

Guide on how to file Income Tax Return

 File Income Tax Return 1.  Register yourself to file Income Tax Return Register yourself on the website www.incometaxindiaefiling.gov.in . Create your account .Permanent Account Number (PAN) will be your user ID. 2. Check 26AS to file Income Tax Return  your tax credit statement — View Form 26AS . The statement will reflect the taxes deducted and actually deposited… Read More »

7 Benefit of Filing Income Tax Return

No 1. Benefit of Filing Income Tax Return : Financial credibility Income Tax Return  creates a strong financial background as filing income tax return shows financial credibility of the assessee thereby assisting him for easy fund procurements in the form of loans for education , housing, vehicle etc from Banks / Financial Institutions No 2. Benefit of Filing… Read More »

Income Tax Return Questions and Answers

Income Tax Return What is a Income Tax Return? It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. Different forms of returns of income are prescribed for filing of returns for different Status… Read More »

Mistakes to avoid when filing Income Tax returns

Mistakes to avoid when filing Income Tax returns Interest on Fixed Deposits and Investments Don’t forget to include interest earned on investments and also declare those exempt from tax , like dividend income, PPF interest Interest Earned on FDR opened in the name of Minor Child You open a recurring deposit in your child’s name… Read More »

How to file Income Tax Return Online

How to file Income Tax Return Online Register With Income Tax Department To file Income tax return or to View your tax credit statement in Form 26AS  you need to register yourself on the Income tax website https://incometaxindiaefiling.gov.in/ Now the Steps for filling online return are hereunder: Step 1: Open the Income Tax portal https://incometaxindiaefiling.gov.in/,… Read More »

EVC Verification of e Return of AY 2013-14 and AY 2014-15

EVC Verification of e Return of AY 2013-14 and AY 2014-15 F.No. 2251141/2015/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes  North Block, New Delhi, Dated- 20th   of July, 2015 Order under section 119(1) of income-tax Act. 1961 Subject: Validation of tax-returns through Electronic Verification Code-reg.- The Central… Read More »