LTCG on transactions in listed equity and equity mutual fund units in FY 2018-19 is to be calculated as per a new tax regime introduced in Budget 2018.
After filing your return if you have not verified it within 120 days, then it will not be considered as valid.
All the personal and tax details available with tax e-filing portal will be prefilled into the appropriate ITR excel form.
For more than one Form 16, prepare a revised statement of income and tax liability to make sure that the tax is calculated as per the correct slab.
"The Income Tax department is launching 'e-Filing Lite', a lighter version of e-Filing portal with a focus on filing of Income Tax Return (ITR) by the taxpayers," the I-T department said in a public advisory.
The changes have been made in the ITR form to ensure no penal interest is payable by the taxpayer under section 234A if he files ITR before the deadline.
Confused about how TDS is deducted from your salary? Here's everything you need to know about it.
Your salary structure is of utmost importance; as you would always seek to maximise your take-home salary
Follow these seven simple steps to download Form 26AS via the income tax department's e-filing website.
To file ITR, you must first register yourself on the e-filing website of the income tax department.
Confused about what figures to check in the revised Form 16? Here's all that you need to know.
Individuals can file ITR-1 either by downloading excel utility from e-filing website or by 'Prepare and Submit Online' option without downloading any software.
It is now easier to claim HRA exemption- you just need to copy details from Form-16 and paste them in ITR-1.
Here is the list of documents you must collect and things you must do before filing your income tax return for FY 2018-19.
Taxpayers should keep in mind these tips to avoid penalties and ensure a smooth return filing process.
Some incomes are tax-free, some allow deductions. In such a scenario, computing taxable income is challenging.
Usually, the deadline to file the income tax returns by individuals and HUFs is July 31.
Before the taxpayer uses this option to generate Aadhaar OTP, they must ensure that their PAN and Aadhaar are linked.
With effect from April 1, 2019, it is mandatory to quote your Aadhaar number while filing ITR unless specifically exempted.
Mistakes while filing ITR can fetch you a tax notice. Here's how you can respond to such tax notices.
In this article, we explain the quickest way to file the return in Form ITR-1 using illustrations.
You may anytime come under the taxman's lens. Here are 10 reasons taxpayers can get an income tax notice.
As per a notice on the e-filing website, ITR-2 & ITR-5 utilities have been modified to fix bugs.
Even salaried individuals have to file their tax returns in ITR 3 if they have traded in futures and options.
According to the latest update, the department has started providing pre-filled XML file containing details such as employer details, allowances and so on.
Previously, there was confusion among taxpayers on whether it is was mandatory to report the scrip-wise details as provided for in the updated software utility.
As per the recently notified changes, an individual who is a director in a company or who holds unlisted shares, cannot use ITR 1.
In order to file your I-T return you first need to collect the information required to file it. The next step is to compute your total taxable income.
Nearly all taxpayers have income from other sources but few declare. Find out how to report such incomes.
The ITR forms to be selected depends upon the sources of income of the taxpayer, the amount of income earned and the category the taxpayer belongs to.
CBDT issued a statement saying the updating process of these forms' utility software does not hamper the filing of returns, the deadline for which is July 31.
There are several specific things which should be correctly reflected on the TDS certificate issued to you. Discrepancies can land you in a soup.
One can claim deductions either for himself or dependents which can be one’s spouse, parents, children or dependent siblings or members of HUFs.
LTCGs of more than Rs 1 lakh on the transfer of listed shares and units of equity mutual funds are taxable from FY 2018-19 onwards.
Short-term losses can be set-off against long-term gains as well as short-term gains from any capital asset.
The income tax department has tweaked the process of claiming the tax refund from this year.
Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service