Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers; A New Form ITR 2A Proposed which can be Filed by an Individual or HUF who does not have Capital Gains, Income from Business/Profession or Foreign Asset/Foreign Income; In Form ITR 2 and the New Form ITR 2A, the […]
Which Income Tax Form to use for ITR filing?
Which ITR to File for Assessment Year 2014-15? Time has come to file your income tax return but which ITR form to use is still a big confusion for many taxpayers especially for the first timers. Every year Income Tax Department releases ITR forms which are to be used in filing tax. There are various […]
Listing Exempt Income in Income Tax Return
Exempt Income in ITR 1 and ITR 2 Still scratching your head on selecting the correct ITR Form? Before going ahead you must first know the most debated term of ITR i.e. Exempt Income. Both ITR 1 and ITR 2 have this term but there are no official wordings on the incomes which are included […]
Changes in ITR for AY 2014-15
Key Changes in Income Tax Return Form for Asst. Year 2014-15 i.e. FY 2013-14 Every year Income Tax Forms (commonly known as ITR) are issued afresh valid for a particular assessment year. A perusal of the ITRs of this year also pointed out significant number of changes or additional fields have been inserted in the […]
Step by Step Guide to Online Filing of Tax Return in India
Last day of filing income tax return is not so far, so it’s better to file it now and avoid last minute mistakes. Read: Income Tax Return Filing Mistakes CBDT has made mandatory for every individual having total taxable income i.e. after deductions, Rs.5 lakhs or more to e-file tax return. Generally people think that […]
How to Choose Correct Income Tax Form (ITR) to e-file tax return?
Choosing Income Tax Return form Having Income from more than one source? Got Confused which ITR to fill? With an intention to simplify and make e-filing procedure easy CBDT has issued 8 ITR forms covering all the assessees having various sources of income. Generally salaried individual is required to file return in ITR-1 or ITR-2, […]
Income Tax Return E-filing Checklist for First Timers
Checklist of e-filing Tax Return As we all know that Finance Minister has made amendment that all the individuals having income more than Rs.5 lakhs is required to file their income tax return for the assessment year 2013-14. Thus it increases the number of individuals who would be filing e-returns significantly. Due date of filing […]