ITR Filing

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Effects On Filing Income Tax Return After Due Date  Interest If you don’t file your Income Tax Return on time when you have an outstanding tax liability, the I-T department can penalise you by charging interest under section 234A. The following points must be kept in mind while calculating interest: Interest is charged @ 1%…

Read More FAQ’s on Late Filing Fee Levy U/s 234F

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Major Changes : Taxpayer to give GSTN number along with details of other indirect Tax registrations like Sales Tax, Service Tax etc. The New form 3CD seeks for information of Gifts that are chargeable to tax as per clause (x) of sub-section (2) of section 56 of Income Tax Act 1961. The revised form 3CD seeks…

Read More Major Changes in revised form 3CD for FY 17-18 | AY 18-19

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1. ITR 1 Applicability: ITR 1 can be filed by individuals being a resident other than not ordinarily resident (ROR) having -Income from Salaries, -One house property, -Other sources (Interest etc.) and -having total income upto ₹ 50 lakhs.   2.Non-applicability of ITR – 1 to non-residents: ITR-1 is not applicable to -Non-residents and -individuals who…

Read More Key Changes and guide to file ITR-1 for AY 2018-19

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Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19 vide notification no. 16/2018 dated 03rd April 2018. Few points to be noted about new ITR are as follows:- 1. Simplified one page ITR Form-1 (Sahaj) can be filed by an individual who is resident other than…

Read More 7 New Points To be Noted in New ITR Form for A.Y 2018-19 F.Y 2017-18

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Once you have successfully filed your income tax return, you need to verify your income tax return. Without completing verification of your ITR, your ITR will not be processed by the Income Tax department. Post filing your ITR, you get 120 days to verify it. There are two ways to verify Income Tax Return: Download,…

Read More How to E-Verify ITRV | Step by Step Guide to Generate EVC