Must Know About Income Tax Refunds

Here are the few points that you must know about Income Tax refunds:

1. Taxpayers are entitled to receiving refunds after their returns have been processed by the Central Processing Centre in Bangalore.

2. The State Bank of India has been designated the banker for ensuring that refunds are paid to the bank accounts of taxpayers.

3. To ensure that the refund is deposited in the bank account, the assessee must provide correct bank details while filing the returns.

4. The Income Tax Department supports queries regarding the status of refund through the Tax Information Network (TIN) website. You can access it by providing […] Read more

Tax Filing- Mandatory for Salary up to Rs 5 lakh per annum

Circular for compulsory filing of Income Tax Return, for people having salary up to Rs 5 lakh per annum, was issued on 22 July and last date of filing income tax return was 5 August. Considering that people got less time for filing returns and they may missed it, Income tax department allows you to file return for two preceding years, even after you crossed the deadlines.

If you have missed the deadline, you can still file the return. For assessment year 2013-14, you can file returns till 31 March, 2015.

If you file return by 31March,2014 the you will […] Read more

Income Tax Return Filing- After Due Date- Certain Limitations

The due date for filing income tax returns is 31st July,2013 except for those individuals who are engaged in business or profession and whose accounts are required to be audited as per the provisions of the Act. Individuals earning more than Rs 40 lakhs in a year in profession is required to get their accounts audited.

Last date for these individuals is 30th September. Tax returns filed after due date is considered as belated returns. You can file belated return for a particular financial year (within 2 years form the end of the relevant financial year under Section 139 (4) […] Read more

Incomes that should be declared

Here are some of the incomes that assessee should not forget to declare:

1. Interest earned from savings bank account (maximum exemption is Rs 10,000, but it should be declared first)

2. Interest earned from fixed deposit

3. Interest earned from recurring deposits

4. Cash Gifts (more than Rs 50000 should be declared as they are taxable, except in case of marriage)

5. Capital Gains or Losses(from trading equities, selling mutual funds, gold, etc., should be declared even if they are non taxable and losses should be declared as they help in offsetting gains in subsequent years)

6. Exempt Income(should be declared for auditing purpose only)

7. […] Read more

Tax Planning for Current Financial Year

Today people are earning more so they need proper tax planning but most of us wait till the last month for planning our tax. We should plan it at the starting of the year so that we can also get benefit of returns from those investments. Most of us know the deductions under section 80C but today we are discussing deductions under section 80s( other than 80C).

1. Section 80D- for premium paid for medical insurance- Rs15000 or Rs 20000 in case of senior citizens

2. Section 80DDB- for expenditure incurred in respect of medical treatment- max. Rs 40,000 or Rs 60000 […] Read more

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